Question 1

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) D) and E)
G) A) and D)

Question 2

How do treaties fit within tax sources?

Accepted Answer

The U.S signs certain tax treaties (some...

Question 3

The following citation can be a correct citation: Rev.Rul.95-271,I.R.B.No.54,18.

Accepted Answer

A) True 
 B)False

Question 4

Proposed Regulations are binding on IRS agents.

Accepted Answer

A) True 
 B)False

Question 5

A taxpayer can obtain a jury trial in the U.S.Court of Federal Claims.

Accepted Answer

A) True 
 B)False

Question 6

A U.S.District Court is the lowest trial court.

Accepted Answer

A) True 
 B)False

Question 7

Regulations are arranged in the same sequence as the Internal Revenue Code.

Accepted Answer

A) True 
 B)False

Question 8

A Revenue Ruling is a judicial source of Federal tax law.

Accepted Answer

A) True 
 B)False

Question 9

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 the above.F) A) and B)
G) B) and E)

Question 10

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.

Accepted Answer

A) True 
 B)False

Question 11

The Golsen rule has been overturned by the U.S.Supreme Court.

Accepted Answer

A) True 
 B)False

Question 12

There is a direct conflict between a Code section adopted in 2004 and a treaty with France (signed in 2008).The Code section controls.

Accepted Answer

A) True 
 B)False

Question 13

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) D) and E)
G) A) and E)

Question 14

Section 1244 permits an investor to convert what would be a capital loss into an ordinary loss.

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

Federal tax legislation generally originates in what body?

Accepted Answer

A)   Internal Revenue Service.
B)   Senate Finance Committee.
C)   House Ways and Means Committee.
D)   Senate Floor.
E)   None of the above.F) B) and C)
G) C) and E)

Question 17

The research process should begin with a tax service.

Accepted Answer

A) True 
 B)False

Question 18

The term "petitioner" is a synonym for "defendant."

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

A) True 
 B)False

Exam 2: Working With the Tax Law

Proposed Regulations are binding on IRS agents.

Correct AnswerverifiedShow Answer

A taxpayer can obtain a jury trial in the U.S.Court of Federal Claims.

Correct AnswerverifiedShow Answer

A U.S.District Court is the lowest trial court.

Correct AnswerverifiedShow Answer

Federal tax legislation generally originates in what body?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

There is a direct conflict between a Code section adopted in 2004 and a treaty with France (signed in 2008).The Code section controls.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The term "petitioner" is a synonym for "defendant."

Correct AnswerverifiedShow Answer

How do treaties fit within tax sources?

Correct AnswerverifiedThe U.S signs certain tax treaties (some...View AnswerShow Answer

Regulations are arranged in the same sequence as the Internal Revenue Code.

Correct AnswerverifiedShow Answer

Section 1244 permits an investor to convert what would be a capital loss into an ordinary loss.

Correct AnswerverifiedShow Answer

What statement is not true with respect to Temporary Regulations?

Correct AnswerverifiedShow Answer

The following citation can be a correct citation: Rev.Rul.95-271,I.R.B.No.54,18.

Correct AnswerverifiedShow Answer

The Golsen rule has been overturned by the U.S.Supreme Court.

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.

Correct AnswerverifiedShow Answer

The research process should begin with a tax service.

Correct AnswerverifiedShow Answer

Which Regulations have the force and effect of law?

Correct AnswerverifiedShow Answer

A Revenue Ruling is a judicial source of Federal tax law.

Correct AnswerverifiedShow Answer

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The U.S signs certain tax treaties (some...
View Answer

Correct Answer
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