Start Corporate nonliquidating distributions problems

Corporate nonliquidating distributions problems

The Supreme Court decides whether or not they will hear the case. D) research is primarily concerned with applying the law to the facts as they exist. Answer: Page Ref.: C:1-8 23) The tax statutes with the popular name “The Internal Revenue Code of 1986” are contained in which Title of the Code? Answer: Page Ref.: C:1-11 32) Which regulation deals with Code Section 165? C) A sole proprietor is considered to be an employee of the business. Answer: Page Ref.: C:2-3 15) Which of the following is an advantage of a sole proprietorship over other business forms?

Answer: 116) Discuss the conflict between advocacy for a client and responsibility to the IRS.

What guidance do the Statements on Standards for Tax Services provide in this dilemma?

Answer: 98) Indicate which courts decided the case cited below. Discuss the factors that might be considered in deciding where to begin litigation.

C) the parties have agreed not to appeal the decision. Answer: Page Ref.: C:1-17 47) Small case procedures of the U. Tax Court requires that the amount in dispute exceed A) $5,000. If and when the Tax Court encounters this issue again, how will it hold? Answer 110) In which courts may litigation dealing with tax matters begin?

Answer: Page Ref.: C:1-17 45) Identify which of the following statements is . B) Letter rulings are binding only with respect to the taxpayer requesting the ruling. D) The IRS may retroactively revoke an acquiescence. Answer 97) The Tax Court decides an expenditure is deductible in the year the issue was first litigated. Answer: 107) Compare and contrast proposed, temporary, and final regulations.

Tax Court to permit litigating parties to agree on the exact amount of the tax due. Tax Court allows a less formal hearing but provides for no appeal. Answer 96) Is it possible for the Tax Court to intentionally issue conflicting decisions? Answer: 106) Outline and discuss the tax research process.

Answer: Page Ref.: C:1-10 5) A revenue ruling is issued by the Internal Revenue Service only in response to a verbal inquiry by a taxpayer. Tax Court are to the Court of Appeals for the Federal Circuit. Answer: Page Ref.: C:2-32 and C:2-33 12) Upon formation of a corporation, its assets have the same bases for book and tax purposes. A) A solely owned corporation is a sole proprietorship.

Answer: Page Ref.: C:1-12 6) Taxpayers must pay the disputed tax prior to filing a case with the Tax Court. Answer: Page Ref.: C:10-14 8) Appeals from the Court of Appeals go to the Supreme Court under a writ of certiorari. Answer: Page Ref.: C:2-36 13) Business assets of a sole proprietorship are owned by A) a member. B) A sole proprietorship is a separate taxable entity.

Answer: 115) Your client wants to deduct commuting expenses on his tax return.

Supreme Court decides to hear an appeal a tax case, it will grant a A) writ of appeal. Answer: Page Ref.: C:1-15 and C:1-17 44) George’s case was handled under the “small tax case procedure.” He does not agree with the findings of the Tax Court. Answer: 114) In list form, outline the steps to follow when using a tax service.

D) usually deal with factual variations of issues litigated previously. Answer: 112) Discuss the differences and similarities between regular and memorandum decisions issued by the U. The government appealed to the Fifth Circuit, which reversed the decision and held it was not deductible. Would your answer be different if the case was appealable to the Fifth Circuit?