Tax250 Federal Income Taxation Midterm Exam
This is an open-book midterm examination. You can use class notes, text books and other academic sources to help you answer the questions.
Please attempt all the eight questions.
For each of the eight (8) questions, please include, if applicable,
the legal reasoning employed.
Your Exams/Answers are due back no
later than 9:35 AM this morning. Late submissions will be penalized.
1. What does “practice before the service” mean? Does it include
tax return preparation? List three (3) categories of
individuals that may “practice” before the Internal Revenue Service (IRS). What is the
role of Circular 230? (15 points)
2. Briefly describe three (3) types of IRS regulations. What
is the typical process employed by the IRS in issuing
regulations. Do regulations have the force of law? (15
3. Briefly list and discuss 5 different types of guidance issued
by the IRS to convey its views on various tax matters (Do
not include Regulations as part of this answer). (15 points)
4. Briefly describe two (2) examples of how Congress and the
IRS responded to the Covid-19 crisis during the 2020 tax
season. (10 points)
5. What are dependency exemptions? Please describe two (2)
different tests to used determine whether someone can be treated
as a dependent for tax purposes. (10 points)
6. How are losses between related-parties treated for tax
purposes? Is there a method for one related party to deduct
the loss and the other receive the economic benefit? (10
7. In terms of the taxpayer’s accounting methods: What is the
“constructive receipt” doctrine? What is the meaning of “all-events”
test? (10 points)
8. What was the issue before the Tax Court in Blum v.
Commissioner – and how did the court decide it? How could
the outcome have changed if the payment to the taxpayer had been made differently (15 points)
To get your Tax250 Federal Income Taxation Midterm Exam done, please click on https://academicessayist.com/orders/ordernow