CORRECT ANSWERS A+ STUDY GUIDE
CHAPTERS 1 AND 2 HOMEWORK AND
EXAM REVIEW
-When an employer makes a contribution for an employee to a qualified
pension or profit sharing plan, that contribution and any income it
generates are not taxed to the employee until the funds are distributed.
b) Education
-The various tax credits, deductions, and exclusions that are designed to
encourage taxpayers to obtain additional education can be justified on both
social and economic grounds.
-The education tax incentives cannot be justified on both social and
economic grounds since they benefit only the individual.
c) Home Ownership
-Providing renters with a Federal i - CORRECT ANSWER-No; Yes; Yes;
No; No; Yes
In the citation Notice 90-20, 1990-1 C.B. 328, to what do the 20 and the
328 refer?
,20 refers to the
(page number/notice number/volume number/year)
and 328 refers to the
(page number/notice number/volume number/paragraph number)
of the
(Code Bulleting/Congressional Bulletin/Cumulative Bulletin/Internal
Revenue Bulletin)
. - CORRECT ANSWER-Notice number; page number; Cumulative
Bulletin
Give the Commerce Clearing House citation (if any) for the following
courts: (none/USTC/TCM)
a) Small Cases Division of the Tax Court.
b) Federal District Court
c) US Supreme Court
d) US Court of Federal Claims
e) Tax Court Memorandum decision - CORRECT ANSWER-None; USTC;
USTC; USTC; TCM
, In the citation Schuster's Express, Inc., 66 T.C. 588 (1976), aff'd 562 F.2d
39 (CA-2, 1977), nonacq., complete the sentence below that outlines to what
66, 39, and nonacq. refer.
The 66 refers to the
(volume number/case number/page number)
, 39 refers to the
(page number/case number/volume number)
and nonacq. means that the
(IRS agreed with decision/IRS disagreed " ")
. - CORRECT ANSWER-volume number; page number; IRS disagreed
with decision
The US Tax Court only hears tax cases. (T/F) - CORRECT ANSWER-T
Tax Court has more expertise in tax matters. (T/F) - CORRECT ANSWER-
T
A taxpayer doesn't have to pay the tax deficiency assessed by the IRS before
trial, but a taxpayer may deposit cash bond to stop interest running. (T/F) -
CORRECT ANSWER-T
A taxpayer may obtain jury trial in US Tax Court. (T/F) - CORRECT
ANSWER-F