ch1-7 Tax

Ch1-7 Tax - 1 Subchapter C refers to the"Corporate Distributions and Adjustments section of the Internal Revenue Code status correct(1.0 correct

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1 Subchapter C refers to the "Corporate Distributions and Adjustments" section of the Internal Revenue Code. status: correct (1.0) correct: true your answer: true feedback: Correct. 2 Temporary Regulations carry less weight than Proposed Regulations. status: not answered () correct: false your answer: 3 A taxpayer must pay any tax deficiency assessed by the IRS and sue for a refund to bring suit in the U.S. Tax Court. status: incorrect (0.0) correct: false
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your answer: true feedback: Incorrect. Only in the Tax Court can jurisdiction be obtained without first paying the assessed tax deficiency. See page 1-25 and Concept Summary 1.1 4 Tax bills are handled by which committee in the Senate? a. Budget Committee status: correct (1.0) correct: d your answer: d feedback: Correct. 5 What administrative release deals with a proposed transaction rather than a proposed transaction? a. Field Service Adv
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status: incorrect (0.0) correct: c your answer: a feedback: Incorrect. See page 1-22 6 Which statement is false with respect to the U.S. Tax Court? a. There are 19 regul status: incorrect (0.0) correct: c your answer: a feedback: Incorrect. The taxpayer does not have a jury trial available in the U.S. Tax Court. The Tax Court hears only tax cases. There are 19 regular judges and the Tax Court issues both Regular and Memorandum decisions. See pages 1-23 to 1-25, and Concept Summary 1.1 7 A taxpayer may not appeal a case from which court?
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a. U.S. Tax Court status: incorrect (0.0) correct: b your answer: d feedback: Incorrect. Appeals are available from all courts listed except the Small Cases Division of the U.S. Tax Court. See page 1-23 and Figure 1.1 8 Which trial court is appealed to the U.S. Court of Appeals (Regional Circuit)? a. U.S. Supreme Cou
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status: incorrect (0.0) correct: d your answer: c feedback: Incorrect. Of those listed, only a U.S. District Court decision is appealed to the U.S. Court of Appeals (Regional Circuit). Figure 1.1 9 Which of the following is considered a secondary source of the tax law? a. U.S. Constitution status: not answered () correct: b your answer: 10 Which of the following would not be considered "substantial authority" for purposes of the accuracy-related penalty under § 6662? a. General Counsel M
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2 Eliza is a 50% shareholder in Beta, a C corporation. Beta earned net income of $100,000 during the year, and Eliza received a distribution of $20,000 from the corporation. Eliza must report $20,000 of income on her individual Federal income tax return (Form 1040). status: not answered () correct: true your answer: 3 Harold owns a 40% interest in a partnership that earned $50,000 in the current year. He also owns 40% of the stock in an S corporation that earned $50,000 during the year. The partnership did not make any distributions, and the corporation distributed $5,000 to him. Harold must pay income tax on $40,000 of income. status:
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This note was uploaded on 08/06/2011 for the course ACNT 1303 taught by Professor Moore,j during the Spring '08 term at HCCS.

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Ch1-7 Tax - 1 Subchapter C refers to the"Corporate Distributions and Adjustments section of the Internal Revenue Code status correct(1.0 correct

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