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A) A revenue ruling is issued by the Internal Revenue Service only in response to a written inquiry by a taxpayer. Answer: Page Ref.: C:1-11 through C:1-13 38) Identify which of the following statements is . Answer: Page Ref.: C:2-8 6) Section 351 applies to an exchange if the contributing shareholders own more than 50% of a corporation’s stock after the transfer.
D) Revenue rulings should never be used as authority since they only apply to the taxpayer requesting the ruling. A) regulation B) revenue procedure C) letter ruling D) information release Answer: Page Ref.: C:1-12 37) Identify which of the following statements is . 2006-19 is a revenue procedure that was published in 2006. D) A technical advice memorandum is made available as a letter ruling. Answer: Page Ref.: C:1-13 40) Which of the following courts is pay the disputed tax in advance when the suit is initiated in A) U. Answer: Page Ref.: C:2-8 5) There are no tax consequences of a partnership converting to a C corporation.
What guidance do the Statements on Standards for Tax Services provide in this dilemma?
C) The recommend that only written tax advice be provided to the client in all situations. Answer: Page Ref.: C:1-5 14) The term “tax law” includes A) legislation. A) When tax advisors speak of the “tax law,” they usually have in mind just the Internal Revenue Code. Answer: Page Ref.: C:1-7 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. Answer: Page Ref.: C:1-7 18) The Senate equivalent of the House Ways and Means Committee is the Senate A) Finance Committee. C) Before 1939, tax statutes were codified or compiled into one document. Answer: Page Ref.: C:1-9 25) Final regulations can take effect on any of the following dates A) the effective date of the statutory language they interpret, provided they are issued within 18 months of the date of the change to the statute. Answer: Page Ref.: C:1-11 30) The number appearing immediately following the decimal place in a regulation citation refers to the A) general subject matter of the regulation. Answer: Page Ref.: C:2-4 17) Demarcus is a 50% partner in the DJ partnership. Demarcus received a ,000 distribution from the partnership.
B) Members from both the House and the Senate are on the Conference Committee. D) The Internal Revenue Code contains chapters, which are further subdivided into titles. B) the date on which final regulations were proposed. What amount of income related to DJ must Demarcus recognize?
Answer: Page Ref.: C:1-10 26) When Congress passes a statute with language such as, “The Secretary shall prescribe such regulations as he may deem necessary,” the regulations ultimately issued for that statute are A) congressional regulations. Answer: Page Ref.: C:1-10 28) Identify which of the following statements is true. B) In a general partnership, all partners have unlimited liability for partnership debts.
A) If regulations are issued prior to the latest tax legislation dealing with a specific Code section, the regulations are no longer effective to the extent they conflict with the provisions in the new legislation. C) In a limited partnership, all partners participate in managerial decision making. Answer: Page Ref.: C:2-4 19) Identify which of the following statements is true.