Income tax chapter - Marks 1 If the taxpayer disagrees with an examiner's findings the taxpayer must first make an appeal to the IRS before going

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Marks: 1 If the taxpayer disagrees with an examiner's findings, the taxpayer must first make an appeal to the IRS before going to the courts. Answer: True False See flowchart in Exhibit 9 in the book text. Taxpayer may go to Tax Court. * This question has been adapted from the IRS Examinations. Incorrect Marks for this submission: 0/1. Question 2 Marks: 1 The maximum amount of a deficiency that may be heard under the "Small Tax Cases" procedures of the U.S. Tax Court is: Choose one answer. a. $5,000 b. $10,000 c. $20,000 d. $25,000 e. $50,000 The maximum deficiency that can be handled by the "Small Tax Cases" procedures of the U.S. Tax Court is $50,000. Correct Marks for this submission: 1/1. Question 3 Marks: 1 Regulations can be in the form of: Choose one answer. a. temporary, proposed, or final Regulations. b. court decisions. c. public laws. d. (a) or (b). Regulations can be in the form of temporary, proposed, or final. Correct Marks for this submission: 1/1. Question 4 Marks: 1 Private letter rulings by the Internal Revenue Service are only made available by an official court order. Answer: True False
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required to make public all private rulings and other written determinations issued to taxpayers concerning the tax treatment of specific transactions. However, names, addresses of taxpayers, etc. will be deleted. Correct Marks for this submission: 1/1. Question 5 Marks: 1 The CCH "Citator," outlines current amendments to the Code. Answer: True False The "Citator" indicates which later cases or rulings have cited the relevant case. Correct Marks for this submission: 1/1. Question 6 Marks: 1 Leo Lambert, a calendar year taxpayer, filed his 2010 individual income tax return on March 15, 2011, and attached a check for the balance of tax due as shown on the return. On June 15, 2011, Leo discovered that he had failed to include, in his itemized deductions, $1,000 interest on his home mortgage. In order for Leo to recover the tax that he would have saved by utilizing the $1,000 deduction, he must file an amended return no later than: Choose one answer. a. December 31, 2013 b. March 15, 2014 c. April 15, 2014 d. June 15, 2014 The amended return would have to be filed within three years of the due date of the return, or April 15, 2014. Correct Marks for this submission: 1/1. Question 7 Marks: 1 Which of the following is a primary source of tax authority: Choose one answer. a. revenue ruling. b. Tax Court case. c. temporary regulation. d. all of the above. All of the items listed are primary sources of authority. Correct
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This note was uploaded on 09/15/2011 for the course INCOME TAX 4404 taught by Professor Bulie during the Spring '11 term at University of Minnesota Duluth.

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Income tax chapter - Marks 1 If the taxpayer disagrees with an examiner's findings the taxpayer must first make an appeal to the IRS before going

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