CH1_Taxation_Overview

Question 1

1. In evaluating the hierarchy of authority in tax law, which of the following carries the greatest authoritative value for tax planning of transactions?

Answer 1

A. Internal Revenue Code.

B. IRS regulations.
C. Tax court decisions.
D. IRS agents’ reports.

Question 2

2. With regard to Treasury Regulations, which of the following statements is false?

Answer 2

A. Notices of proposed rulemaking are required for proposed regulations and are published in the Federal Register so that interested parties have an opportunity to participate in the rule- making process. 입법예고, 이해관계자 참여, 법개정
B. Until final regulations are issued, Temporary Regulations have the same force and effect of law as final regulations. 최종 법안되기전에 Temporary있는데
C. Legislative regulations are those for which the IRS is specifically authorized by the Internal Revenue Code to provide the details of the meaning and rules for particular Code sections.
D. Interpretative regulations, which explain the IRS’s position on the various sections of the Code, are not accorded great weight by the courts.(사법부와 효력동일)

D

Question 3

3. A taxpayer wishing to reverse the U.S. Tax Court’s ruling would appeal to which of these courts?

Answer 3

A. U.S. District Court.
B. U.S. Circuit Court of Appeals.
C. U.S. Court of Federal Claims.
D. U.S. Court of Appeals for the Federal Circuit.

주정부라서 B