Eazyquizes

Eazyquizes

Federal Tax Research 11th Edition Roby B Sawyers Steven Gill- Test Bank

Federal Tax Research 11th Edition Roby B Sawyers Steven Gill- Test Bank

$25.00



Pay & Download

Category:

Description

Federal Tax Research 11th Edition Roby B Sawyers Steven Gill- Test Bank

 Sample Questions

Instant Download With Answers

Chapter 02

 

1. All of the following are goals of tax research EXCEPT:

  a. to balance the need for efficiency against the need for thoroughness
  b. to balance the client’s tax goals with the client’s nontax, personal considerations
  c. to find a defensible solution to a client’s problem
  d. to find a perfect solution to a client’s problem, no matter how long it takes

 

ANSWER:   d
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   4/20/2017 2:34 PM

 

2. Which of the following statements describes the tax research process?

  a. It is strictly linear.
  b. It requires mechanical skills combined with critical thinking.
  c. It requires the ability to use complex mathematical techniques to identify and locate tax authorities.
  d. All of these are correct.

 

ANSWER:   b
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   4/20/2017 2:34 PM

 

3. Collateral estoppel is a legal concept which:

  a. allows relitigation on the same facts or same issues
  b. bars relitigation on the same facts or same issues
  c. requires that the court resolve factual issues in a taxpayer’s favor
  d. none of these are correct

 

ANSWER:   b
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   4/20/2017 2:35 PM

 

4. The first step in the tax research process is to:

  a. establish the facts
  b. identify the issues
  c. locate authority
  d. evaluate authority

 

ANSWER:   a
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

5. Once the initial facts have been gathered and the issues defined, the tax researcher must:

  a. develop conclusions and recommendations
  b. evaluate the authority
  c. contact the IRS
  d. locate the authority

 

ANSWER:   d
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

6. In a closed-fact problem, the main goal of tax research is to:

  a. determine several alternative courses of future action for the taxpayer
  b. find support for an action the taxpayer has already taken
  c. determine several alternative courses of future action for the taxpayer and find support for an action the taxpayer has already taken
  d. none of these are correct

 

ANSWER:   b
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   4/20/2017 2:47 PM

 

7. The final step of the tax research process is to:

  a. develop conclusions and recommendations
  b. communicate recommendations
  c. document conclusions and recommendations
  d. litigate the tax-related dispute

 

ANSWER:   b
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

8. Which of the following statements is CORRECT regarding online tax research?

  a. The method of constructing queries is the same for all databases.
  b. Most online tax services allow the use of connectors and wild cards.
  c. If a query generates too little information, the researcher should add more unique keywords.
  d. All of these are correct.

 

ANSWER:   b
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   4/20/2017 2:36 PM

 

9. Tax research issues can be divided into two main categories. These are:

  a. fact and law issues
  b. primary and secondary issues
  c. major and minor issues
  d. internal and external issues
  e. tax and nontax issues

 

ANSWER:   a
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   4/20/2017 2:48 PM

 

10. Which of the following are basic connectors you can use to construct a search query?

  a. google
  b. not
  c. or
  d. *
  e. both not and or

 

ANSWER:   e
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   4/20/2017 2:49 PM

 

11. Which of the following represents a law issue?

  a. intent of the transaction
  b. definition of a term used in the code
  c. date of transaction
  d. location of the transaction
  e. all of these are correct

 

ANSWER:   b
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   4/20/2017 2:37 PM

 

12. The amount of a transaction represents a:

  a. law issue
  b. social issue
  c. fact issue
  d. political issue

 

ANSWER:   c
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

13. Which of the following is an example of secondary authority?

  a. tax treaties
  b. tax journals
  c. U.S. Constitution
  d. tax laws by Congress

 

ANSWER:   b
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

14. A statutory source of federal tax law is:

  a. various rulings of the Treasury Department and the IRS
  b. collected rulings of the various courts on federal tax matters
  c. textbooks
  d. tax treaties

 

ANSWER:   d
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   5/1/2017 1:35 PM

 

15. Which of the following is an administrative source of primary authority?

  a. U.S. Constitution
  b. collected rulings of the various courts on federal tax matters
  c. revenue rulings
  d. newsletters

