Question 1

Rules of tax law do not include Revenue Rulings and Revenue Procedures.

Accepted Answer

A) True 
 B)False

Question 2

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) All of the above
G) A) and E)

Question 3

If a taxpayer decides not to pay a tax deficiency,he or she must go to which court?

Accepted Answer

A)  Appropriate U.S.Circuit Court of Appeals
B)  U.S.District Court
C)  U.S.Tax Court
D)  U.S.Court of Federal Claims
E)  None of theseF) B) and C)
G) None of the above

Question 4

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 these statements are true.F) B) and D)
G) A) and E)

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

The "petitioner" refers to the party against whom a suit is brought.

Accepted Answer

A) True 
 B)False

Question 7

There is a direct conflict between a Code section adopted in 2008 and a treaty with France (signed in 2012).The Code section controls.

Accepted Answer

A) True 
 B)False

Question 8

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 9

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 B)
G) B) and D)

Question 10

Which publisher offers the United States Tax Reporter?

Accepted Answer

A)  Research Institute of America
B)  Commerce Clearing House
C)  LexisNexis
D)  Tax Analysts
E)  None of theseF) B) and D)
G) A) and E)

Question 11

A taxpayer who loses in a U.S.District Court may appeal directly to the:

Accepted Answer

A)  U.S.Supreme Court.
B)  U.S.Tax Court.
C)  U.S.Court of Federal Claims.
D)  U.S.Circuit Court of Appeals.
E)  All of these.F) D) and E)
G) B) and C)

Question 12

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

Question 13

The Index to Federal Tax Articles (published by Warren,Gorham,and Lamont) is available in print and electronic formats.

Accepted Answer

A) True 
 B)False

Question 14

Which statement is incorrect with respect to taxation on the CPA exam?

Accepted Answer

A)  The CPA exam now has only four parts.
B)  There are no longer case studies on the exam.
C)  A candidate may not go back after exiting a testlet.
D)  Simulations include a four-function pop-up calculator.
E)  None of these are incorrect.F) A) and B)
G) None of the above

Question 15

Which statement is not true with respect to a Regulation that interprets the tax law?

Accepted Answer

A)  Issued by the U.S.Congress.
B)  Issued by the U.S.Treasury Department.
C)  Designed to provide an interpretation of the tax law.
D)  Carries more legal force than a Revenue Ruling.
E)  All of these statements are true.F) A) and B)
G) A) and C)

Question 16

The Regulation section of the CPA exam is approximately 60% Taxation and 40% Law & Professional Responsibilities.

Accepted Answer

A) True 
 B)False

Question 17

Regulations are generally issued immediately after a statute is enacted.

Accepted Answer

A) True 
 B)False

Question 18

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 these.F) B) and C)
G) A) and D)

Question 19

How can Congressional Committee Reports be used by a tax researcher?

Accepted Answer

Congressional Committee Reports often ex...

Question 20

Technical Advice Memoranda may not be cited as precedents by taxpayers.

Accepted Answer

A) True 
 B)False

Exam 2: Working With the Tax Law

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

Correct AnswerverifiedShow Answer

Regulations are generally issued immediately after a statute is enacted.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which statement is not true with respect to a Regulation that interprets the tax law?

Correct AnswerverifiedShow Answer

The "petitioner" refers to the party against whom a suit is brought.

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

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

Correct AnswerverifiedShow Answer

Which publisher offers the United States Tax Reporter?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Technical Advice Memoranda may not be cited as precedents by taxpayers.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

How can Congressional Committee Reports be used by a tax researcher?

Correct AnswerverifiedCongressional Committee Reports often ex...View AnswerShow Answer

What statement is not true with respect to Temporary Regulations?

Correct AnswerverifiedShow Answer

The Regulation section of the CPA exam is approximately 60% Taxation and 40% Law & Professional Responsibilities.

Correct AnswerverifiedShow Answer

A taxpayer who loses in a U.S.District Court may appeal directly to the:

Correct AnswerverifiedShow Answer

There is a direct conflict between a Code section adopted in 2008 and a treaty with France (signed in 2012).The Code section controls.

Correct AnswerverifiedShow Answer

If a taxpayer decides not to pay a tax deficiency,he or she must go to which court?

Correct AnswerverifiedShow Answer

Which statement is incorrect with respect to taxation on the CPA exam?

Correct AnswerverifiedShow Answer

Rules of tax law do not include Revenue Rulings and Revenue Procedures.

Correct AnswerverifiedShow Answer

The Index to Federal Tax Articles (published by Warren,Gorham,and Lamont) is available in print and electronic formats.

Correct AnswerverifiedShow Answer

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Congressional Committee Reports often ex...
View Answer

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