Spring 2010 Test I

Spring 2010 Test I - TAX-402 Test I 1. Spring, 2010 Lamar...

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TAX-402 Spring, 2010 Test I 1. Lamar and Ashley are husband and wife and have four married children and three minor grandchildren. If they elect to split the gifts, how much can they give their family (including sons and daughters-in-law) during 2008 without making a taxable gift? a. $12,000. b. $24,000. c. $132,000. d. $264,000. e. None of the above. 2. A characteristic of FICA is that: a. It is imposed only on an employee. b. A 19-year-old son who works for his parents is not covered. c. Over the years both the base amount and the applicable rates have remained the same. d. It has two components made up of FICA and Medicare. 3. Which of the following is characteristic of the IRS audit process? a. Every income tax return has a 5% chance of being audited by the IRS. b. The IRS can pay up to 15% of any tax deficiency collected as a result of information provided by an informer. c. An office audit takes place at the office of the taxpayer. d. The IRS never audits the same taxpayer more than once. 4. A taxpayer may not appeal a case from which court? a. U.S. District Court. b. U.S. Tax Court. c. U.S. Court of Appeals. d. Small cases Division of the U.S. Tax Court. 5. Which trial court allows a jury trial? a. Small Cases Division of the U.S. Tax Court. b. U.S. District Court. c. U.S. Court of Appeals. d. U.S. Tax Court. 6. In § 212(1), the number (212) stands for the: a. Section number. b. Subsection number. c. Paragraph designation. d. Subparagraph designation. 7. What statement is not true with respect to Temporary Regulations? 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.
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8. Which statement is true with respect to letter rulings? a.
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This note was uploaded on 03/23/2010 for the course ACCT 402 taught by Professor Toleno during the Spring '10 term at Providence College.

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Spring 2010 Test I - TAX-402 Test I 1. Spring, 2010 Lamar...

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