Question 1

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) A) and C)
G) None of the above

Question 2

Revenue Rulings issued by the National Office of the IRS carry the same legal force and effect as Regulations.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following indicates that a decision has precedential value for future cases?

Accepted Answer

A)   Stare decisis
B)   Golsen doctrine
C)   En banc
D)   Reenactment doctrine
E)   None of theseF) A) and C)
G) A) and B)

Question 4

What is a Technical Advice Memorandum?

Accepted Answer

The National Office of the IRS releases Technical Advice Memoranda (TAMs) weekly. TAMs resemble letter rulings in that they give the IRS's determination of an issue. However, they differ in several respects. Letter rulings deal with proposed transactions and are issued to taxpayers at their request. In contrast, TAMs deal with completed transactions. Furthermore, TAMs arise from questions raised by IRS personnel during audits and are issued by the National Office of the IRS to its field personnel. TAMs are often requested for questions relating to exempt organizations
and employee plans. TAMs are not officially published and may not be cited or used as precedent.

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 theseF) A) and D)
G) A) and C)

Question 6

Which of these is not a correct citation to the Internal Revenue Code?

Accepted Answer

A)   Section 211
B)   Section 1222(1) 
C)   Section 2(a) (1) (
A)  
D)   Section 280B
E)   All of these are correct cites.F) D) and E)
G) B) and E)

Question 7

In recent years, Congress has been relatively successful in simplifying the Internal Revenue Code.

Accepted Answer

A) True 
 B)False

Question 8

The Regulation section of the CPA exam is approximately 80% Taxation and 20% Law & Professional
Responsibilities.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A)   Temporary
B)   Legislative
C)   Interpretive
D)   Procedural
E)   None of theseF) A) and D)
G) B) and E) B

Question 10

A researcher can find tax information on home page sites of:

Accepted Answer

A)   Governmental bodies.
B)   Tax academics.
C)   Publishers.
D)   CPA firms.
E)   All of these.F) C) and D)
G) A) and B)

Question 11

This Internal Revenue Code section citation is incorrect: § 212(1).

Accepted Answer

A) True 
 B)False

Question 12

Which is presently not a major tax service?

Accepted Answer

A)   Standard Federal Tax Reporter
B)   Federal Taxes
C)   United States Tax Reporter
D)   Tax Management Portfolios
E)   All of these are major tax servicesF) A) and B)
G) C) and D)

Question 13

A taxpayer can obtain a jury trial in the U.S. Tax Court.

Accepted Answer

A) True 
 B)False

Question 14

The U.S. Tax Court meets most often in Washington, D.C.

Accepted Answer

A) True 
 B)False  False

Question 15

Revenue Rulings are first published in the Internal Revenue Bulletin.

Accepted Answer

A) True 
 B)False

Question 16

Post-1984 letter rulings may be substantial authority for purposes of the accuracy-related penalty in § 6662.

Accepted Answer

A) True 
 B)False

Question 17

Which item may not be cited as a precedent?

Accepted Answer

A)   Regulations
B)   Temporary Regulations
C)   Technical Advice Memoranda
D)   U.S. District Court decision
E)   None of theseF) A) and E)
G) None of the above

Question 18

Revenue Procedures deal with the internal management practices and procedures of the IRS.

Accepted Answer

A) True 
 B)False

Question 19

The IRS issues an acquiescence or nonacquiescence only for regular Tax Court decisions.

Accepted Answer

A) True 
 B)False

Question 20

Interpret the following citation: 64-1 USTC ¶9618, aff'd in 344 F.2d 966.

Accepted Answer

A)   A U.S. Tax Court Small Cases Division decision that was affirmed on appeal.
B)   A U.S. Tax Court decision that was affirmed on appeal.
C)   A U.S. District Court decision that was affirmed on appeal.
D)   A U.S. Circuit Court of Appeals decision that was affirmed on appeal.
E)   None of these.F) None of the above
G) B) and E)

Exam 2: Working With the Tax Law

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

Correct Answer
verified

Revenue Rulings issued by the National Office of the IRS carry the same legal force and effect as Regulations.

