Taxation of Business Entities: Chapter 1 Study Questions

May 26th, 2016
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Chapter 1: Tax Research

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TAXATION OF BUSINESS ENTITIES, CHAPTER 1 QUIZANSWERS ARE HIGHLIGHTEDList four methods of searching the CHECKPOINT and INTELLICONNECT databases.A.Groupings, date, author, or contentB.Keyword, index, citation, or contentYour answer is correct.C.Author, groupings, citation, or contentD.Citation, date, keyword, or author. Distinguish between proposed, temporary, and final Treasury Regulations.b. Distinguish between interpretative and legislative Treasury Regulations.a. Distinguish between proposed, temporary, and final Treasury Regulations.A.Proposed regulations are not authoritative, but they do provide guidance concerning how the TreasuryDepartment interprets the IRC. Temporaryregulations, which are binding on the taxpayer, often are issued afterrecent revisions to the IRC so that taxpayers and tax advisors will have guidance concerning procedural and/orcomputational matters. Final regulations, which are issued after the public has had time to comment onproposed regulations, are considered to be somewhat more authoritative than temporary regulations.Your answer is correct.B.Proposed regulations and temporary regulations are essentially the same. They provide guidance to both taxpayers andtax advisors concerning procedural and/or computational matters. Final regulations are considered to be the finalauthoritative regulations.C.Proposed regulations are authoritative, and they provide guidance concerning how the Treasury Department interprets theIRC. T

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