Question

1. What is the wording of the first sentence of Treas. Reg. Section 1.1221-1(d)?
a. “For the application of section 1231 to the sale….”
b. “Section 1221(4) excludes from the definition of…”
c. There is no (d) in Treas. Reg. Section 1.1221-1.  
d. “The term ‘capital gain net income’

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2.

Rev. Proc. 2015-1 contains a sample format for what purpose?

a. A revenue procedure request.
b. A revenue ruling request.
c. A claim for refund.
d. A letter ruling request.

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3.

What IRS publication deals with federal income tax obligations of executors, adminstrators, and survivors of a decedent?
a. Publication 212.
b. Publication 559.
c. There is no such publication.
d. Publication 1014

please explain

Answer 1

1) Solution: "Section 1221(4) excludes from the definition of…"

Explanation: The wordings begins with..Section 1221(4) excludes from the definition of capital asset accounts or ...

2) Solution: A revenue procedure request

Explanation: Rev. Proc. 2015-1 includes a sample format for revenue procedure request. It includes revised procedures for information letter and letter rulings issued by Associate Chief Councel

3) Solution: Publication 559

Explanation: Publication 559 deals with Survivors, Executors, and Administrators