Question 1

Explain the Golsen doctrine.

Accepted Answer

Because the Tax Court is a national cour...

Question 2

The adoption tax credit can be explained by social considerations.

Accepted Answer

A) True 
 B)False

Question 3

The Internal Revenue Code is a compilation of Federal tax legislation that appears in Title 28 of the Internal Revenue Code.

Accepted Answer

A) True 
 B)False

Question 4

Which citation refers to a Third 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 E)
G) A) and D)

Question 5

Which trial court decision is generally less authoritative?

Accepted Answer

A)   U.S. District Court.
B)   U.S. Tax Court.
C)   U.S. Court of Federal Claims.
D)   Small Cases Division of the Tax Court.
E)   All of the above are the same.F) A) and E)
G) A) and C)

Question 6

A taxpayer must pay any tax deficiency assessed by the IRS and sue for a refund to bring suit in the U.S. District Court.

Accepted Answer

A) True 
 B)False

Question 7

Proposed Regulations have the force and effect of law.

Accepted Answer

A) True 
 B)False

Question 8

In a courtroom challenge, the burden of proof is on the IRS to show that a Regulation is right.

Accepted Answer

A) True 
 B)False

Question 9

Determination letters usually involve proposed transactions.

Accepted Answer

A) True 
 B)False

Question 10

Which state is a common law property state?

Accepted Answer

A)   Arizona.
B)   Louisiana.
C)   New Mexico.
D)   New York.
E)   None of the above.F) A) and E)
G) A) and D)

Question 11

What is the wherewithal to pay concept? Give an example.

Accepted Answer

The wherewithal to pay concept recognize...

Question 12

A cite such as 372 U.S. 39 indicates a memorandum decision of the Court of Federal Claims.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following statements about an acquiescence is correct?

Accepted Answer

A)   An acquiescence is issued in the Federal Register.
B)   Acquiescences are published only for certain regular decisions of the U.S. Tax Court.
C)   An acquiescence is published in the Internal Revenue Bulletin.
D)   The IRS does not issue acquiescences to adverse decisions that are not appealed.
E)   All of the above are correct.F) C) and E)
G) B) and D)

Question 14

Which provision is not justified by social considerations?

Accepted Answer

A)   Refundable earned income credit.
B)   Adoption tax credit.
C)   Like-kind exchange treatment.
D)   Disallowance of illegal kickbacks.
E)   None of the above.F) A) and D)
G) None of the above

Question 15

Treasury Decisions are issued by the Treasury Department to promulgate new Regulations.

Accepted Answer

A) True 
 B)False

Question 16

Subchapter C refers to the "Corporate Distributions and Adjustments" section of the Code.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following indicates that a decision has precedential value for future cases?

Accepted Answer

A)   Stare decicis.
B)   Golsen doctrine.
C)   En banc.
D)   Reenactment doctrine.
E)   None of the above.F) C) and D)
G) A) and B)

Question 18

The U.S. Federal government has a provision in the Constitution which precludes deficit spending.

Accepted Answer

A) True 
 B)False

Question 19

Proposed Regulations are not published in the Federal Register.

Accepted Answer

A) True 
 B)False

Question 20

A Memorandum decision of the U.S. Tax Court could be cited as:

Accepted Answer

A)   T.C. Memo. 1990-650.
B)   68-1 USTC ¶ 9200.
C)   37 AFTR 2d 456.
D)   All of the above.
E)   None of the above.F) None of the above
G) A) and D)

Exam 1: Understanding and Working With the Federal Tax Law

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

Correct AnswerverifiedShow Answer

Treasury Decisions are issued by the Treasury Department to promulgate new Regulations.

Correct AnswerverifiedShow Answer

Proposed Regulations have the force and effect of law.

Correct AnswerverifiedShow Answer

Which provision is not justified by social considerations?

Correct AnswerverifiedShow Answer

A cite such as 372 U.S. 39 indicates a memorandum decision of the Court of Federal Claims.

Correct AnswerverifiedShow Answer

In a courtroom challenge, the burden of proof is on the IRS to show that a Regulation is right.

Correct AnswerverifiedShow Answer

Which trial court decision is generally less authoritative?

Correct AnswerverifiedShow Answer

Determination letters usually involve proposed transactions.

Correct AnswerverifiedShow Answer

Which of the following indicates that a decision has precedential value for future cases?

Correct AnswerverifiedShow Answer

Which of the following statements about an acquiescence is correct?

Correct AnswerverifiedShow Answer

The U.S. Federal government has a provision in the Constitution which precludes deficit spending.

Correct AnswerverifiedShow Answer

The adoption tax credit can be explained by social considerations.

Correct AnswerverifiedShow Answer

What is the wherewithal to pay concept? Give an example.

Correct AnswerverifiedThe wherewithal to pay concept recognize...View AnswerShow Answer

The Internal Revenue Code is a compilation of Federal tax legislation that appears in Title 28 of the Internal Revenue Code.

Correct AnswerverifiedShow Answer

Which state is a common law property state?

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A Memorandum decision of the U.S. Tax Court could be cited as:

Correct AnswerverifiedShow Answer

Subchapter C refers to the "Corporate Distributions and Adjustments" section of the Code.

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. District Court.

Correct AnswerverifiedShow Answer

Proposed Regulations are not published in the Federal Register.

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Explain the Golsen doctrine.

Correct AnswerverifiedBecause the Tax Court is a national cour...View AnswerShow Answer

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The wherewithal to pay concept recognize...
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Because the Tax Court is a national cour...
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