68 Free Test Bank for Prentice Halls Federal Taxation 2013 Corporations Partnerships Estates and Trusts 26th Edition by Anderson 

Become a very smart learner with free test bank for Prentice Halls Federal Taxation Corporations Partnerships Estates And Trusts 2013 26th Edition by Anderson, which enable learners to develop problem-solving skill of the issues that arise in practice and give practical knowledge of the law and procedures involved. Be quick to master your useful knowledge waiting for you. Besides, we also introduce many freely online test bank for taxation accounting for your reference with purpose of giving an overview of current tax exam banks. You can practice with 68 mutiple choice questions that you can check your knowledge easily and quickly. Enjoying in testing now!

Kindly go to the link below to get full questions and answers:

https://testbank123.com/free-test-bank-for-prentice-halls-federal-taxation-corporations-partnerships-estates-and-trusts-2013-26th-edition-by-anderson.html

Identify which of the following statements is false.

•  A) The number "5" in the citation Reg. Sec. 1.166-5 refers to the paragraph number.
•  B) The Cumulative Bulletin is issued semiannually while the Internal Revenue Bulletin is issued weekly.
•  C) The citation Rev. Rul. 2006-5, I.R.B. 2006-1, 33, indicates that the revenue ruling can be found on page 33 of the 1st I.R.B. for 2006.
•  D) All of the above are false.

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.

Which of the following courts is not a trial court for tax cases?

•  A) U.S. Bankruptcy Court
•  B) U.S. District Court
•  C) U.S. Tax Court
•  D) U.S. Court of Federal Claims

Identify which of the following statements is true.

•  A) If regulations are issued prior to the latest tax legislation dealing with a specific Code section, the regulations are no longer effective to the extent they conflict with the provisions in the new legislation.
•  B) Legislative regulations are more likely to be invalidated by the courts than are interpretative regulations.
•  C) Regulations have more authoritative weight than tax statues.
•  D) All of the above are false.

Identify which of the following statements is false.

•  A) A revenue ruling is issued by the Internal Revenue Service only in response to a written inquiry by a taxpayer.
•  B) Rev. Proc. 2006-19 is a revenue procedure that was published in 2006.
•  C) The citation Ltr. Rul. 200611075 usually indicates the ruling was made public in the 11th week of 2006.
•  D) A technical advice memorandum is made available as a letter ruling.

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.

The citation "Reg. Sec. 1.199-2" refers to

•  A) the first regulation issued in 1999.
•  B) the second regulation issued in 1999.
•  C) a regulation that interprets Code Section 199.
•  D) a regulation that can be found on page 199.

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.

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.

Identify which of the following statements is false.

•  A) Letter rulings are not published by the U.S. Government Printing Office.
•  B) Technical advice memoranda are issued by the Internal Revenue Service's National Office to provide an answer to a technical question that arises in an audit.
•  C) The citation Ann. 2006-12, I.R.B. 2006-51, 22 refers to an annotation of an Internal Revenue Service release.
•  D) Announcements are more technical than information releases.

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.

The number appearing immediately following the decimal place in a regulation citation refers to the

•  A) general subject matter of the regulation.
•  B) code section being interpreted.
•  C) sequential number of the regulation.
•  D) subsection of the Code section being interpreted.

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.

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.

A Technical Advice Memorandum is usually

•  A) an internal IRS document describing alternative legislative proposals.
•  B) part of a Tax Court decision.
•  C) requested by the taxpayer before entering into a taxable transaction.
•  D) issued by the national office in response to an audit request.

The taxpayer need not pay the disputed tax in advance when the suit is initiated in

•  A) U.S. Court of Federal Claims.
•  B) U.S. Tax Court.
•  C) U.S. District Court.
•  D) both A and B.

Which regulation deals with Code Section 165?

•  A) Reg. Sec. 1.165-5
•  B) Reg. Sec. 165.183-5
•  C) Reg. Sec. 1.5-165
•  D) Reg. Sec. 165-5

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.

Which of the following documents is issued by the IRS to a specific taxpayer?

•  A) regulation
•  B) revenue procedure
•  C) letter ruling
•  D) information release

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

The citation "Rev. Rul. 2006-8, 2006-1 C.B. 541" refers to

•  A) the eighth ruling of 2006 found on page 541 in Vol. 1 of the 2006 Cumulative Bulletin.
•  B) the eighth ruling of 2006 found on page 541 in the 2006 volume of the Cumulative Bulletin.
•  C) the 541st ruling of 2006 found on page eight in Vol. 1 of the 2006 Cumulative Bulletin.
•  D) the 1st ruling of 2006 found on page 541 in the 2006 volume of the Cumulative Bulletin.

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.

Regulations are

•  A) equal in authority to legislation.
•  B) equal in authority to legislation if statutory.
•  C) presumed to be valid and to have almost the same weight as the IRC.
•  D) equal in authority to legislation if interpretative.

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.

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

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.

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.

Which of the following best describes the weight of a revenue ruling?

•  A) Revenue rulings carry more weight than regulations.
•  B) Revenue rulings carry more weight than federal court decisions.
•  C) Regulations carry more weight than revenue rulings.
•  D) Revenue rulings should never be used as authority since they only apply to the taxpayer requesting the ruling.