 

ANSWER:   c
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   5/1/2017 1:35 PM

 

16. A reference source that enables the researcher to follow the judicial history of court cases is known as:

  a. a case reporter
  b. a judicial directory
  c. the Cumulative Bulletin
  d. a citator

 

ANSWER:   d
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

17. CCH’s annotated or code-based commercial tax service is:

  a. the United States Tax Reporter
  b. the Tax Coordinator 2d
  c. the Thomson Reuters Checkpoint
  d. the Federal Tax Library

 

ANSWER:   c
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   4/20/2017 2:51 PM

 

18. The Tax Management Portfolios are published by:

  a. CCH
  b. RIA
  c. Bloomberg BNA Tax and Accounting
  d. LexisNexis

 

ANSWER:   c
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   4/20/2017 2:27 PM

 

19. Once the research question has been stated, the researcher must next:

  a. gather the facts
  b. identify the keywords
  c. select a database and execute the search
  d. interpret and refine the search

 

ANSWER:   b
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

20. Secondary sources are useful when:

  a. conflicting primary authority exists
  b. the issue is a closed-fact problem
  c. a researcher does not have access to primary sources
  d. a researcher disagrees with the client

 

ANSWER:   a
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   4/20/2017 2:52 PM

 

21. The IRS website can be used to perform which of the following tasks:

  a. obtain downloadable forms
  b. keyword search IRS tax publications
  c. file your tax return
  d. all of these are correct

 

ANSWER:   d
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   4/20/2017 2:38 PM

 

22. Which of the following statements is INCORRECT regarding the CPA exam?

  a. The National Association of State Boards of Accountancy administers the test.
  b. Each state has its own test.
  c. CPA exam candidates must pass all four sections of the exam.
  d. The Regulation section requires tax research.

 

ANSWER:   b
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   4/20/2017 2:53 PM

 

23. Which of the following forms the basis for all tax provisions?

  a. secondary authority
  b. the administrative authority of the IRS
  c. judicial interpretation of the law
  d. the statutory authority of Congress

 

ANSWER:   d
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

24. The distinction between primary and secondary authority is important for which of the following reasons?

  a. to meet the accuracy threshold of “substantial authority”
  b. to avoid penalties under Section 6662 of the Code
  c. to search properly with connectors and wildcards
  d. to meet the accuracy threshold of “substantial authority” and to avoid penalties under Section 6662 of the Code

 

ANSWER:   d
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   4/20/2017 2:55 PM

 

25. Tax journals perform which of the following functions:

  a. offer researchers expert analysis of unclear tax issues
  b. keep researchers aware of current developments
  c. suggest tax planning techniques
  d. all of these are correct

 

ANSWER:   b
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   4/20/2017 2:39 PM

 

26. Skilled tax research requires a combination of reasoning and creativity.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

27. A tax researcher can rely on tax journals as substantial authority under Section 6662 of the Code.

  a. True
  b. False

 

ANSWER:   False
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

28. The tax research process should be approached in a structured, step-by-step manner.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

29. After the researcher has located authority that deals with the client’s problem, he or she must develop conclusions and recommendations.

  a. True
  b. False

 

ANSWER:   False
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

30. A tax researcher should ignore the personal preferences of a client and concentrate only on minimizing the client’s tax liability.

  a. True
  b. False

 

ANSWER:   False
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

31. If a computer search generates too much information, the search may use fewer libraries or more unique keywords.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   4/20/2017 2:58 PM

 

32. “Wildcards” such as an asterisk can be used to search for word variations in most tax services.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

33. Commercial databases are ideal sources for having the most up-to-date information on tax laws and scenarios.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   4/20/2017 2:28 PM

 

34. Google Scholar is an example of an online, free tax-related internet site.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   4/20/2017 2:59 PM

 

35. The power of Congress to implement and collect taxes is summarized in the Internal Revenue Code, the official title of U.S. tax law.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

36. Tax researchers should not consider the client’s potential liability in determining how much time to spend on a client’s problem.

  a. True
  b. False

 

ANSWER:   False
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   4/20/2017 3:00 PM