Correct Answer
verified

Which of the following indicates that a decision has precedential value for future cases?

Correct Answer
verified

What is a Technical Advice Memorandum?

Which Regulations have the force and effect of law?

Correct Answer
verified

Which of these is not a correct citation to the Internal Revenue Code?

Correct Answer
verified

In recent years, Congress has been relatively successful in simplifying the Internal Revenue Code.

Correct Answer
verified

The Regulation section of the CPA exam is approximately 80% Taxation and 20% Law & Professional Responsibilities.

Correct Answer
verified

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

Correct Answer
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B

A researcher can find tax information on home page sites of:

Correct Answer
verified

This Internal Revenue Code section citation is incorrect: § 212(1).

Correct Answer
verified

Which is presently not a major tax service?

Correct Answer
verified

A taxpayer can obtain a jury trial in the U.S. Tax Court.

Correct Answer
verified

The U.S. Tax Court meets most often in Washington, D.C.

Correct Answer
verified
False

Revenue Rulings are first published in the Internal Revenue Bulletin.

Correct Answer
verified

Post-1984 letter rulings may be substantial authority for purposes of the accuracy-related penalty in § 6662.

Correct Answer
verified

Which item may not be cited as a precedent?

Correct Answer
verified

Revenue Procedures deal with the internal management practices and procedures of the IRS.

Correct Answer
verified

The IRS issues an acquiescence or nonacquiescence only for regular Tax Court decisions.

Correct Answer
verified

Interpret the following citation: 64-1 USTC ¶9618, aff'd in 344 F.2d 966.

Correct Answer
verified

Exam 2: Working With the Tax Law

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

Correct AnswerverifiedShow Answer

Revenue Rulings issued by the National Office of the IRS carry the same legal force and effect as Regulations.

Correct AnswerverifiedShow Answer

Which of the following indicates that a decision has precedential value for future cases?

Correct AnswerverifiedShow Answer

What is a Technical Advice Memorandum?

Which Regulations have the force and effect of law?

Correct AnswerverifiedShow Answer

Which of these is not a correct citation to the Internal Revenue Code?

Correct AnswerverifiedShow Answer

In recent years, Congress has been relatively successful in simplifying the Internal Revenue Code.

Correct AnswerverifiedShow Answer

The Regulation section of the CPA exam is approximately 80% Taxation and 20% Law & Professional Responsibilities.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedB

A researcher can find tax information on home page sites of:

Correct AnswerverifiedShow Answer

This Internal Revenue Code section citation is incorrect: § 212(1).

Correct AnswerverifiedShow Answer

Which is presently not a major tax service?

Correct AnswerverifiedShow Answer

A taxpayer can obtain a jury trial in the U.S. Tax Court.

Correct AnswerverifiedShow Answer

The U.S. Tax Court meets most often in Washington, D.C.

Correct AnswerverifiedFalse

Revenue Rulings are first published in the Internal Revenue Bulletin.

Correct AnswerverifiedShow Answer

Post-1984 letter rulings may be substantial authority for purposes of the accuracy-related penalty in § 6662.

Correct AnswerverifiedShow Answer

Which item may not be cited as a precedent?

Correct AnswerverifiedShow Answer

Revenue Procedures deal with the internal management practices and procedures of the IRS.

Correct AnswerverifiedShow Answer

The IRS issues an acquiescence or nonacquiescence only for regular Tax Court decisions.

Correct AnswerverifiedShow Answer

Interpret the following citation: 64-1 USTC ¶9618, aff'd in 344 F.2d 966.

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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B

Correct Answer
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Correct Answer
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Correct Answer
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False

Correct Answer
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Correct Answer
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Correct Answer
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