Question 1

What statement is not true with respect to Temporary Regulations?

Accepted Answer

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

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

A Bluebook is substantial authority for purposes of the accuracy related penalty.

Accepted Answer

A) True 
 B)False

Question 4

Tax research involves which of the following procedures:

Accepted Answer

A)  Identifying and refining the problem.
B)  Locating the appropriate tax law sources.
C)  Assessing the validity of the tax law sources.
D)  Follow-up.
E)  All of these.F) All of the above
G) C) and E)

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

Which of the following sources has the highest tax validity?

Accepted Answer

A)  Revenue Ruling
B)  Revenue Procedure
C)  Regulations
D)  Internal Revenue Code section
E)  None of theseF) B) and D)
G) A) and D)

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

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

Question 9

Revenue Rulings are first published in the Internal Revenue Bulletin.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following court decisions carries more weight?

Accepted Answer

A)  Federal District Court
B)  Second Circuit Court of Appeals
C)  U.S.Tax Court decision
D)  Small Cases Division of U.S.Tax Court
E)  U.S.Court of Federal ClaimsF) A) and C)
G) D) and E)

Question 11

The Tax Cuts and Jobs Act of 2017 became part of the Internal Revenue Code of 1986.

Accepted Answer

A) True 
 B)False  True

Question 12

Which court decision would probably carry more weight?

Accepted Answer

A)  Regular U.S.Tax Court decision
B)  Reviewed U.S.Tax Court decision
C)  U.S.District Court decision
D)  Tax Court Memorandum decision
E)  U.S.Court of Federal ClaimsF) A) and E)
G) A) and D)

Question 13

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) B) and E)
G) B) and D)

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

Tax planning usually involves a completed transaction.

Accepted Answer

A) True 
 B)False  False

Question 16

In addressing the importance of a Regulation, an IRS agent must:

Accepted Answer

A)  Give equal weight to the Internal Revenue Code and the Regulations.
B)  Give more weight to the Internal Revenue Code rather than to a Regulation.
C)  Give more weight to the Regulation rather than to the Internal Revenue Code.
D)  Give less weight to the Internal Revenue Code rather than to a Regulation.
E)  None of these.F) A) and B)
G) A) and C) A

Question 17

Texas is in the jurisdiction of the Second Circuit Court of Appeals.

Accepted Answer

A) True 
 B)False

Question 18

Arizona is in the jurisdiction of the Eighth Circuit Court of Appeals.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following is not an administrative source of tax law?

Accepted Answer

A)  Field Service Advice
B)  Revenue Procedure
C)  Technical Advice Memoranda
D)  General Counsel Memorandum
E)  All of these are administrative sources.F) A) and D)
G) None of the above

Question 20

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) C) and E)
G) B) and E)

Exam 2: Working With the Tax Law

What statement is not true with respect to Temporary Regulations?

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

A Bluebook is substantial authority for purposes of the accuracy related penalty.

Correct AnswerverifiedShow Answer

Tax research involves which of the following procedures:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following sources has the highest tax validity?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Revenue Rulings are first published in the Internal Revenue Bulletin.

Correct AnswerverifiedShow Answer

Which of the following court decisions carries more weight?

Correct AnswerverifiedShow Answer

The Tax Cuts and Jobs Act of 2017 became part of the Internal Revenue Code of 1986.

Correct AnswerverifiedTrue

Which court decision would probably carry more weight?

Correct AnswerverifiedShow Answer

A taxpayer may not appeal a case from which court:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Tax planning usually involves a completed transaction.

Correct AnswerverifiedFalse

In addressing the importance of a Regulation, an IRS agent must:

Correct AnswerverifiedA

Texas is in the jurisdiction of the Second Circuit Court of Appeals.

Correct AnswerverifiedShow Answer

Arizona is in the jurisdiction of the Eighth Circuit Court of Appeals.

Correct AnswerverifiedShow Answer

Which of the following is not an administrative source of tax law?

Correct AnswerverifiedShow Answer

The IRS will not acquiesce to the following tax decisions:

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
True

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
False

Correct Answer
verified
A

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified