Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

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

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

Revenue tax measures typically originate in the Senate Finance Committee of the U.S. Congress.

Accepted Answer

A) True 
 B)False

Question 7

A Temporary Regulation under § 303 of the Code would be cited as follows: Temp. Reg. § 303.

Accepted Answer

A) True 
 B)False

Question 8

Subchapter C refers to the subchapter in the Internal Revenue Code that deals with partnerships and partners.

Accepted Answer

A) True 
 B)False

Question 9

Which citation refers to a Second Circuit Court of Appeals decision?

Accepted Answer

A)   40 T.C. 1018.
B)   159 F.2d 848 CA-2, 1947) .
C)   354 F. Supp. 1003 D.Ct. GA. 1972) .
D)   914 F.2d 396 CA-3, 1990) .
E)   None of the above.F) A) and B)
G) A) and E)

Question 10

The primary purpose of effective tax planning is to reduce or defer the tax in the current tax year.

Accepted Answer

A) True 
 B)False

Question 11

Subchapter D refers to the "Corporate Distributions and Adjustments" section of the Internal Revenue Code.

Accepted Answer

A) True 
 B)False

Question 12

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

Question 13

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 the above.F) None of the above
G) A) and E)

Question 14

Normally, when the Senate version of a tax bill differs from that passed by the House, a Joint Conference Committee drafts a compromise tax bill.

Accepted Answer

A) True 
 B)False

Question 15

There are 11 geographic U.S. Circuit Court of Appeals.

Accepted Answer

A) True 
 B)False

Question 16

Currently, the Internal Revenue Code of 1986 does not contain §§ 308, 309, and 310. This absence means these sections were repealed by Congress.

Accepted Answer

A) True 
 B)False

Question 17

This Internal Revenue Code section citation is incorrect: § 2121).

Accepted Answer

A) True 
 B)False

Question 18

Technical Advice Memoranda deal with completed transactions.

Accepted Answer

A) True 
 B)False

Question 19

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 20

Temporary Regulations are only published in the Internal Revenue Bulletin.

Accepted Answer

A) True 
 B)False

Exam 2: Working With the Tax Law

Revenue tax measures typically originate in the Senate Finance Committee of the U.S. Congress.

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

Normally, when the Senate version of a tax bill differs from that passed by the House, a Joint Conference Committee drafts a compromise tax bill.

Correct AnswerverifiedShow Answer

Technical Advice Memoranda deal with completed transactions.

Correct AnswerverifiedShow Answer

Subchapter C refers to the subchapter in the Internal Revenue Code that deals with partnerships and partners.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

This Internal Revenue Code section citation is incorrect: § 2121).

Correct AnswerverifiedShow Answer

Currently, the Internal Revenue Code of 1986 does not contain §§ 308, 309, and 310. This absence means these sections were repealed by Congress.

Correct AnswerverifiedShow Answer

Subchapter D refers to the "Corporate Distributions and Adjustments" section of the Internal Revenue Code.

Correct AnswerverifiedShow Answer

A Temporary Regulation under § 303 of the Code would be cited as follows: Temp. Reg. § 303.

Correct AnswerverifiedShow Answer

Temporary Regulations are only published in the Internal Revenue Bulletin.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The primary purpose of effective tax planning is to reduce or defer the tax in the current tax year.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

There are 11 geographic U.S. Circuit Court of Appeals.

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

Which citation refers to a Second Circuit Court of Appeals decision?

Correct AnswerverifiedShow Answer

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