90.2K

Verified Solution

Link Copied!

Which of the following is a false statement (not true) regarding court cases, revenue rulings, and revenue procedures: 1. US Supreme Court decisions on federal tax matters are published in IRS Bulletins. Announcements concerning the IRS' Tax Court decisions that are adverse (against) the government's position are published in IRS Bulletins. The IRS does not publish decisions by the US District Courts or the US District Court of Federal Claims. To find these, you must look to publications issues by commerce publishing houses such as Thomson Reuters or Bloomberg? The denial of writ by the US Supreme Court is equal to a reversal or a. b. c. d. 2. In interpreting and applying the IRS Code to specific cases, courts are required to apply it in accordance with the law of the state in which the taxpayer and court are located? a. True b. False In 2018, Joe, a widower, sells land (fair market value of $100,000) to his daughter, Linda, for $50,000. Joe has not made a taxable gift? 3. a. True b. False The amount of a taxpayer's itemized deductions will increase the chance of being audited by the IRS? The higher the itemized deductions, the more likelihood there will be an audit? 4. a. True b. False A calendar year taxpayer files his 2017 tax return in March of 2018. The return reflects an overpayment of $6,000, and the taxpayer requests a refund of this amount. The refund is paid on May 16, 2018. The refund will not include interest. 5. a. True b. False

Answer & Explanation Solved by verified expert

See Answer