ACC 455 Week 1 Discussion Question 1

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This file ACC 455 Week 1 Discussion Question 1 includes solutions to the following task: "Do the following decisions have the same precedential value: (1) Tax Court regular decisions, (2) Tax Court memo decisions (3) decisions under the small cases procedure of the Tax Court? Why? Which of the following sources do you think would be most beneficial for your client: (1) Tax Court regular decisions, (2) Tax Court memo decisions, (3) decisions under the small cases procedure of the Tax Court, or (4) Fifth Circuit Court of Appeals?" 

General Questions - General General Questions  

1) Which of the 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 the IRS's interpretation of the 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 the same weight as the 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 the 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 the 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 the statements are correct.