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Income tax chapter 2 quizzes - Marks 1 If the taxpayer...

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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. 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.
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Question 5 Marks: 1 The CCH "Citator," outlines current amendments to the Code. 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. The amended return would have to be filed within three years of the due date of the
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