5. Which one of the following types of Regulations cannot be cited as authoritat

Question

5. Which one of the following types of Regulations cannot be cited as authoritative? a. Proposed regulations b. Temporary regulations c. Procedural regulations d. Interpretative regulations e. Legislative regulations

6. Which of the following sources of authority would most likely contain a review of Congress’s intentions with respect to a particular piece of tax legislation? a. Internal Revenue Code b. Report of the House Ways and Means Committee c. Code of Federal Regulations d. Revenue procedures e. Technical advice memoranda

7. In this year’s tax return, T Corporation decided to account for certain inter¬national transactions in a specific matter. However, the tax treatment is not certain and there is a chance that if audited, the company would not prevail. Which of the following statement is false regarding the corporation’s require¬ment to report the transaction for tax purposes (i.e., file Schedule UTP)? a. The corporation need not file if its assets are less than $100 million. b. The corporation need not file if it is an S corporation. c. The corporation need not file if it did not record a reserve for the position in its audited financial statements. d. The corporation need not file if it did not issue audited financial statements. e. More than one of the above is false.

8. Sandy and Dave formed a law partnership, agreeing to split the income 50:50. The partnership had net income of $100,000. Dave withdrew $55,000 throughout the year, and Sandy withdrew $50,000. Dave and Sandy had no other income. Because of the partnership activities, Dave’s AGI increased by a. $100,000 b. $55,000 c. $50,000 d. $35,000

Explanation / Answer

Solutionfor-5: Regulations cannot be cited as authoritative :- . c. Procedural regulations

Explanation: They are like a instruction indicating information to taxpayer should provide the IRS.

Solution -6:b. Report of the House Ways and Means Committee contain a review of Congress’s intentions with respect to a particular piece of tax legislation

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