Reference no: EM133260615

Question 1. The employer-provided educational assistance exclusion applies only to undergraduate students.

A) True

B) False

Question 2. To avoid the accuracy-related penalty on a disclosed position, the taxpayer must have, at a minimum, a reasonable basis for the position taken on the tax return.

A) True

B) False

Question 3. Revenue bills are initiated in the Senate Finance Committee of the U.S. Congress.

A) True

B) False

Question 4. The highest level of administrative interpretations of the tax law are the Treasury Regulations.

A) True

B) False

Question 5. Purchased trademarks and trade names are amortizable straight-line over 15 years.

A) True

B) False

Question 6. Cash basis taxpayers report income at the later of actual receipt or constructive receipt.

A) True

B) False

Question 7. Hobby losses are not deductible because hobbies lack the profit motive.

A) True

B) False