Question

1. Which statement, if any, is accurate regarding Treasury Regulations?

a. Temporary Regulations cannot become final until the expiration of at least 30 days after they are published in the Federal Register.
b. The IRS cannot make changes to Proposed Regulations before they become final.
c. The public must be given an opportunity to comment on Temporary Regulations before they become final.
d. None of the statements is correct

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Which of the following statements is not accurate regarding effective dates in the Internal Revenue Code?

a. Sections of a new tax law may have different effective dates.
b. New provisions of the Internal Revenue Code do not always go into effect immediately upon signing of the law by the President.
c. Some effective dates can be made retroactive, that is, can precede the date of enactment of the law.
d. All are accurate.

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Which of the following Regulations deals with gift taxes?

a. Reg. §1.162­21(a)(2).
b. Reg. §25.2503­4.
c. Reg. §1.6662­5T.
d. Reg. §31.3121(a)­2.
e. None of the above

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. Which of the following statements is accurate with regard to IRS Revenue Rulings?

a. Revenue Rulings may only cite Code Sections but not Treasury Regulations.
b. Revenue Rulings may be revoked only by the Courts, not by the IRS.
c. A Revenue Ruling may be revoked by a subsequent Revenue Ruling that expressly supersedes the earlier Revenue Ruling.
d. All of the above statements are correct.

please explain answer. tks

Answer 1

1) Solution: The public must be given an opportunity to comment on Temporary Regulations before they become final

Explanation: Treasury Regulations states that the public should be provided an opportunity to comment on Temporary Regulations before it's finalisation

2) Solution: Sections of a new tax law may have different effective dates

Explanation: Sections of a new tax law cannot have different effective dates

3) Solution: None of the above

Explanation: Sec. 25.2518 deals with gift taxes

4) Solution: Revenue Rulings may only cite Code Sections but not Treasury Regulations

Explanation: IRS Revenue Rulings states that the Revenue Rulings are allowed only to cite Code Sections but not Treasury Regulations