Accounting 150 - Principles of Income Taxation » Fall 2021 » Chapter 2 Quiz
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Question #1
Field examinations are conducted by the IRS at the local IRS field office.
A.
TRUE
B.
FALSE
Question #2
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.
DIF System
B.
None of these choices is correct.
C.
Mathematical correction
D.
Information matching Correct
E.
Document perfection
Question #3
Private Letter Rulings have less authoritative weight than Revenue Rulings.
A.
FALSE
B.
TRUE
Question #4
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.
Significant authority
B.
Supreme authority
C.
Realistic possibility
D.
Reasonably probable
E.
Substantial authority
Question #5
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
Question #6
Which of the following items is most commonly used to check the status of a court case?
A.
Citator
B.
Private letter ruling
C.
Revenue ruling
D.
Tax digest
E.
Determination letter
Question #7
U.S. District Courts appeal to U.S. Circuit Courts.
A.
TRUE
B.
FALSE
Question #8
The IRS information matching program checks each tax return for mathematical mistakes.
A.
FALSE
B.
TRUE
Question #9
Which of the following is not considered a primary authority?
A.
Tax Law Review article
B.
Supreme Court case
C.
Regulation
D.
None of these choices is correct.
E.
Internal Revenue Code
Question #10
A textbook is an example of a primary authority.
A.
FALSE
B.
TRUE
Question #11
The "30-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.
FALSE
B.
TRUE
Question #12
The tax return filing requirements for individual taxpayers depend on the taxpayer’s gross income.
A.
TRUE
B.
FALSE
Question #13
Which of the following is a type of common tax service used in tax research?
A.
Analytical tax service
B.
Antiquated tax service
C.
Annotated tax service
D.
All of these choices are correct.
E.
Technical tax service
Question #14
Which of the following has the highest authoritative weight?
A.
Revenue Ruling
B.
Internal Revenue Code
C.
Revenue Procedure
D.
Private Letter Ruling
E.
Regulation
Question #15
A.
U.S. Treasury
B.
AICPA
C.
IRS
D.
Congress
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