C) Records of committee hearings are helpful in determining Congressional intent. Answer: Page Ref.: C:1-7 16) The committee that is responsible for holding hearings on tax legislation for the House of Representatives is the A) Finance Committee. C) the date on which related temporary regulations were first published in the Federal Register. Answer: Page Ref.: C:1-10 27) Regulations are A) equal in authority to legislation. C) presumed to be valid and to have almost the same weight as the IRC. A) $200,000 B) $75,000 C) $100,000 D) $37,500 Answer: Page Ref.: C:2-4; Example C:2-3 18) Which of the following statements is ?
D) the date on which they were issued in final form. D) equal in authority to legislation if interpretative. 2006-1, 33, indicates that the revenue ruling can be found on page 33 of the 1st I. A) Limited partners’ liability for partnership debt is limited to their amount of investment.
C) Regulations carry more weight than revenue rulings. Answer: Page Ref.: C:1-12 36) Which of the following documents is issued by the IRS to a specific taxpayer? 200611075 usually indicates the ruling was made public in the 11th week of 2006. B) Technical advice memoranda are issued by the Internal Revenue Service’s National Office to provide an answer to a technical question that arises in an audit. D) issued by the national office in response to an audit request. Answer: Page Ref.: C:2-6 4) The check-the-box regulations permit an LLC to be taxed as a C corporation.
B) Revenue rulings carry more weight than federal court decisions. C) the 541st ruling of 2006 found on page eight in Vol. D) the 1st ruling of 2006 found on page 541 in the 2006 volume of the Cumulative Bulletin. Answer: Page Ref.: C:1-13 39) A Technical Advice Memorandum is usually A) an internal IRS document describing alternative legislative proposals. C) requested by the taxpayer before entering into a taxable transaction. Answer: Page Ref.: C:2-6 3) S corporations must allocate income to shareholders based on their proportionate stock.
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?