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Answer: Page Ref.: C:1-10 5) A revenue ruling is issued by the Internal Revenue Service only in response to a verbal inquiry by a taxpayer. Tax Court are to the Court of Appeals for the Federal Circuit. Answer: Page Ref.: C:2-32 and C:2-33 12) Upon formation of a corporation, its assets have the same bases for book and tax purposes. A) A solely owned corporation is a sole proprietorship.Answer: Page Ref.: C:1-12 6) Taxpayers must pay the disputed tax prior to filing a case with the Tax Court. Answer: Page Ref.: C:10-14 8) Appeals from the Court of Appeals go to the Supreme Court under a writ of certiorari. Answer: Page Ref.: C:2-36 13) Business assets of a sole proprietorship are owned by A) a member. B) A sole proprietorship is a separate taxable entity. The client, however, continues to insist on this action. You explain to the client that there is no legal authority allowing this deduction. A) Revenue rulings carry more weight than regulations. 541” refers to A) the eighth ruling of 2006 found on page 541 in Vol. B) the eighth ruling of 2006 found on page 541 in the 2006 volume of the Cumulative Bulletin. D) Announcements are more technical than information releases. Answer: Page Ref.: C:2-3 2) S corporations are flow-through entities in which S income is allocated to shareholders.
Answer: Page Ref.: C:1-2 2) The Internal Revenue Code of 1986 contains the current version of the tax law. Answer: Page Ref.: C:2-21 and C:2-22 10) The assignment of income doctrine does not apply if the transferor in a Sec.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. Answer: 116) Discuss the conflict between advocacy for a client and responsibility to the IRS. What guidance do the Statements on Standards for Tax Services provide in this dilemma?