 

37. The Tax Adviser journal is published by the AICPA.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

38. Thomson Reuters Checkpoint is a web-based tax research service that contains research material on federal, state, local, and international taxation.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   5/1/2017 1:37 PM

 

39. FindLaw includes links for federal and state laws and a searchable database of summaries of published opinions from selected federal and state courts back to 2000.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   5/1/2017 1:37 PM

 

40. The search “stock or securities” would find documents that contain both the term “stock” and the term “securities.”

  a. True
  b. False

 

ANSWER:   False
RATIONALE:   FEEDBACK: This search would find documents that have either the word “stock” or the word “securities.”
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

41. The IRS website is a full-service, tax research resource.

  a. True
  b. False

 

ANSWER:   False
RATIONALE:   FEEDBACK: The IRS website, while containing much useful information, is not a full-service tax research resource.
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

42. One of the issues a tax researcher should be concerned about is how definitive a research result must be.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

43. The CPA exam is prepared by the AICPA.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

44. All primary source material has the same precedential value.

  a. True
  b. False

 

ANSWER:   False
RATIONALE:   FEEDBACK: Different types of primary authority have different value as precedent. The researcher must understand the hierarchy of primary sources.
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

45. The U.S. Constitution is a statutory source of tax law.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

46. List in sequential order the major steps involved in the tax research process.

ANSWER:   The tax research process can be broken down into six major steps, each an essential part of the overall research methodology. The steps in tax research are as follows.

​

​

o Establish the facts

o Identify the issues

o Locate authority

o Evaluate authority

o Develop conclusions and recommendations

o Communicate the recommendations

​
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Subjective Short Answer
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

47. Explain the difference in primary and secondary sources of tax information and give several examples of each.

ANSWER:   Primary authority consists of original pronouncements that come from government sources, including statutory, administrative, or judicial sources. Statutory authority comes out of the legislative branch of government, the U.S. Congress, and includes the Internal Revenue Code, legislative history, and tax treaties. Administrative documents come out of the IRS, including regulations, rulings, taxpayer publications, and other guidance documents. The judiciary releases court opinions which are a judicial primary source.

Secondary sources consist of interpretations of primary authority and are an unofficial source of tax information. Secondary authority includes tax services, journals, textbooks, treatises and newsletters.
POINTS:   1
DIFFICULTY:   Challenging
QUESTION TYPE:   Subjective Short Answer
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

48. List the significant tax facts that often influence the client’s situation:

ANSWER:   Significant facts that often influence the client’s situation include the following:

​

• The client’s tax entity, for example, individual, corporation, or trust.

• The client’s family status and stability.

• The client’s past, present, and projected marginal tax rates.

• The client’s place of legal domicile and citizenship.

• The client’s motivation for the transaction.​

• The relationships among the client and other parties who are involved in the transaction.​

• Whether special tax rules apply to the taxpayer due to the type of business in which the taxpayer is engaged (i.e., he or she is a farmer, fisherman, or long-term contractor).​

• Whether the transaction is proposed or completed.

​
POINTS:   1
DIFFICULTY:   Challenging
QUESTION TYPE:   Subjective Short Answer
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   3/30/2017 11:37 AM

 

49. Tax research has been described as an “iterative process.” Explain what this means to the researcher and give an example of how this process might work with a hypothetical client.

ANSWER:   The process of tax research is iterative in the sense that, once an answer is found, it often causes a new issue to appear, which then requires the gathering of more information. After the researcher has more information, he or she has to go back to the research materials to reevaluate the problem. For example, if a client comes in asking if he or she can deduct alimony, the researcher can look up the general federal tax rules for alimony. When looking at those rules, the researcher finds that the alimony must be made under a divorce or separation instrument. When the researcher goes back to the client to question him or her about the details of the divorce instrument, the client explains that it was not a divorce, but an annulment. Now the researcher must go back and research the issue of whether an alimony deduction is allowed for payments made under a decree of annulment. The researcher then finds that if an annulment has the same effect for support purposes as a divorce under local law, payments under an annulment decree qualify as deductible alimony.

