ACC 455 Final Exam

ACC 455 Final Exam 1) Which of following statements regarding proposed regulations is not correct? A. Proposed and temporary regulations are generally issued simultaneously. B. Proposed regulations do not provide any insight into IRS's interpretation of tax law. C. Proposed regulations expire after 3 years. D. Practitioners and other interested parties may comment on proposed regulations. 2) Regulations are A. presumed to be valid and to have almost same weight as IRC B. equal in authority to legislation if interpretative C. equal in authority to legislation D. equal in authority to legislation if statutory 3) Which of following courts is not a trial court for tax cases? A. U.S. Tax Court B. U.S. Court of Federal Claims C. U.S. Bankruptcy Court D. U.S. District Court 4) Which of following statements is incorrect? A. Limited partners' liability for partnership debt is limited to their amount of investment. B. In a general partnership, all partners have unlimited liability for partnership debts. C. In a limited partnership, all partners participate in managerial decision-making. D. All of statements are correct.