Question 1

When dealing with proposed transactions,the tax research process is directed toward the determination of possible alternative consequences.

Accepted Answer

A) True 
 B)False

Question 2

What are Treasury Department Regulations?

Accepted Answer

Regulations are issued by the U.S.Treasu...

Question 3

What statement is not true with respect to Temporary Regulations?

Accepted Answer

A)   May not be cited as precedent.
B)   Issued as Proposed Regulations.
C)   Automatically expire within three years after the date of issuance.
D)   Found in the Federal Register.
E)   All of the above statements are true.F) B) and C)
G) A) and D)

Question 4

Which of the following journals is published by the American Institute of CPAs?

Accepted Answer

A)   Journal of Taxation.
B)   Corporate Taxation.
C)   Tax Law Review.
D)   The Tax Advisor.
E)   All of the above.F) A) and C)
G) B) and D)

Question 5

Which Regulations have the force and effect of law?

Accepted Answer

A)   Procedural Regulations.
B)   Finalized Regulations.
C)   Legislative Regulations.
D)   Interpretive Regulations.
E)   All of the above.F) C) and D)
G) A) and E)

Question 6

Which committee reconciles the tax bills between the Senate and the House?

Accepted Answer

A)   Joint Committee on Taxation.
B)   Joint Conference Committee.
C)   Joint Reconciliation Committee.
D)   Joint Resolving Committee.
E)   None of the above.F) None of the above
G) All of the above B

Question 7

In a U.S.District Court,a jury can decide both questions of fact and questions of law.

Accepted Answer

A) True 
 B)False

Question 8

A court will never invalidate a Regulation or portion thereof on the grounds that the Regulation is contrary to the intent of Congress.

Accepted Answer

A) True 
 B)False

Question 9

Determination letters usually involve completed transactions.

Accepted Answer

A) True 
 B)False  True

Question 10

Which of the following types of Regulations has the highest tax validity?

Accepted Answer

A)   Temporary.
B)   Legislative.
C)   Interpretative.
D)   Procedural.
E)   None of the above.F) B) and E)
G) All of the above

Question 11

The IRS is not required to make a letter ruling public.

Accepted Answer

A) True 
 B)False

Question 12

Tax bills are handled by which committee in the U.S.Senate?

Accepted Answer

A)   Taxation Committee.
B)   Ways and Means Committee.
C)   Finance Committee.
D)   Budget Committee.
E)   None of the above.F) C) and D)
G) C) and E)

Question 13

A taxpayer must pay any tax deficiency assessed by the IRS and sue for a refund to bring suit in the U.S.Court of Federal Claims.Only in the Tax Court can jurisdiction be obtained without first paying the assessed tax deficiency.

Accepted Answer

A) True 
 B)False

Question 14

The term "respondent" is a synonym for plaintiff.

Accepted Answer

A) True 
 B)False  False

Question 15

Which is not a Code section number?

Accepted Answer

A)   § 212(1) .
B)   § 2(a) (1) .
C)   § 280B.
D)   § 6(a) .
E)   All are current Code sections.F) All of the above
G) A) and C)

Question 16

Which company does not publish citators for tax purposes?

Accepted Answer

A)   McGraw-Hill.
B)   Commerce Clearing House.
C)   Research Institute of America.
D)   Westlaw.
E)   Shepard's.F) A) and B)
G) B) and C)

Question 17

Which tax-related website probably gives the best policy-orientation results?

Accepted Answer

A)   taxalmanac.org.
B)   irs.gov.
C)   taxsites.com.
D)   taxanalyst.com.
E)   ustaxcourt.gov.F) A) and D)
G) A) and C)

Question 18

Which publisher offers the Standard Federal Tax Reporter?

Accepted Answer

A)   Research Institute of America.
B)   Commerce Clearing House.
C)   Prentice-Hall.
D)   LexisNexis.
E)   None of the above.F) A) and B)
G) C) and E)

Question 19

Which publisher offers Tax Center that provides the Code,Regulations,and material from Matthew Bender,CCH,Kleinrock,and the Bureau of National Affairs?

Accepted Answer

A)   Research Institute of America.
B)   Commerce Clearing House.
C)   LexisNexis.
D)   Prentice-Hall.
E)   None of the above.F) A) and C)
G) A) and E)

Question 20

Which items tell taxpayers the IRS's reaction to certain court decisions?

Accepted Answer

A)   Notices.
B)   Revenue Procedures.
C)   Revenue Rulings.
D)   Actions on Decisions.
E)   Procedural Regulations.F) None of the above
G) B) and C)

Exam 2: Working With the Tax Law

When dealing with proposed transactions,the tax research process is directed toward the determination of possible alternative consequences.

Correct AnswerverifiedShow Answer

What are Treasury Department Regulations?

Correct AnswerverifiedRegulations are issued by the U.S.Treasu...View AnswerShow Answer

What statement is not true with respect to Temporary Regulations?

Correct AnswerverifiedShow Answer

Which of the following journals is published by the American Institute of CPAs?

Correct AnswerverifiedShow Answer

Which Regulations have the force and effect of law?

Correct AnswerverifiedShow Answer

Which committee reconciles the tax bills between the Senate and the House?

Correct AnswerverifiedB

In a U.S.District Court,a jury can decide both questions of fact and questions of law.

Correct AnswerverifiedShow Answer

A court will never invalidate a Regulation or portion thereof on the grounds that the Regulation is contrary to the intent of Congress.

Correct AnswerverifiedShow Answer

Determination letters usually involve completed transactions.

Correct AnswerverifiedTrue

Which of the following types of Regulations has the highest tax validity?

Correct AnswerverifiedShow Answer

The IRS is not required to make a letter ruling public.

Correct AnswerverifiedShow Answer

Tax bills are handled by which committee in the U.S.Senate?

Correct AnswerverifiedShow Answer

A taxpayer must pay any tax deficiency assessed by the IRS and sue for a refund to bring suit in the U.S.Court of Federal Claims.Only in the Tax Court can jurisdiction be obtained without first paying the assessed tax deficiency.

Correct AnswerverifiedShow Answer

The term "respondent" is a synonym for plaintiff.

Correct AnswerverifiedFalse

Which is not a Code section number?

Correct AnswerverifiedShow Answer

Which company does not publish citators for tax purposes?

Correct AnswerverifiedShow Answer

Which tax-related website probably gives the best policy-orientation results?

Correct AnswerverifiedShow Answer

Which publisher offers the Standard Federal Tax Reporter?

Correct AnswerverifiedShow Answer

Which publisher offers Tax Center that provides the Code,Regulations,and material from Matthew Bender,CCH,Kleinrock,and the Bureau of National Affairs?

Correct AnswerverifiedShow Answer

Which items tell taxpayers the IRS's reaction to certain court decisions?

Correct AnswerverifiedShow Answer

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Regulations are issued by the U.S.Treasu...
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B

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True

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False

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