Question 1

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

Question 2

In § 212(1) ,the number (1) stands for the:

Accepted Answer

A)   Section number.
B)   Subsection number.
C)   Paragraph designation.
D)   Subparagraph designation.
E)   None of the above.F) C) and D)
G) A) and B)

Question 3

Determination letters usually involve proposed transactions.

Accepted Answer

A) True 
 B)False

Question 4

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)   Procedural Regulations.F) A) and E)
G) B) and E)

Question 5

A General Counsel Memorandum is a primary source of tax law.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is not published in the Cumulative Bulletin?

Accepted Answer

A)   Revenue Rulings.
B)   Proposed Regulations.
C)   Actions on Decisions.
D)   Letter Rulings.
E)   General Counsel Memoranda.F) None of the above
G) A) and D)

Question 7

A professional must understand the relative weight of authority within the sources of tax law.

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

Temporary Regulations are only published in the Internal Revenue Bulletin.

Accepted Answer

A) True 
 B)False

Question 10

The CPA examination is normally curved to produce a designated pass rate.

Accepted Answer

A) True 
 B)False

Question 11

The research process should begin with a tax service.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

Before a tax bill can become law,it must be approved by the President.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following cannot be found in the Federal Register?

Accepted Answer

A)   Regulations.
B)   Temporary Regulations.
C)   Proposed Regulations.
D)   Revenue Rulings.
E)   All of the above may be found in the Federal Register.F) C) and D)
G) A) and B)

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

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

Question 17

The Internal Revenue Code of 1986 was substantially a re-codification of the existing Code.

Accepted Answer

A) True 
 B)False

Question 18

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

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

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

Exam 2: Working With the Tax Law

Which Regulations have the force and effect of law?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A professional must understand the relative weight of authority within the sources of tax law.

Correct AnswerverifiedShow Answer

A General Counsel Memorandum is a primary source of tax law.

Correct AnswerverifiedShow Answer

The Internal Revenue Code of 1986 was substantially a re-codification of the existing Code.

Correct AnswerverifiedShow Answer

The research process should begin with a tax service.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The CPA examination is normally curved to produce a designated pass rate.

Correct AnswerverifiedShow Answer

Determination letters usually involve proposed transactions.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following cannot be found in the Federal Register?

Correct AnswerverifiedShow Answer

In § 212(1) ,the number (1) stands for the:

Correct AnswerverifiedShow Answer

Temporary Regulations are only published in the Internal Revenue Bulletin.

Correct AnswerverifiedShow Answer

What statement is not true with respect to Temporary Regulations?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Before a tax bill can become law,it must be approved by the President.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following is not published in the Cumulative Bulletin?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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