RulesoftaxlawdonotincludeRevenueRulingsandRevenueProcedures. True False ANSWER: RATIONALE:RulesoftaxlawdoincludeTreasuryDepartmentpronouncements. Ataxprofessionalneednotworryabouttherelativeweightofauthoritywithinthevarioustaxlawsources. True False False ANSWER: RATIONALE:Quitethecontrary. Inrecentyears,CongresshasbeenrelativelysuccessfulinsimplifyingtheInternalRevenueCode. True False False ANSWER: RATIONALE:EachyeartheCodebecomesmoreandmorecomplex. Thefirstcodificationofthetaxlawoccurredin1954. True False ANSWER: RATIONALE:Thefirstcodificationofthetaxlawoccurredin1939. TheCodesectioncitationisincorrect:§212(1). True False ANSWER: RATIONALE:SomeCodesectionsomitthesubsectionanduseparagraphdesignationasthefirstsubpartasdoes§212. SubchapterDreferstothe“CorporateDistributionsandAdjustments”sectionoftheInternalRevenueCode. True False ANSWER: correct subchapter for Distributions and Adjustments” is Subchapter C. RATIONALE:The “Corporate Regulationsaregenerallyissuedimmediatelyafterastatuteisenacted. True False
RulesoftaxlawdonotincludeRevenueRulingsandRevenueProcedures. True ANSWER: False RATIONALE:RulesoftaxlawdoincludeTreasuryDepartmentpronouncements. Ataxprofessionalneednotworryabouttherelativeweightofauthoritywithinthevarioustaxlawsources. True False ANSWER: False RATIONALE:Quitethecontrary. Inrecentyears,CongresshasbeenrelativelysuccessfulinsimplifyingtheInternalRevenueCode. True False ANSWER: False RATIONALE:EachyeartheCodebecomesmoreandmorecomplex. Thefirstcodificationofthetaxlawoccurredin1954. True ANSWER: False RATIONALE:Thefirstcodificationofthetaxlawoccurredin1939. TheCodesectioncitationisincorrect:§212(1). True False ANSWER: RATIONALE:SomeCodesectionsomitthesubsectionanduseparagraphdesignationasthefirstsubpartasdoes§212. SubchapterDreferstothe“CorporateDistributionsandAdjustments”sectionoftheInternalRevenueCode. True False ANSWER: RATIONALE:The correct subchapter for “Corporate Distributions and Adjustments” is Subchapter C. Regulationsaregenerallyissuedimmediatelyafterastatuteisenacted. True False