​

In conclusion, the tax research process is not a linear process. Rather, the direction the research takes is dependent on how the facts and issues develop as the researcher gathers more information.
POINTS:   1
DIFFICULTY:   Challenging
QUESTION TYPE:   Essay
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:37 AM
DATE MODIFIED:   4/20/2017 3:07 PM

 

Chapter 04

 

 

1. The IRS, as an administrative agency, is responsible for:

  a. formulating and interpreting the tax laws
  b. interpreting and enforcing the tax laws
  c. formulating and evaluating the tax laws
  d. planning and formulating the tax laws

 

ANSWER:   b
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

2. Most official IRS pronouncements are written by:

  a. The IRS Office of Chief Counsel
  b. The IRS Commissioner
  c. The Treasury Secretary
  d. IRS Field Office Staff Members

 

ANSWER:   a
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

3. The Commissioner of the IRS is appointed by the:

  a. The Treasury Secretary
  b. The President of the United States
  c. The Chief Counsel of the IRS
  d. General Counsel of the Treasury Department

 

ANSWER:   b
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

4. Which statement is INCORRECT regarding Proposed Regulations?

  a. They do not have the same effect as law.
  b. Proposed Regulations are useful for understanding the IRS’s current position on an issue but generally should not be relied on by a taxpayer unless the IRS provides explicit advice on doing so.
  c. Proposed Regulations carry the same authority as Final Regulations.
  d. None of these are correct.

 

ANSWER:   c
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 5:48 PM

 

5. Which of the following IRS pronouncements has the highest weight of authority?

  a. IRS Revenue Rulings
  b. IRS Taxpayer Publications
  c. IRS Announcements
  d. All of these IRS pronouncements have equal weight of authority.

 

ANSWER:   a
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 5:49 PM

 

6. Treasury Decisions are published first, officially, in:

  a. the Internal Revenue Bulletin
  b. first in the Internal Revenue Bulletin and then in the Federal Register
  c. the Federal Register
  d. Congressional Committee Reports

 

ANSWER:   c
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

7. The IRS’s general authority to issue binding rules and regulations comes from which source?

  a. the U.S. Constitution
  b. an Executive Order of the President
  c. a section of the Internal Revenue Code itself
  d. none of these are correct

 

ANSWER:   c
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 5:51 PM

 

8. Which of the following Regulations bears the greatest precedential value?

  a. Legislative Regulations
  b. Proposed Regulations
  c. General Regulations
  d. Income Tax Regulations

 

ANSWER:   a
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

9. Temporary Regulations expire:

  a. after an IRS hearing on the regulations
  b. at the end of the public comment period
  c. five years after issuance pursuant to the statute
  d. three years after issuance pursuant to the statute
  e. Temporary Regulations never expire

 

ANSWER:   d
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 5:52 PM

 

10. Which of the following statements is INCORRECT regarding the effective date of Regulations?

  a. A Regulation becomes effective 18 months after the statute on which it is based was enacted.
  b. A Regulation is effective on the date on which the Regulation is filed with the Federal Register.
  c. Temporary Regulations are effective immediately upon publication.
  d. All of these are correct.

 

ANSWER:   a
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 5:53 PM

 

11. Which of the following Regulations deals with estate taxes?

  a. Reg. §1.162-21(a)(2)
  b. Reg. §20.2503-4
  c. Reg. §1.6662-5T
  d. Reg. §31.3121(a)-2
  e. None of these are correct.

 

ANSWER:   b
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 5:53 PM

 

12. Regulations may have retroactive effect in which of the following circumstances:

  a. The Regulation is designed to prevent abuse by taxpayers.
  b. The Regulation relates to internal Treasury Department policies, practices, or procedures.
  c. The Regulation may apply retroactively by Congressional directive.
  d. All of these are correct.

