Question 1

Normally, when the Senate version of a tax bill differs from that passed by the House, a Joint Conference Committee drafts a compromise tax bill.

Accepted Answer

A) True 
 B)False

Question 2

The primary purpose of effective tax planning is to reduce or defer the tax in the current tax year.

Accepted Answer

A) True 
 B)False

Question 3

In general, Regulations are issued immediately after a statute is enacted.

Accepted Answer

A) True 
 B)False

Question 4

Tax planning usually involves a completed transaction.

Accepted Answer

A) True 
 B)False

Question 5

Technical Advice Memoranda may not be cited as precedents by taxpayers.

Accepted Answer

A) True 
 B)False

Question 6

Which is not a primary source of tax law?

Accepted Answer

A)  Notice 89-99, 1989-2 C.B.422.
B)  Estate of Harry Holmes v.Comm., 326 U.S.480 1946) .
C)  Rev.Rul.79-353, 1979-2 C.B.325.
D)  Prop.Reg.§ 1.752-4Tf) .
E)  All of these are primary sources.F) A) and C)
G) A) and D)

Question 7

What is a Technical Advice Memorandum?

Accepted Answer

The National Office of the IRS releases ...

Question 8

The "petitioner" refers to the party against whom a suit is brought.

Accepted Answer

A) True 
 B)False

Question 9

The following citation is correct: Larry G.Mitchell, 131 T.C.215 2008).

Accepted Answer

A) True 
 B)False

Question 10

The IRS will not acquiesce to the following tax decisions:

Accepted Answer

A)  U.S.District Court.
B)  U.S.Tax Court.
C)  U.S.Court of Federal Claims.
D)  Small Case Division of the U.S.Tax Court.
E)  All of these.F) A) and B)
G) A) and C)

Question 11

Electronic online) databases are most frequently searched by the keyword approach.

Accepted Answer

A) True 
 B)False

Question 12

A letter ruling applies only to the taxpayer who asks for and obtains a letter ruling.

Accepted Answer

A) True 
 B)False

Question 13

A jury trial is available in the following trial court:

Accepted Answer

A)  U.S.Tax Court.
B)  U.S.Court of Federal Claims.
C)  U.S.District Court.
D)  U.S.Circuit Court of Appeals.
E)  None of these.F) B) and D)
G) C) and D)

Question 14

Before a tax bill can become law, it must be approved signed) by the President of the United States.

Accepted Answer

A) True 
 B)False

Question 15

In § 2121) , the number 1)  stands for the:

Accepted Answer

A)  Section number.
B)  Subsection number.
C)  Paragraph designation.
D)  Subparagraph designation.
E)  None of these.F) A) and E)
G) B) and E)

Question 16

The granting of a Writ of Certiorari indicates that at least four members of the Supreme Court believe that an issue is of sufficient importance to be heard by the full court.

Accepted Answer

A) True 
 B)False

Question 17

A Temporary Regulation under § 303 of the Code would be cited as follows: Temp.Reg.§ 303.

Accepted Answer

A) True 
 B)False

Question 18

Tax bills are handled by which committee in the U.S.House of Representatives?

Accepted Answer

A)  Taxation Committee
B)  Ways and Means Committee
C)  Finance Committee
D)  Budget Committee
E)  None of theseF) C) and D)
G) B) and D)

Question 19

Subchapter C refers to the subchapter in the Internal Revenue Code that deals with partnerships and partners.

Accepted Answer

A) True 
 B)False

Question 20

A taxpayer may not appeal a case from which court:

Accepted Answer

A)  U.S.District Court.
B)  U.S.Circuit Court of Appeals.
C)  U.S.Court of Federal Claims.
D)  Small Case Division of the U.S.Tax Court.
E)  None of these.F) A) and B)
G) C) and D)

Exam 2: Working With the Tax Law

A taxpayer may not appeal a case from which court:

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A letter ruling applies only to the taxpayer who asks for and obtains a letter ruling.

Correct AnswerverifiedShow Answer

The granting of a Writ of Certiorari indicates that at least four members of the Supreme Court believe that an issue is of sufficient importance to be heard by the full court.

Correct AnswerverifiedShow Answer

Tax bills are handled by which committee in the U.S.House of Representatives?

Correct AnswerverifiedShow Answer

Technical Advice Memoranda may not be cited as precedents by taxpayers.

Correct AnswerverifiedShow Answer

What is a Technical Advice Memorandum?

Correct AnswerverifiedThe National Office of the IRS releases ...View AnswerShow Answer

Which is not a primary source of tax law?

Correct AnswerverifiedShow Answer

Before a tax bill can become law, it must be approved signed) by the President of the United States.

Correct AnswerverifiedShow Answer

In general, Regulations are issued immediately after a statute is enacted.

Correct AnswerverifiedShow Answer

In § 2121) , the number 1) stands for the:

Correct AnswerverifiedShow Answer

Normally, when the Senate version of a tax bill differs from that passed by the House, a Joint Conference Committee drafts a compromise tax bill.

Correct AnswerverifiedShow Answer

The IRS will not acquiesce to the following tax decisions:

Correct AnswerverifiedShow Answer

Subchapter C refers to the subchapter in the Internal Revenue Code that deals with partnerships and partners.

Correct AnswerverifiedShow Answer

The "petitioner" refers to the party against whom a suit is brought.

Correct AnswerverifiedShow Answer

Electronic online) databases are most frequently searched by the keyword approach.

Correct AnswerverifiedShow Answer

A Temporary Regulation under § 303 of the Code would be cited as follows: Temp.Reg.§ 303.

Correct AnswerverifiedShow Answer

The following citation is correct: Larry G.Mitchell, 131 T.C.215 2008).

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Tax planning usually involves a completed transaction.

Correct AnswerverifiedShow Answer

The primary purpose of effective tax planning is to reduce or defer the tax in the current tax year.

Correct AnswerverifiedShow Answer

A jury trial is available in the following trial court:

Correct AnswerverifiedShow Answer

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The National Office of the IRS releases ...
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