{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Exam #2 Answers

Exam #2 Answers - 1 Regulationsare A.Statutorylaw B. C.,...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1. Regulations are A.  Statutory law B.  Interpretations of the law as it applies to a specific fact situation of a taxpayer C.  General interpretations of the law, usually based on Congressional intent as voiced in the committee  reports accompanying enactment of the law D.  None of the above Response: C Answer: C Points: 1 / 1 2. Treasury regulations may provide important guidance in interpreting the Internal Revenue Code. Can the  researcher always count on a Treasury regulation to help answer the research question?  A.  No, because regulations are only one person’s opinion B.  No, because regulations are not available for every topic covered by the Code C.  No, because regulations may simply repeat what is in the Code D.  Both b and c are correct Response: D Answer: D Points: 1 / 1 3. Proposed regulations A.  Have the force and effect of law just like final regulations B.  Do not have the force and effect of law but still are an important source of information regarding how the  IRS wants to interpret the law. Response: B Answer: B Points: 1 / 1 4. Temporary regulations, although temporary, have the same weight of authority as A.  Final regulations B.  Proposed regulations C.  The paper they are written on, which is zero. Response: A Answer: A Points: 1 / 1 5. A revenue ruling is A.  A general interpretation of the law. B.  An interpretation of the law as it applies to a specific fact situation.
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern