68 Free Test Bank for Prentice Halls Federal Taxation 2015 Corporations Partnerships Estates and Trusts 28th Edition by Pope 

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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.

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

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

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 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Which regulation deals with the gift tax?

•  A) Reg. Sec. 1.165-5
•  B) Reg. Sec. 20.2014-5
•  C) Reg. Sec. 25.2518-5
•  D) Reg. Sec. 301.7002-5

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 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.

The term "tax law" includes

•  A) legislation.
•  B) treasury regulations.
•  C) judicial decisions.
•  D) all of the above