Taxation Law
Final Exam
Course Introduction
Taxation Law offers an in-depth examination of the legal principles, rules, and procedures governing the assessment and collection of taxes. The course covers key concepts such as tax liability, taxable entities, types of taxes (income, property, sales, and corporate), and the roles of tax authorities. Students analyze statutes, regulations, and case law while exploring the ethical considerations and policy objectives underlying the tax system. Emphasis is placed on practical application, including tax planning, compliance, dispute resolution, and the impact of taxation on individuals and businesses within local and global contexts.
Recommended Textbook Federal Tax Research 11th Edition by Roby B.
Sawyers
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Page 2
Chapter 1: Introduction to Tax Practice and Ethics
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Sample Questions
Q1) Circular 230 bans tax practitioners from giving written advice on a federal tax issue based on the likelihood of an audit.
A)True
B)False
Answer: True
Q2) To become an enrolled agent, a person must either pass a special IRS examination or must work for the IRS for at least five years.
A)True
B)False
Answer: True
Q3) Tax practice can be defined as the application of the tax laws to specific accounting situations.
A)True
B)False
Answer: True
Q4) Tax practitioners (as defined by the IRS) are regulated by Circular 230.
A)True
B)False Answer: True
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Chapter 2: Tax Research Methodology
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Q1) Google Scholar is an example of an online, free tax-related internet site.
A)True
B)False
Answer: True
Q2) If a computer search generates too much information, the search may use fewer libraries or more unique keywords.
A)True
B)False
Answer: True
Q3) A tax researcher can rely on tax journals as substantial authority under Section 6662 of the Code.
A)True
B)False Answer: False
Q4) One of the issues a tax researcher should be concerned about is how definitive a research result must be.
A)True
B)False Answer: True
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Chapter 3: Constitutional and Legislative Sources
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Sample Questions
Q1) In Pollock v. Farmers' Loan and Trust Co., the Supreme Court held that the income tax was unconstitutional because it was a constitutionally prohibited "direct tax."
A)True
B)False
Answer: True
Q2) A "tax protester" is:
A)a person who files a "frivolous" return with the IRS
B)a person who brings a "frivolous" matter before the Tax Court
C)a person who may be subject to a penalty for frivolous Tax Court petitions
D)all of these are correct
E)none of these are correct
Answer: D
Q3) Historically, the 1913 income tax was a tax on wealthy and high-income taxpayers. A)True
B)False
Answer: True
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Chapter 4: Administrative Regulations and Rulings
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Sample Questions
Q1) List the three types of IRS written determinations and briefly explain the differences.
Q2) The Commissioner of the IRS is appointed by the:
A)The Treasury Secretary
B)The President of the United States
C)The Chief Counsel of the IRS
D)General Counsel of the Treasury Department
Q3) Determination Letters are:
A)issued by the National Office of the IRS on proposed transactions
B)issued by a local IRS office, usually on completed transactions
C)published first in the Internal Revenue Bulletin
D)issued to IRS field agents as audit guidance
Q4) The IRS, as an administrative agency, is responsible for:
A)formulating and interpreting the tax laws
B)interpreting and enforcing the tax laws
C)formulating and evaluating the tax laws
D)planning and formulating the tax laws
Q5) T.D. 9479 refers to a Treasury Determination letter.
A)True
B)False
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Chapter 5: Judicial Interpretations
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Sample Questions
Q1) An appeal from the Tax Court is to the:
A)U.S. Court of Appeals where the taxpayer is located
B)District Court where the taxpayer is located
C)U.S. Court of Federal Claims
D)Supreme Court
Q2) Briefly explain how the burden of proof concept is applied.
Q3) In a court case, "dictum" or "dicta" is:
A)a statement or remark that is not necessary to support the court's decision
B)the legal concept that bars relitigation on the same set of facts
C)a judgment that reverses the determination of a jury
D)none of these are correct
Q4) A decision of which of the following court(s) CANNOT be found in RIA's American Federal Tax Reports (AFTR or AFTR2d)?
A)the District Courts
B)the Tax Court
C)the Supreme Court
D)the U.S. Court of Federal Claims
E)none of these are correct
Q5) Why would a taxpayer want to bring a case in the U.S. Court of Federal Claims?
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Chapter 6: Tax Services Ria Checkpoint
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Sample Questions
Q1) Boolean connectors are used:
A)when the researcher is unsure as to which keywords would be most effective in a search
B)to define the relationship between keywords
C)in intuitive searches
D)none of these are correct
Q2) Checkpoint's annotated service, which formerly was known as PH Federal Taxes, is known by the following acronym:
A)the U.S. Master Tax Guide
B)AFTR
C)USTR
D)none of these are correct
Q3) The "Terms & Connectors" type of keyword search is useful when a researcher is unsure as to which keywords would be most effective.
A)True
B)False
Q4) Select three different primary sources, one from each area of tax law (legislative, administrative, and judicial), and provide a specific example of a source that is available in Checkpoint.
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Chapter 7: Tax Services CCH Intelliconnect
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Q1) Which search is used in IntelliConnect to search TAXES--The Tax Magazine, The CCH Federal Tax Weekly, the CCH Tax Briefings and other newsletters and periodicals?
A)index search
B)contents search
C)citation search
D)keyword search
Q2) The CCH Citator lists journal articles published by WG&L.
A)True
B)False
Q3) Citators provide all information related to a case.
A)True
B)False
Q4) What is the starting point in approaching any tax research problem?
A)Form a conclusion.
