Question 1

Which court decision 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 D)
G) All of the above

Question 2

Technical Advice Memoranda deal with completed transactions.

Accepted Answer

A) True 
 B)False

Question 3

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 B)
G) D) and E)

Question 4

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 B)
G) A) and E)

Question 5

Which publisher offers the United States Tax Reporter?

Accepted Answer

A)  Research Institute of America
B)  Commerce Clearing House
C)  LexisNexis
D)  Tax Analysts
E)  None of theseF) A) and E)
G) B) and D)

Question 6

Subtitle A of the Internal Revenue Code covers which of the following taxes?

Accepted Answer

A)  Income taxes
B)  Estate and gift taxes
C)  Excise taxes
D)  Employment taxes
E)  All of theseF) A) and E)
G) B) and C)

Question 7

The Regulation section of the CPA exam is approximately 60% Taxation and 40% Law & Professional Responsibilities.

Accepted Answer

A) True 
 B)False

Question 8

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

Question 9

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) B) and D)
G) A) and D)

Question 10

The research process should begin with a tax service.

Accepted Answer

A) True 
 B)False

Question 11

If a taxpayer decides not to pay a tax deficiency,he or she must go to which court?

Accepted Answer

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

Question 12

A taxpayer should always minimize his or her tax liability.

Accepted Answer

A) True 
 B)False

Question 13

Determination letters usually involve finalized transactions.

Accepted Answer

A) True 
 B)False

Question 14

Discuss the advantages and disadvantages of the Small Cases Division of the U.S.Tax Court.

Accepted Answer

There is no appeal from the Small Cases ...

Question 15

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)  Legislative RegulationsF) A) and E)
G) C) and D)

Question 16

Electronic databases are most frequently searched by the keyword approach.

Accepted Answer

A) True 
 B)False

Question 17

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.§ 1.752­4T(f) .
E)  All of these are primary sources.F) A) and E)
G) A) and D)

Question 18

What administrative release deals with a proposed transaction rather than a completed transaction?

Accepted Answer

A)  Letter Ruling
B)  Technical Advice Memorandum
C)  Determination Letter
D)  Field Service Advice
E)  None of theseF) A) and D)
G) A) and C)

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

The test for whether a child qualifies for dependency status is first conducted under the qualified child requirement.

Accepted Answer

A) True 
 B)False

Exam 2: Working With the Tax Law

What administrative release deals with a proposed transaction rather than a completed transaction?

Correct AnswerverifiedShow Answer

Which court decision would probably carry more weight?

Correct AnswerverifiedShow Answer

Discuss the advantages and disadvantages of the Small Cases Division of the U.S.Tax Court.

Correct AnswerverifiedThere is no appeal from the Small Cases ...View AnswerShow Answer

If a taxpayer decides not to pay a tax deficiency,he or she must go to which court?

Correct AnswerverifiedShow Answer

The test for whether a child qualifies for dependency status is first conducted under the qualified child requirement.

Correct AnswerverifiedShow Answer

The research process should begin with a tax service.

Correct AnswerverifiedShow Answer

Determination letters usually involve finalized transactions.

Correct AnswerverifiedShow Answer

Electronic databases are most frequently searched by the keyword approach.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A taxpayer should always minimize his or her tax liability.

Correct AnswerverifiedShow Answer

Which publisher offers the United States Tax Reporter?

Correct AnswerverifiedShow Answer

Subtitle A of the Internal Revenue Code covers which of the following taxes?

Correct AnswerverifiedShow Answer

Which item may not be cited as a precedent?

Correct AnswerverifiedShow Answer

The IRS will not acquiesce to the following tax decisions:

Correct AnswerverifiedShow Answer

Which Regulations have the force and effect of law?

Correct AnswerverifiedShow Answer

Technical Advice Memoranda deal with completed transactions.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which court decision carries more weight?

Correct AnswerverifiedShow Answer

Which is not a primary source of tax law?

Correct AnswerverifiedShow Answer

The Regulation section of the CPA exam is approximately 60% Taxation and 40% Law & Professional Responsibilities.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
There is no appeal from the Small Cases ...
View 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

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified