Question 1

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 2

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

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

Which of the following statements about a nonacquiescence is correct?

Accepted Answer

A)  A nonacquiescence is issued in the Federal Registrar.
B)  Nonacquiescences are published only for certain regular decisions of the U.S.Tax Court.
C)  A nonacquiescence in published in the Internal Revenue Bulletin.
D)  The IRS does not issue nonacquiescences to adverse decisions that are not appealed.
E)  All of these are correct.F) A) and B)
G) B) and E)

Question 5

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 6

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

Accepted Answer

A) True 
 B)False

Question 7

What is a Technical Advice Memorandum?

Accepted Answer

The National Office of the IRS releases ...

Question 8

Deferring income to a subsequent year is considered to be tax avoidance.

Accepted Answer

A) True 
 B)False

Question 9

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 B)

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

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 E)
G) None of the above

Question 12

Which publisher offers the Standard Federal Tax Reporter?

Accepted Answer

A)  Research Institute of America
B)  Commerce Clearing House
C)  Thomson Reuters
D)  LexisNexis
E)  None of theseF) None of the above
G) C) and D)

Question 13

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) B) and D)

Question 14

When searching on an electronic (online)  tax service, which approach is more frequently used?

Accepted Answer

A)  Internal Revenue Code section approach
B)  Keyword approach
C)  Table of contents approach
D)  Index
E)  All are about the sameF) B) and D)
G) C) and D)

Question 15

The Internal Revenue Code was first codified in what year?

Accepted Answer

A)  1913
B)  1923
C)  1939
D)  1954
E)  1986F) A) and B)
G) A) and C)

Question 16

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

Question 17

A taxpayer should always minimize his or her tax liability.

Accepted Answer

A) True 
 B)False

Question 18

If these citations appeared after a trial court decision, which one means that the decision was overruled?

Accepted Answer

A)  Aff'd 633 F.2d 512 (CA-7, 1980) .
B)  Rem'd 399 F.2d 800 (CA-5, 1968) .
C)  Aff'd 914 F.2d 396 (CA-3, 1990) .
D)  Rev'd 935 F.2d 203 (CA-5, 1991) .
E)  None of these.F) C) and D)
G) B) and C)

Question 19

Compare Revenue Rulings with Revenue Procedures.

Accepted Answer

Revenue Rulings are official pronounceme...

Question 20

There is a direct conflict between an Internal Revenue Code section adopted in 2010 and a treaty with France (signed in 2016).The Internal Revenue Code section controls.

Accepted Answer

A) True 
 B)False

Exam 2: Working With the Tax Law

The Internal Revenue Code was first codified in what year?

Correct AnswerverifiedShow Answer

When searching on an electronic (online) tax service, which approach is more frequently used?

Correct AnswerverifiedShow Answer

Which Regulations have the force and effect of law?

Correct AnswerverifiedShow Answer

There is a direct conflict between an Internal Revenue Code section adopted in 2010 and a treaty with France (signed in 2016).The Internal Revenue Code section controls.

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

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

What is a Technical Advice Memorandum?

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

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

Correct AnswerverifiedShow Answer

Which of the following statements about a nonacquiescence is correct?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A taxpayer should always minimize his or her tax liability.

Correct AnswerverifiedShow Answer

If these citations appeared after a trial court decision, which one means that the decision was overruled?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Deferring income to a subsequent year is considered to be tax avoidance.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Compare Revenue Rulings with Revenue Procedures.

Correct AnswerverifiedRevenue Rulings are official pronounceme...View AnswerShow Answer

Which publisher offers the Standard Federal Tax Reporter?

Correct AnswerverifiedShow Answer

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The National Office of the IRS releases ...
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Revenue Rulings are official pronounceme...
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Correct Answer
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