Exam #2 Answers

Exam #2 Answers - 1. Regulationsare A.Statutorylaw

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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. Response: B
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This note was uploaded on 08/28/2011 for the course BUS 300 taught by Professor White during the Spring '09 term at Rutgers.

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Exam #2 Answers - 1. Regulationsare A.Statutorylaw

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