Accounting 150 - Principles of Income Taxation » Fall 2020 » Chapter 3 Quiz
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Question #1
Which of the following is not considered a primary authority?
A.
Internal Revenue Code
B.
Tax Law Review article
C.
Supreme Court case
D.
Regulation
E.
None of these choices is correct.
Question #2
The IRS information matching program checks each tax return for mathematical mistakes.
A.
TRUE
B.
FALSE
Question #3
The tax return filing requirements for individual taxpayers depend on the taxpayer’s gross income.
A.
TRUE
B.
FALSE
Question #4
Field examinations are conducted by the IRS at the local IRS field office.
A.
FALSE
B.
TRUE
Question #5
Meeting which of the following standards for tax return positions would allow both taxpayers and tax practitioners to avoid a penalty with respect to a tax return position?
A.
Substantial authority
B.
Supreme authority
C.
Reasonably probable
D.
Realistic Possibility
E.
Significant authority
Question #6
U.S. District Courts appeal to U.S. Circuit Courts.
A.
TRUE
B.
FALSE
Question #7
Which of the following items is most commonly used to check the status of a court case?
A.
Tax digest
B.
Citator
C.
Determination letter
D.
Private letter ruling
E.
Revenue ruling
Question #8
Jackie’s return was selected for audit because she did not report her salary (from her Form W-2 from her employer) on her tax return. Which IRS program likely identified Jackie’s oversight?
A.
information matching
B.
DIF System
C.
None of these choices is correct.
D.
Mathematical correction
E.
Document perfection
Question #9
The Statements on Standards for Tax Services (SSTS) and Code of Professional Conduct provide professional standards for tax professionals and were issued by which of the following organizations?
A.
Congress
B.
AICPA
C.
U.S. Treasury
D.
IRS
Question #10
Which of the following is a type of common tax service used in tax research?
A.
Annotated tax service
B.
Analytical tax service
C.
All of these choices are correct.
D.
Technical tax service
E.
Antiquated tax service
Question #11
A textbook is an example of a primary authority.
A.
FALSE
B.
TRUE
Question #12
Which of the following has the highest authoritative weight?
A.
Revenue Procedure
B.
Private Letter Ruling
C.
Revenue Ruling
D.
Regulation
E.
Internal Revenue Code
Question #13
Private Letter Rulings have less authoritative weight than Revenue Rulings.
A.
TRUE
B.
FALSE
Question #14
The “3O-day” letter gives the taxpayer the opportunity to pay the proposed tax adjustment or file a petition in the U.S District Court to hear the case.
A.
TRUE
B.
FALSE
Question #15
Which of the following committees is not involved in enacting tax legislation?
A.
Joint Conference Committee
B.
Senate Finance Committee
C.
House Ways and Means Committee
D.
House Tax Committee
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