 

ANSWER:   d
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 5:15 PM

 

13. In the citation Reg. §1.162-2(a)(1), the number “162” stands for the:

  a. type of Regulation
  b. related Code section
  c. Code of Federal Regulations
  d. Regulation paragraph

 

ANSWER:   b
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 5:55 PM

 

14. All of the following types of tax documents are published in the Internal Revenue Bulletin EXCEPT:

  a. IRS Revenue Procedures
  b. IRS Letter Rulings
  c. Treasury decisions
  d. new tax treaties
  e. all of these documents are published in the Internal Revenue Bulletin

 

ANSWER:   b
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 5:58 PM

 

15. Which of the following statements is INCORRECT with regard to IRS Revenue Rulings?

  a. Revenue Rulings apply the Code and Regulations to a specific factual situation.
  b. Revenue Rulings are published chiefly to give guidance to taxpayers.
  c. A Revenue Ruling is an official pronouncement of Congress.
  d. All of these are correct.

 

ANSWER:   c
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 5:17 PM

 

16. In the citation Rev Rul. 87-90, 1987-1 CB 198, the number “90” is the:

  a. ruling number for the year
  b. year of ruling
  c. paragraph number in the CB
  d. volume number in the CB

 

ANSWER:   a
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 6:00 PM

 

17. Revenue Procedures deal with:

  a. specific taxpayer requests for the IRS’s position on a tax issue
  b. applying the Code and Regulations to a specific factual situation
  c. the internal practice and procedures of the IRS in the administration of the tax laws
  d. all of these are correct

 

ANSWER:   c
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 6:01 PM

 

18. Which of the following is CORRECT with respect to Private Letter Rulings?

  a. They are issued by the IRS National Office in response to a specific taxpayer request.
  b. They can be cited as precedent by other taxpayers.
  c. They are published weekly by the IRS in the Internal Revenue Bulletin.
  d. They are also known as Technical Advice Memoranda.
  e. None of these are correct.

 

ANSWER:   a
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 6:02 PM

 

19. Determination Letters are:

  a. issued by the National Office of the IRS on proposed transactions
  b. issued by a local IRS office, usually on completed transactions
  c. published first in the Internal Revenue Bulletin
  d. issued to IRS field agents as audit guidance

 

ANSWER:   b
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 6:02 PM

 

20. Which citation represents the CORRECT numbering scheme for identification of IRS written determinations?

  a. 9538005, where “95” is the year, “38” is the week of the year, and “005” is the number of the ruling/memoranda that week
  b. LTR 2010-43, where “2010” is the year and “43” is the number of the ruling or memoranda for that year
  c. 1996 C.B. 6, where 1996 is the year and 6 is the page number for the ruling or memoranda
  d. 200917024 where “2009” is the year, “17” is the week of the year, and “024” is the number of the ruling/memoranda for that week

 

ANSWER:   d
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 6:03 PM

 

21. An acquiescence indicates that a court decision will be:

  a. appealed by the IRS
  b. followed in similar situations only if it favors the IRS
  c. followed in similar situations, even if it is adverse to the IRS
  d. ignored by the IRS

 

ANSWER:   c
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 6:04 PM

 

22. Which of the following IRS pronouncement citations is INCORRECT?

  a. Notice 07-10, 2007 C.B. 324
  b. Publication 519
  c. Rev. Proc. 2011-14, 2011 I.R.B. 532
  d. Action on Decision 2010-002
  e. all of these citations are correct

 

ANSWER:   a
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 6:05 PM

 

23. IRS General Counsel Memoranda:

  a. convey the IRS decision to acquiesce/nonacquiesce in a court decision
  b. summarize and explain published IRS Regulations
  c. have been replaced with chief counsel advice after 2002
  d. have only short-term value

 

ANSWER:   c
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 6:06 PM

 

24. The Internal Revenue Bulletin would include:

  a. new tax laws issued by Congress
  b. actions on decisions
  c. tax treaties
  d. IRS notices
  e. all of these are correct

 

ANSWER:   e
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 5:21 PM

 

25. A _____ indicates that the IRS disagrees with the adverse decision in the case and will follow the decision only for the specific taxpayer whose case resulted in the adverse ruling.

  a. nonacquiescence
  b. acquiescence
  c. noncommittal
  d. none of these are correct

 

ANSWER:   a
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 5:25 PM

 

26. The U.S. Treasury Department is a part of the Internal Revenue Service.

  a. True
  b. False

 

