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.
Mathematical correction
B.
Information matching Correct
C.
None of these choices is correct.
D.
Document perfection
E.
DIF System
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.
Reasonably probable
B.
Realistic possibility
C.
Substantial authority
D.
Supreme authority
E.
Significant authority
Question #5
Which of the following committees is not involved in enacting tax legislation?
A.
Senate Finance Committee
B.
House Ways and Means Committee
C.
Joint Conference 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.
Private letter ruling
B.
Citator
C.
Tax digest
D.
Determination letter
E.
Revenue ruling
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.
Supreme Court case
B.
Regulation
C.
Internal Revenue Code
D.
None of these choices is correct.
E.
Tax Law Review article
Question #10
A textbook is an example of a primary authority.
A.
TRUE
B.
FALSE
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.
FALSE
B.
TRUE
Question #13
Which of the following is a type of common tax service used in tax research?
A.
Antiquated tax service
B.
Analytical tax service
C.
Annotated tax service
D.
Technical tax service
E.
All of these choices are correct.
Question #14
Which of the following has the highest authoritative weight?
A.
Regulation
B.
Internal Revenue Code
C.
Revenue Procedure
D.
Revenue Ruling
E.
Private Letter Ruling
Question #15
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.
AICPA
B.
U.S. Treasury
C.
IRS
D.
Congress
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