The analysis section of a file memo should begin with the Code.

True

False

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Question 2

1pts

Which of the following statements is FALSE?

Some tax issues can be resolved solely by the Code. The Code may be sufficient unto itself.

The Code is a compilation of almost all tax statutes enacted by Congress.

A tax service is a substitute for the Code

All of the above

None of the above.

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Question 3

1pts

When reading the Code, you must look for connecting words that may affect whether you may apply the rules of the Section. Look at 280A(c)(5)(B)(i) and 280A(c)(5)(B)(ii).The connecting word is

And

But

Or

Only

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Question 4

1pts

When writing a file memo, you should not use footnotes to cite the authority used in theanalysis.

True

False

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Question 5

1pts

Section 280A disallows for the deduction of certain expenses in connection with the business use of the home (home office deductions). Look at Section 280A in RIA.Which of the following isFALSE?

280A(a) disallows a deduction of business expenses with respect to the use of a dwelling unit used by a taxpayer during the taxable year as a residence.

280A(c)(1)(C) details an exception with regards to a separate structure which is not attached to the dwelling unit, in connection with the taxpayer's trade or business.

280A(d)(1)(A) states that a taxpayer uses a dwelling unit during the taxable year as a residence if he uses such unit for personal purposes for a number of days which exceeds the greater of 10 days.

All of the above statements are true

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Question 6

1pts

The title of Section 163 is Interest

True

False

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Question 7

1pts

According to Section 163, the aggregate limitation for acquisition indebtedness for a taxpayer who files married filing separately between 1/1/2018 and 12/31/2025 is?

$0

$1,000,000

$250,000

$375,000

$500,000

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Question 8

1pts

Section 163 includes a definition for acquisition indebtedness, but not for home equity indebtedness.

True

False

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Question 9

1pts

You can find the definition of qualified higher education expenses in which one of the following sections?

Section 163(h)(3)

Section 25A(f)(1)(A)

Section 221(d)(2)

None of the above.

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Question 10

1pts

File memos are not read by clients.

True

False