ch2 - 1. A professional must understand the relative weight...

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1. A professional must understand the relative weight of authority within the sources of tax law. *a. True b. False 2. The Internal Revenue Code of 1986 was substantially a re-codification of the existing Code. a. True *b. False 3. Federal tax legislation generally originates in the House Ways and Means Committee. *a. True b. False 4. House members have considerable latitude to make amendments on the House floor. a. True *b. False 5. Before a tax bill can become law, it must be approved by the President. a. True *b. False 6. Subchapter P refers to the “Partners and Partnerships” section of the Internal Revenue Code. a. True *b. False 7. Regulations are arranged in the same sequence as the Internal Revenue Code. *a. True b. False 8. A Temporary Regulation under § 173 of the Code would be cited as follows: Temp. Reg. § 173. a. True *b. False
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9. Temporary Regulations are first published in the Internal Revenue Bulletin . a. True *b. False 10. Revenue Rulings issued by the National Office of the IRS carry the same legal force and effect as Regulations. a. True *b. False 11. A Revenue Ruling is a judicial source of Federal tax law. a. True *b. False 12. The following citation can be a correct citation: Rev. Rul. 95-271, I.R.B. No. 54, 18. a. True *b. False 13. Revenue Rulings deal with the internal management practices and procedures of the IRS. a. True *b. False 14. Post-1984 letter rulings may be substantial authority for purposes of the accuracy-related penalty in § 6662. *a. True b. False 15. A letter ruling applies only to the taxpayer who asks for and obtains a letter ruling. *a. True b. False 16. The IRS is not required to make a letter ruling public. a. True *b. False
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17. Determination letters usually involve completed transactions. *a. True b. False 18. Technical Advice Memoranda deal with proposed transactions. a. True *b. False 19. Technical Advice Memoranda may not be cited as precedents by taxpayers. *a. True b. False 20. A taxpayer must pay any tax deficiency assessed by the IRS and sue for a refund to bring suit in the U.S. Court of Federal Claims. Only in the Tax Court can jurisdiction be obtained without first paying the assessed tax deficiency. *a. True b. False 21. In a U.S. District Court, a jury can decide both questions of fact and questions of law. a. True *b. False 22. Three judges will normally hear each U.S. Tax Court case. a. True *b. False 23. A taxpayer can obtain a jury trial in the U.S. Tax Court. a. True *b. False 24. A taxpayer must pay any tax deficiency assessed by the IRS and sue for a refund to bring suit in the U.S. Court of Federal Claims. *a. True b. False
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25. Arizona is in the jurisdiction of the Second Circuit Court of Appeals. a. True
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ch2 - 1. A professional must understand the relative weight...

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