1.Of all the approaches available for online tax research, a keyword search appr
ID: 2602733 • Letter: 1
Question
1.Of all the approaches available for online tax research, a keyword search approach is not effective.
True
False
2.Virtually all of the tax services are available in electronic format and online.
True
False
3.When conducting an online search, what is the purpose of quotation marks?
a.To deprioritize results that include any of the quoted words
b.To prioritize results that include any of the quoted words
c.To exclude the exact phrase
d.To search for the exact phrase
e.None of these choices are correct.
4.What is the last step in the tax research process?
a.Updating the solution (where appropriate) in light of new developments
b.Assessing the validity of the tax law sources
c.Locating the appropriate tax law sources
d.Identifying and refining the problem
e.None of these choices are correct.
5.Legislative Regulations have the force and effect of law.
True
False
6.IRS agents must give the Code greater weight than Regulations when dealing with taxpayers and their representatives.
True
False
7.The annual gift tax exclusion in 2017 is $14,000.
True
False
8.Each of the following is a component of effective tax planning except:
a.Avoid formalities by generating and maintaining supporting documentation.
b.Defer the recognition of income (or accelerate deductions).
c.Convert the classification of income (or deductions) to a more advantageous form.
d.Avoid the recognition of income.
e.Choose the business entity with the desired tax attributes.
9.As of April 2017, the CPA exam will test taxation on which section?
a.AUD
b.FAR
c.BEC
d.TPF
e.REG
10.Which of the following is a section of the CPA exam?
a.Regulation (REG).
b.Financial Accounting and Reporting (FAR).
c.Auditing and Attestation (AUD).
d.Business Environment and Concepts (BEC).
e.All of these choices are correct.
Explanation / Answer
1.Of all the approaches available for online tax research, a keyword search approach is not effective.
Answer is False. Approaches available for online tax research..........Keyword search approach is very much effective.
2.Virtually all of the tax services are available in electronic format and online.
Answer. True....It is absolutely correct that all of the tax services are available in electronic format and it is very much online.
3.When conducting an online search, what is the purpose of quotation marks?
d. To search exact phrase........While searching through online search, using quotation marks is searching for exact phrase within the quotation marks. Therefore the answer is option 'd'.
4.What is the last step in the tax research process?
Answer: a.Updating the solution (where appropriate) in light of new developments. The last step in tax research process is updating the solution to the clients and communicating them.
5.Legislative Regulations have the force and effect of law.
Its True. Legislative Regulations have the force and effect of law......Interpretive regultions is given less deference than the legislative regulations
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