ANSWER:   False
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

27. Proposed Regulations have the effect of law.

  a. True
  b. False

 

ANSWER:   False
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 5:27 PM

 

28. The IRS issues General Regulations under the general authority granted to the IRS to interpret the language of the Code, usually under a specific Code (or committee report) directive of Congress.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 5:28 PM

 

29. Temporary Regulations must be followed by taxpayers until they are superseded or until they expire.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

30. A Regulation can never be made effective retroactively.

  a. True
  b. False

 

ANSWER:   False
RATIONALE:   FEEDBACK: There are certain situations in which a Regulation can be effective retroactively.
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

31. The IRS disclaims responsibility for damages that a taxpayer may suffer in erroneously relying on its taxpayer publications.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 6:08 PM

 

32. If a taxpayer disagrees with the scope or language of a Regulation, he or she has the burden of proving that the Regulation is improper.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

33. Field Service Advice (FSAs) are binding guidance provided by the IRS National Office to IRS service centers.

  a. True
  b. False

 

ANSWER:   False
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

34. The Internal Revenue Bulletin also is published in twice-yearly, bound volumes as the Cumulative Bulletin.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

35. IRS publications are published in the monthly Internal Revenue Bulletin as well as on the IRS website.

  a. True
  b. False

 

ANSWER:   False
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 6:10 PM

 

36. The IRS, under no circumstances, has the authority to decline to issue Letter Rulings.

  a. True
  b. False

 

ANSWER:   False
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

37. An IRS Technical Advice Memorandum applies strictly to the taxpayer for whose audit it was requested and cannot be relied upon by other taxpayers.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

38. Technical Advice Memoranda are issued in response to a request by an IRS agent.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

39. T.D. 9479 refers to a Treasury Determination letter.

  a. True
  b. False

 

ANSWER:   False
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

40. Both Revenue Rulings and Letter Rulings have the same precedential value as far as authority in tax matters is concerned.

  a. True
  b. False

 

ANSWER:   False
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

41. IRS Technical Memoranda summarize and explain regulations.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

42. A nonacquiescence indicates that the IRS disagrees with the adverse decision in the case and will follow the decision only for the specific taxpayer whose case resulted in the adverse ruling.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

43. Actions on Decision are published by the IRS in the Internal Revenue Bulletin and before 2009 in semiannual Cumulative Bulletins.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

44. The IRS’s official publication for its pronouncements is the Internal Revenue Manual.

  a. True
  b. False

 

ANSWER:   False
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

45. The courts may invalidate IRS Regulations if they are found to conflict with the Code.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   True / False
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

46. Define General and Legislative Regulations and explain the distinction.

ANSWER:   General Regulations are issued under the general authority granted to the IRS to interpret the language of the Code. Legislative Regulations are issued by the IRS as directed by the Congress to effectively perform a law-making function and to specify the substantive requirements of a tax provision. Legislative Regulations bear the greatest precedential value of any IRS pronouncement.
POINTS:   1
DIFFICULTY:   Challenging
QUESTION TYPE:   Subjective Short Answer
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

47. List the three types of IRS written determinations and briefly explain the differences.

ANSWER:   The three types of IRS written determinations are Private Letter Rulings, Technical Advice Memoranda, and Determination Letters. Private Letter Rulings are issued by the National Office of the IRS in response to a taxpayer’s request for the IRS’s position on a specified tax issue, usually a proposed transaction. Technical Advice Memoranda are issued by the IRS National Office in response to a request by an IRS agent when a question arises during an audit. Thus, Technical Advice Memoranda deal with completed transactions. Determination Letters are similar to Private Letter Rulings, but they are issued by a local IRS office such as a District Director, to a taxpayer, generally on the tax treatment of a completed transaction.
POINTS:   1
DIFFICULTY:   Challenging
QUESTION TYPE:   Subjective Short Answer
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   3/30/2017 11:38 AM

 

48. Describe the Internal Revenue Bulletin and identify the types of documents published in the Bulletin. Explain when it is published and the citations used to reference the Bulletin.

ANSWER:   The Internal Revenue Bulletin (IRB) is the IRS’s primary publication used to communicate with the public. It is issued weekly on Mondays and is available on the IRS website. Every six months, it is bound into the Cumulative Bulletin (CB), which is the official print publication of IRB documents.