B)Interpret editorial data.
C)Identify issues associated with the questions.
D)Access IntelliConnect.
Q5) Describe the Boolean connectors, proximity connectors, and wildcard characters available in IntelliConnect.
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Chapter 8: Tax Services Specialty and Others
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Q1) The service LexisNexis offers to academic institutions and public libraries which is a customized version of its services is called:
A)KeyCite
B)Tax Center
C)KeySearch
D)LexisNexis Academic
Q2) What are KeySearch and the West Key Number System?
Q3) One of the most important tax newsletters available to practitioners is the BNA Daily Tax Report (DTR). DTR is available online; through wireless devices, including iPhones; and in hard copy.
A)True
B)False
Q4) The Westlaw research service which helps determine whether a case, law, or regulation remains good law is called:
A)KeyCite
B)KeySearch
C)WestlawNext
D)Campus Research
Q5) How is each BNA Portfolio arranged?
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Chapter 9: Multijurisdictional and Other Research
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Q1) The state entity responsible for enacting laws regarding state revenue sources and consequently passing bills amending and augmenting their state's taxing code is called the:
A)judicial agency
B)administrative body
C)state legislature
D)state tax commission
Q2) The ultimate goal of a corporate tax director in international tax planning is to reduce the company's overall global effective tax rate.
A)True
B)False
Q3) A "saving clause" in U.S. treaties prevents U.S. residents from using treaty provisions to avoid taxes on U.S. source income.
A)True
B)False
Q4) A native country's taxation of its citizens' foreign-source income involves inbound transactions.
A)True
B)False
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Chapter 10: Financial Accounting Research
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Q1) The FASB Codification "Join Sections" allows the related sections of a topic to be joined into a single document so that the guidance across all sections within a topic can be reviewed at the same time.
A)True
B)False
Q2) As part of its Checkpoint series, Thomson Reuters offers:
A)Audit and Accounting Disclosure Manual
B)GAAP Practice Manual
C)SEC compliance
D)all of these are correct
Q3) Accounting Research Manager (ARM) is part of the Codification Research System (CRS) offering access to accounting, auditing, governmental, and SEC authoritative literature.
A)True
B)False
Q4) What is meant by "tax position"? Explain the requirements of ASC 740 for the reporting of tax positions.
Q5) How is the Codification Research System's "Join Sections" function useful to tax researchers? Give an example of how it works.
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Chapter 11: Communicating Research Results
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Q1) The two major elements of a client file are:
A)invoices and full-text court opinions
B)internal firm memos and invoices
C)a client letter and a research memo
D)a written summary of telephone conversations and e-mails
Q2) Generally, it is better to cite more recent court decisions than older decisions to support one's position.
A)True
B)False
Q3) By far the most common form of substantive communication between the tax professional and his or her client is a:
A)file memo
B)text message
C)tax-oriented blog
D)telephone call or e-mail
Q4) The audience for tax research communication is primarily:
A)the client
B)the practitioner's supervisor
C)none of these are correct
D)all of these are correct
Page 13
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Chapter 12: Tax Planning
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Q1) Under a regressive tax rate structure, the applicable tax rate:
A)increases as the tax base grows larger
B)remains unchanged irrespective of the level of the tax base
C)best reflects the capacity of the taxpayer to pay
D)decreases as the tax base grows larger
Q2) Often, by moving assets or income out of one government authority into another, tax reductions can be affected. This process is called:
A)changing the timing of recognition of income
B)changing the timing of recognition of deductions
C)deferring the payment of tax
D)changing tax jurisdictions
Q3) Taxpayers can always minimize their tax liability simply by moving income and assets out of one jurisdiction to another.
A)True
B)False
Q4) The judicial doctrine "business purpose" can decrease the taxpayer's ability to employ effective planning techniques.
A)True
B)False
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Chapter 13: Working With the IRS
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Q1) The Tax Court will review a taxpayer's case, provided that he or she files a petition with the court within:
A)10 days of the date of his or her statutory notice of deficiency
B)60 days of the date of his or her statutory notice of deficiency
C)30 days of the date of his or her statutory notice of deficiency
D)90 days of the date of his or her statutory notice of deficiency
Q2) Your client has just received an IRS summons to appear for an interview. The following statements are CORRECT concerning this interview EXCEPT:
A)Provided your client gives prior notice to the IRS, the taxpayer may record the interview.
B)The IRS may record the interview but must provide a transcript of the recording to the taxpayer if he requests a copy and pays for the duplication charges.
C)Notes may not be taken by either the IRS agent or the taxpayer during the interview.
D)The IRS investigator must explain various taxpayer rights to your client before commencing the interview.
Q3) What are the major duties of the IRS Oversight Board?
Q4) Enumerate how the IRS conducts a field examination.
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Chapter 14: Tax Practice and Administration: Sanctions, Agreements,
and Disclosures
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Sample Questions
Q1) After the assessment has been made, the taxes assessed must be collected within:
A)2 years
B)10 years
C)5 years
D)8 years
Q2) A tax return preparer (TRP) is:
A)a CPA as required by the IRS
B)not subject to any kind of penalty as he/she prepares returns on behalf of taxpayers
C)any person who prepares tax returns gratuitously
D)any person who prepares tax returns for compensation
Q3) Tax return preparers are subject to criminal prosecution for willful misconduct.
A)True
B)False
Q4) The number of days the IRS is allowed in which it may refund an overpayment without incurring interest is:
A)15 days
B)20 days
C)35 days
D)45 days