C12-Chp-01-2-Homework-Sol-Research-2012 -...

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Unformatted text preview: e7bda45ca02cef0f76b29900082e7309c5c63fb3.doc. Page 1 of 5 First Name______________________________Last Name: ______________________________________ Home work-Chapter 1. On the right side of the page enter letter of the best answer for each question. Enter the letter of each answer on the separate answer sheet posted on web page for this chapter: File: C12-Chp-01-2-HW-Sol-Research-2012-Answer Sheet.xls. Submit one copy of answer sheet on date indicated on the Website. (5 points plus 40 @ 2.5 Pts. = 105 possible.) 1 [Pg. 1-17] Which of the following is not an important committee in the tax legislation process? a. Senate Finance Committee b. House Finance Committee B c. House Ways and Means Committee d. Joint Conference Committee 2 [Pg. 1-18] What is generally the last committee that may consider a controversial tax bill before it is passed and forwarded to the President for a signature. a. House Finance Committee. b. Senate Finance Committee C c. Joint Conference Committee d. House Ways and Means Committee e. Subcommittee on Revenue. 3 [Pg. 1-18] Your client has asked for tax planning advice for a potential transaction. Congress recently passed (and the President signed) a tax bill that may affect your recommendations. If you want to determine the legislative intent for this recently passed tax law, you will consult. a. Internal Revenue Code b. Committee Reports c. Regulations d. Letter Rulings B 4 [Pg. 1-19] Which of the following is true of the Internal Revenue Code? a. It includes statutes and regulations C b. It is issued by the Tax Court c. It contains law passed by Congress d. It contains pronouncements of the Treasury Department e. It contains pronouncements of the Internal Revenue Service 5 [Pg. 1-19] In referring to a specific provision of the Code (for example, deduction for property taxes), CPAs typically refer to the _____ ? a. section b. paragraph c. chapter d. year of enactment A 6 [Pg. 1-21] Which of the following statements about regulations is not true [7805]? a. They are issued by the Treasury Department. B b. Proposed regulations have more authority than temporary regulations c. Final regulations are issued as Treasury Decisions. d. Legislative regulations have more authority than interpretative regulations. e. A regulations identifying number includes the code section which it interprets 7 [Pg. 1-21] Which of the following sources of tax law has the least authority? a. Proposed regulations b. Final regulations A c. Temporary regulations d. All have the same authority 8 [Pg. 1-21] You have been asked to help in interpreting a friend's class notes on tax research. Unfortunately part of the notes have been erased. For example, a citation includes only the following: Reg. 1.______-2. You are able help your friend a little by disclosing that the missing part (underlined portion) of the citation is the: a. Code section no. b. Page c. Paragraph d. Year e. Branch of congress A 9 [Pg. 1-21] Which of the following statements about revenue rulings is [Pg....
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C12-Chp-01-2-Homework-Sol-Research-2012 -...

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