Question 1

Allowing a taxpayer to choose either a credit or a deduction for foreign taxes paid can be explained by equity considerations.

Accepted Answer

A) True 
 B)False

Question 2

Subchapter K refers to the "Partners and Partnerships" section of the Code.

Accepted Answer

A) True 
 B)False

Question 3

The corporate tax rate of 34 percent applies only to taxable income in excess of $75,000.

Accepted Answer

A) True 
 B)False

Question 4

Generally, neither a tax law nor a tax treaty takes general precedence over the other.

Accepted Answer

A) True 
 B)False

Question 5

In a U.S. District Court, a jury can decide both questions of fact and questions of law.

Accepted Answer

A) True 
 B)False

Question 6

Which court decision is generally more authoritative?

Accepted Answer

A)   A U.S. Tax Court decision.
B)   Court of Federal Claims decision.
C)   District Court decision.
D)   U.S. Court of Appeals decision.
E)   U.S. Tax Court Memorandum decision.F) A) and B)
G) None of the above

Question 7

Which trial court has 19 judges?

Accepted Answer

A)   U.S. Tax Court.
B)   U.S. Court of Federal Claims.
C)   U.S. Supreme Court.
D)   U.S. Court of Appeals.
E)   None of the above.F) C) and D)
G) D) and E)

Question 8

Which is a primary source of tax law?

Accepted Answer

A)   J.W. Yarbo v. Comm., 737 F. 2d 479 (CA-5, 1984) .
B)   Article by a Federal judge in Yale Law Review.
C)   Determination letter.
D)   Letter ruling.
E)   All of the above are primary sources.F) B) and C)
G) B) and E)

Question 9

Federal tax legislation generally originates in the Senate Finance Committee.

Accepted Answer

A) True 
 B)False

Question 10

A taxpayer who loses in a U.S. District Court may appeal directly to the:

Accepted Answer

A)   Supreme Court.
B)   U.S. Tax Court.
C)   U.S. Court of Federal Claims.
D)   U.S. Circuit Court of Appeals.
E)   All of the above.F) B) and D)
G) B) and C)

Question 11

The earned income tax credit is refundable.

Accepted Answer

A) True 
 B)False

Question 12

Revenue Rulings carry the same legal force and effect as Regulations.

Accepted Answer

A) True 
 B)False

Question 13

Which state is located in the jurisdiction of the Ninth Circuit of Appeals?

Accepted Answer

A)   Louisiana.
B)   California.
C)   New York.
D)   South Carolina.
E)   None of the above.F) B) and D)
G) A) and B)

Question 14

Explain the function of Temporary Regulations.

Accepted Answer

Sometimes the U.S. Treasury Department i...

Exam 1: Understanding and Working With the Federal Tax Law

Which court decision is generally more authoritative?

Correct Answer
verified

Explain the function of Temporary Regulations.

Correct Answer
verified
Sometimes the U.S. Treasury Department i...
View Answer

In a U.S. District Court, a jury can decide both questions of fact and questions of law.

Correct Answer
verified

Federal tax legislation generally originates in the Senate Finance Committee.

Correct Answer
verified

Subchapter K refers to the "Partners and Partnerships" section of the Code.

Correct Answer
verified

Which is a primary source of tax law?

Correct Answer
verified

The earned income tax credit is refundable.

Correct Answer
verified

A taxpayer who loses in a U.S. District Court may appeal directly to the:

Correct Answer
verified

Allowing a taxpayer to choose either a credit or a deduction for foreign taxes paid can be explained by equity considerations.

Correct Answer
verified

Revenue Rulings carry the same legal force and effect as Regulations.

Correct Answer
verified

The corporate tax rate of 34 percent applies only to taxable income in excess of $75,000.

Correct Answer
verified

Which state is located in the jurisdiction of the Ninth Circuit of Appeals?

Correct Answer
verified

Generally, neither a tax law nor a tax treaty takes general precedence over the other.

Correct Answer
verified

Which trial court has 19 judges?

Correct Answer
verified

Exam 1: Understanding and Working With the Federal Tax Law

Which court decision is generally more authoritative?

Correct AnswerverifiedShow Answer

Explain the function of Temporary Regulations.

Correct AnswerverifiedSometimes the U.S. Treasury Department i...View AnswerShow Answer

In a U.S. District Court, a jury can decide both questions of fact and questions of law.

Correct AnswerverifiedShow Answer

Federal tax legislation generally originates in the Senate Finance Committee.

Correct AnswerverifiedShow Answer

Subchapter K refers to the "Partners and Partnerships" section of the Code.

Correct AnswerverifiedShow Answer

Which is a primary source of tax law?

Correct AnswerverifiedShow Answer

The earned income tax credit is refundable.

Correct AnswerverifiedShow Answer

A taxpayer who loses in a U.S. District Court may appeal directly to the:

Correct AnswerverifiedShow Answer

Allowing a taxpayer to choose either a credit or a deduction for foreign taxes paid can be explained by equity considerations.

Correct AnswerverifiedShow Answer

Revenue Rulings carry the same legal force and effect as Regulations.

Correct AnswerverifiedShow Answer

The corporate tax rate of 34 percent applies only to taxable income in excess of $75,000.

Correct AnswerverifiedShow Answer

Which state is located in the jurisdiction of the Ninth Circuit of Appeals?

Correct AnswerverifiedShow Answer

Generally, neither a tax law nor a tax treaty takes general precedence over the other.

Correct AnswerverifiedShow Answer

Which trial court has 19 judges?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
Sometimes the U.S. Treasury Department i...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
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