quiz 2 tax
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School
Lone Star College, CyFair *
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Course
TAXATION
Subject
Law
Date
Feb 20, 2024
Type
docx
Pages
8
Uploaded by elisenagutierrez
Which of the following represents a law issue?
a)
intent of the transaction
b)
definition of a term used in the code
c)
date of transaction
d)
location of the transaction
e)
all of these are correct
Questi
on 2
0.625 /
0.625
points
Which of the following statements is INCORRECT regarding the CPA exam?
a)
The National Association of State Boards of Accountancy administers the test.
b)
The Regulation section requires tax research.
c)
CPA exam candidates must pass all four sections of the exam.
d)
Each state has its own test.
Questi
on 3
0.625 /
0.625
points
All of the following are goals of tax research EXCEPT:
a)
to find a perfect solution to a client’s problem, no matter how long it takes
b)
to balance the need for efficiency against the need for thoroughness
c)
to balance the client’s tax goals with the client’s nontax, personal considerations
d)
to find a defensible solution to a client’s problem
Questi
on 4
0.625 /
0.625
points
A reference source that enables the researcher to follow the judicial history of court cases is known as:
a)
a citator
b)
a judicial directory
c)
the Cumulative Bulletin
d)
a case reporter
Questi
on 5
0.625 /
0.625
points
The distinction between primary and secondary authority is important for which of the following reasons?
a)
to meet the accuracy threshold of "substantial authority"
b)
to search properly with connectors and wildcards
c)
to meet the accuracy threshold of "substantial authority" and to avoid penalties under Section 6662 of the Code
d)
to avoid penalties under Section 6662 of the Code
Questi
on 6
0.625 /
0.625
points
Once the initial facts have been gathered and the issues defined, the tax researcher must:
a)
locate the authority
b)
develop conclusions and recommendations
c)
contact the IRS
d)
evaluate the authority
Questi
on 7
0.625 /
0.625
points
Which of the following is an administrative source of primary authority?
a)
U.S. Constitution
b)
revenue rulings
c)
newsletters
d)
collected rulings of the various courts on federal tax matters
Questi
on 8
0.625 /
0.625
points
Which of the following is an example of secondary authority?
a)
U.S. Constitution
b)
tax treaties
c)
tax laws by Congress
d)
tax journals
Questi
on 9
0.625 /
0.625
points
Once the research question has been stated, the researcher must next:
a)
interpret and refine the search
b)
gather the facts
c)
identify the keywords
d)
select a database and execute the search
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Questio
n 10
0.625 /
0.625
points
Collateral estoppel is a legal concept which:
a)
allows relitigation on the same facts or same issues
b)
bars relitigation on the same facts or same issues
c)
requires that the court resolve factual issues in a taxpayer’s favor
d)
none of these are correct
Questio
n 11
0.625 /
0.625
points
Which of the following statements is CORRECT regarding online tax research?
a)
The method of constructing queries is the same for all databases.
b)
Most online tax services allow the use of connectors and wild cards.
c)
If a query generates too little information, the researcher should add more unique keywords.
d)
All of these are correct.
Questio
n 12
0.625 /
0.625
points
Which of the following statements describes the tax research process?
a)
It is strictly linear.
b)
It requires mechanical skills combined with critical thinking.
c)
It requires the ability to use complex mathematical techniques to identify and locate tax authorities.
d)
All of these are correct.
Questio
n 13
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0.625
points
In a closed-fact problem, the main goal of tax research is to:
a)
determine several alternative courses of future action for the taxpayer
b)
find support for an action the taxpayer has already taken
c)
determine several alternative courses of future action for the taxpayer and find support for an action the taxpay
d)
none of these are correct
Questio
n 14
0.625 /
0.625
points
A statutory source of federal tax law is:
a)
various rulings of the Treasury Department and the IRS
b)
textbooks
c)
collected rulings of the various courts on federal tax matters
d)
tax treaties
Questio
n 15
0.625 /
0.625
points
The IRS website can be used to perform which of the following tasks:
a)
obtain downloadable forms
b)
keyword search IRS tax publications
c)
file your tax return
d)
all of these are correct
Questio
n 16
0.625 /
0.625
points
The amount of a transaction represents a:
a)
political issue
b)
social issue
c)
fact issue
d)
law issue
The final step of the tax research process is to:
a)
litigate the tax-related dispute
b)
document conclusions and recommendations
c)
develop conclusions and recommendations
d)
communicate recommendations
Questi
on 2
0.625 /
0.625
points
Tax research issues can be divided into two main categories. These are:
a)
tax and nontax issues
b)
internal and external issues
c)
fact and law issues
d)
primary and secondary issues
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e)
major and minor issues
Questi
on 3
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0.625
points
Secondary sources are useful when:
a)
the issue is a closed-fact problem
b)
conflicting primary authority exists
c)
a researcher disagrees with the client
d)
a researcher does not have access to primary sources
Questi
on 4
0.625 /
0.625
points
The first step in the tax research process is to:
a)
identify the issues
b)
establish the facts
c)
locate authority
d)
evaluate authority
Questi
on 5
0 / 0.625
points
Tax journals perform which of the following functions?
a)
offer researchers expert analysis of unclear tax issues
b)
keep researchers aware of current developments
c)
suggest tax planning techniques
d)
all of these are correct
Questi
on 6
0.625 /
0.625
points
Which of the following forms the basis for all tax provisions?
a)
the administrative authority of the IRS
b)
secondary authority
c)
the statutory authority of Congress
d)
judicial interpretation of the law