ACC 565 Week 5 Midterm Exam – Strayer NEW
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Chapters 1
Through 7
Chapter
1 Tax Research
1)
Tax planning is not an integral part of open-fact situations.
Page
Ref.: C:1-2
Objective: 1
2)
The Internal Revenue Code of 1986 contains the current version of the tax law.
Page
Ref.: C:1-8
Objective: 4
3)
Regulations issued prior to the latest tax legislation dealing with a specific
Code section are still effective to the extent they do not conflict with the
provisions in the new legislation.
Page
Ref.: C:1-9
Objective: 4
4)
Final regulations have almost the same legislative weight as the IRC.
Page
Ref.: C:1-10
Objective: 4
5)
A revenue ruling is issued by the Internal Revenue Service only in response to
a verbal inquiry by a taxpayer.
Page
Ref.: C:1-12
Objective: 4
6)
Taxpayers must pay the disputed tax prior to filing a case with the Tax Court.
Page
Ref.: C:1-14
Objective: 4
7)
Appeals from the U.S. Tax Court are to the Court of Appeals for the Federal Circuit.
Page
Ref.: C:1-14
Objective: 4
8)
Appeals from the Court of Appeals go to the Supreme Court under a writ of
certiorari. The Supreme Court decides whether or not they will hear the case.
Page
Ref.: C:1-14
Objective: 4
9)
A citator enables tax researchers to locate authorities (e.g., cases and IRS
pronouncements) that have cited a particular case.
Page
Ref.: C:1-30
Objective: 7
10)
According to the Statements on Standards for Tax Services, CPAs must
verify all tax return information submitted by reviewing client documentation.
Page
Ref.: C:1-33
Objective: 8
11)
When a taxpayer contacts a tax advisor requesting advice as to the most
advantageous way to dispose of a stock, the tax advisor is faced with
A)
a restricted-fact situation.
B)
a closed-fact situation.
C)
an open-fact situation.
D)
a recognized-fact situation.
Page
Ref.: C:1-2
Objective: 1
12)
Investigation of a tax problem that involves a closed-fact situation means that
A)
the client's transactions have already occurred and the tax questions must now
be resolved.
B)
the client's tax return has yet to be filed.
C)
future events may be planned and controlled.
D)
research is primarily concerned with applying the law to the facts as they
exist.
Page
Ref.: C:1-2
Objective: 1
13)
Identify which of the following statements is true.
A)
Tax planning is an integral part of both closed-fact situations and open-fact
situations.
B)
The first step in conducting tax research is to clearly understand the issues
involved.
C)
The Statements on Standards for Tax Services recommend that only written
tax advice be provided to the client in all situations.
D)
All of the above are false.
Page
Ref.: C:1-5
Objective: 2
14)
The term "tax law" includes
A)
legislation.
B)
treasury regulations.
C)
judicial decisions.
D)
all of the above
Page
Ref.: C:1-7
Objective: 4
15)
Identify which of the following statements is false.
A)
When tax advisors speak of the "tax law," they usually have in mind
just the Internal Revenue Code.
B)
Members from both the House and the Senate are on the Conference Committee.
C)
Records of committee hearings are helpful in determining Congressional intent.
D)
All of the above are false.
Page
Ref.: C:1-7
Objective: 4
16)
The committee that is responsible for holding hearings on tax legislation for
the House of Representatives is the
A)
Finance Committee.
B)
Joint Committee on Taxation.
C)
Conference Committee.
D)
Ways and Means Committee.
Page
Ref.: C:1-7
Objective: 4
17)
A tax bill introduced in the House of Representatives is then
A)
referred to the House Ways and Means Committee for hearings and approval.
B)
referred to the entire House for hearings.
C)
voted upon by the entire House.
D)
forwarded to the Senate Finance Committee for consideration.
Page
Ref.: C:1-7
Objective: 4
18)
The Senate equivalent of the House Ways and Means Committee is the Senate
A)
Finance Committee.
B)
Ways and Means Committee.
C)
Tax Committee.
D)
Joint Conference Committee.
Page
Ref.: C:1-7
Objective: 4
19)
Which of the following steps, related to a tax bill, occurs first?
A)
signature or veto by the President of the United States
B)
consideration by the Senate Finance Committee
C)
consideration by the entire Senate
D)
consideration by the House Ways and Means Committee
Page
Ref.: C:1-7
Objective: 4
20)
When the House and Senate versions of a tax bill are not in agreement, the
disagreements are resolved by the
A)
Ways and Means Committee.
B)
Mediation Committee.
C)
Revenue Committee.
D)
Conference Committee.
Page
Ref.: C:1-7
Objective: 4
21)
Identify which of the following statements is true.
A)
Paragraph references are most commonly used when citing or referring to the tax
statutes.
B)
Title 26 of the United States Code and the Internal Revenue Code of 1986 are
synonymous.
C)
Before 1939, tax statutes were codified or compiled into one document.
D)
The Internal Revenue Code contains chapters, which are further subdivided into
titles.
Page
Ref.: C:1-8
Objective: 4
22)
Title 26 of the U.S. Code includes
A)
income tax legislation only.
B)
gift tax and estate tax legislation only.
C)
alcohol and tobacco tax legislation only.
D)
all of the tax legislation mentioned above.
Page
Ref.: C:1-8
Objective: 4
23)
The tax statutes with the popular name "The Internal Revenue Code of
1986" are contained in which Title of the Code?
A)
20
B)
25
C)
26
D)
301
Page
Ref.: C:1-8
Objective: 4
24)
Which of the following statements regarding proposed regulations is not
correct?
A)
Proposed regulations expire after three years.
B)
Practitioners and other interested parties may comment on proposed regulations.
C)
Proposed and temporary regulations are generally issued simultaneously.
D)
Proposed regulations do not provide any insight into the IRS's interpretation
of the tax law.
Page
Ref.: C:1-9
Objective: 4
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