​

Many, but not all, of the IRS’s administrative pronouncements are published in the IRB, including IRS Regulations, Revenue Rulings, Revenue Procedures, Actions on Decisions, Announcements, and Notices. IRS Letter Rulings, Technical Advice Memoranda, and Determination Letters are not published in the IRB. Other types of documents besides IRS pronouncements are published in the IRB, including Congressional tax acts and committee reports, procedural rules, tax treaties, and other notices.

​

Internal Revenue Bulletin citations: 2010-17 I.R.B. 609 or 2008-1 C.B. 310

The first citation is to the weekly Internal Revenue Bulletin in 2010. The IRB citation indicates the 17th weekly I.R.B. in 2010, page 609. For the Cumulative Bulletin, the citation above indicates the first volume of the C.B. for 2008 beginning on page 310.
POINTS:   1
DIFFICULTY:   Challenging
QUESTION TYPE:   Essay
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 6:15 PM

 

49. Compare and contrast IRS Proposed Regulations, IRS Temporary Regulations, and IRS Final Regulations. Explain the weight of authority and citations for each type of regulation.

ANSWER:   Regulations are issued by the IRS and Treasury Department and constitute official interpretation of the Code. Regulations are intended to provide guidance on new legislative tax law or perhaps to address issues that have arisen related to existing Code. Regulations are not law but rather rules issued by an agency (in this case the Treasury) to provide the IRS’s position on the meaning of the law and give directions on how taxpayers might comply. Although not law, Regulations retain significant authority and must generally be followed.

​

Regulations are largely drafted by the Office of the Chief Counsel inside the Treasury. Issues to consider for Regulations are identified from various sources such as comments from the Commissioner of the IRS, the Chief Counsel and other Treasury Department staff, taxpayers, practitioners, outside organizations, and other comments on tax law directed at professionals or the taxpaying public. The Regulations may also be issued to deal with recent court decisions, common issues dealt with in private letter rulings, and of course, recently enacted legislation.

​

Regulations often begin as an Advance Notice of Proposed Rulemaking (ANPRM) which indicates the Treasury’s consideration of an issue for publication of guidance and will seek input from the public about the tax issue. Once the Regulations are drafted, a Notice of Proposed Rulemaking (NPRM) is issued announcing the Proposed Regulations. The NPRM will include a preamble explaining the purpose of the Regulations, asking for public input, announcing a public hearing (if one is to be held), and the text of the Proposed Regulations themselves. Before and during the hearings process, the NPRMs are referred to as Proposed Regulations and, unlike Final Regulations, do not have the effect of law. Proposed Regulations are useful for understanding the IRS’s current position on an issue but generally should not be relied on by a taxpayer unless the IRS provides explicit advice on doing so.

​

Although Proposed Regulations do not carry the same authority as Final Regulations, Temporary Regulations have the same authority as Final Regulations. Temporary Regulations are not subject to the public hearing procedure that typifies the development of a Final Regulation, and they are effective immediately upon publication. Until a Temporary Regulation is replaced with the Final Regulation under a Code section, the tax researcher should treat the Temporary Regulation as though it were final. Thus, Temporary Regulations are fully in effect and must be followed until they are superseded.

​

Regulations can have retroactive effect in certain circumstances:

​

• Within 18 months of enactment of the underlying Code section.

• To prevent taxpayer abuse.

• To correct a procedural defect.

• If it relates to Treasury and IRS internal policies.

• By specific Congressional directive.

• The Commissioner can allow taxpayers to elect to apply new regulations retroactively.

​

​
POINTS:   1
DIFFICULTY:   Challenging
QUESTION TYPE:   Essay
HAS VARIABLES:   False
DATE CREATED:   3/30/2017 11:38 AM
DATE MODIFIED:   4/20/2017 5:46 PM

 

 

Reviews

There are no reviews yet.

Be the first to review “Federal Tax Research 11th Edition Roby B Sawyers Steven Gill- Test Bank”

Your email address will not be published. Required fields are marked *

Related products