ACC 565 WK 5 Midterm Exam

1) Tax planning is not an integral part of open-fact situations.

2) The Internal Revenue Code of 1986 contains the current version of the tax law.

3) Regulations issued prior to the latest tax legislation dealing with a specific Code section are still effective to the extent they do not conflict with the provisions in the new legislation.

4) Final regulations have almost the same legislative weight as the IRC.

5) A revenue ruling is issued by the Internal Revenue Service only in response to a verbal inquiry by a taxpayer.

6) Taxpayers must pay the disputed tax prior to filing a case with the Tax Court.

7) Appeals from the U.S. Tax Court are to the Court of Appeals for the Federal Circuit.

8) Appeals from the Court of Appeals go to the Supreme Court under a writ of certiorari. The Supreme Court decides whether or not they will hear the case.

9) A citator enables tax researchers to locate authorities (e.g., cases and IRS pronouncements) that have cited a particular case.

10) According to the Statements on Standards for Tax Services, CPAs must verify all tax return information submitted by reviewing client documentation.

11) When a taxpayer contacts a tax advisor requesting advice as to the most advantageous way to dispose of a stock, the tax advisor is faced with

A) a restricted-fact situation.

B) a closed-fact situation.

C) an open-fact situation.

D) a recognized-fact situation.

12) Investigation of a tax problem that involves a closed-fact situation means that

A) the client’s transactions have already occurred and the tax questions must now be resolved.

B) the client’s tax return has yet to be filed.

C) future events may be planned and controlled.

D) research is primarily concerned with applying the law to the facts as they exist.

13) Identify which of the following statements is true.

A) Tax planning is an integral part of both closed-fact situations and open-fact situations.

B) The first step in conducting tax research is to clearly understand the issues involved.

C) The Statements on Standards for Tax Services recommend that only written tax advice be provided to the client in all situations.

D) All of the above are false.

14) The term “tax law” includes

A) legislation.

B) treasury regulations.

C) judicial decisions.

D) all of the above

15) Identify which of the following statements is false.

A) When tax advisors speak of the “tax law,” they usually have in mind just the Internal Revenue Code.

B) Members from both the House and the Senate are on the Conference Committee.

C) Records of committee hearings are helpful in determining Congressional intent.

D) All of the above are false.

16) The committee that is responsible for holding hearings on tax legislation for the House of Representatives is the

A) Finance Committee.

B) Joint Committee on Taxation.

C) Conference Committee.

D) Ways and Means Committee.

17) A tax bill introduced in the House of Representatives is then

A) referred to the House Ways and Means Committee for hearings and approval.

B) referred to the entire House for hearings.

C) voted upon by the entire House.

D) forwarded to the Senate Finance Committee for consideration.

18) The Senate equivalent of the House Ways and Means Committee is the Senate

A) Finance Committee.

B) Ways and Means Committee.

C) Tax Committee.

D) Joint Conference Committee.

19) Which of the following steps, related to a tax bill, occurs first?

A) signature or veto by the President of the United States

B) consideration by the Senate Finance Committee

C) consideration by the entire Senate

D) consideration by the House Ways and Means Committee

20) When the House and Senate versions of a tax bill are not in agreement, the disagreements are resolved by the

A) Ways and Means Committee.

B) Mediation Committee.

C) Revenue Committee.

D) Conference Committee.

21) Identify which of the following statements is true.

A) Paragraph references are most commonly used when citing or referring to the tax statutes.

B) Title 26 of the United States Code and the Internal Revenue Code of 1986 are synonymous.

C) Before 1939, tax statutes were codified or compiled into one document.

D) The Internal Revenue Code contains chapters, which are further subdivided into titles.

22) Title 26 of the U.S. Code includes

A) income tax legislation only.

B) gift tax and estate tax legislation only.

C) alcohol and tobacco tax legislation only.

D) all of the tax legislation mentioned above.

23) The tax statutes with the popular name “The Internal Revenue Code of 1986” are contained in which Title of the Code?

A) 20

B) 25

C) 26

D) 301

24) Which of the following statements regarding proposed regulations is not correct?

A) Proposed regulations expire after three years.

B) Practitioners and other interested parties may comment on proposed regulations.

C) Proposed and temporary regulations are generally issued simultaneously.

D) Proposed regulations do not provide any insight into the IRS’s interpretation of the tax law.

25) Final regulations can take effect on any of the following dates except

A) the effective date of the statutory language they interpret, provided they are issued within 18 months of the date of the change to the statute.

B) the date on which final regulations were proposed.

C) the date on which related temporary regulations were first published in the Federal Register.

D) the date on which they were issued in final form.

26) When Congress passes a statute with language such as, “The Secretary shall prescribe such regulations as he may deem necessary,” the regulations ultimately issued for that statute are

A) congressional regulations.

B) statutory regulations.

C) interpretative regulations.

D) legislative regulations.

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ACC 565 WK 5 Midterm Exam