For tax purposes-dividends accrue on a daily basis

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Reference no: EM131266484

1. Which of the following statements are false?

1. One of the objectives of tax treaties with foreign countries is to avoid double taxation.

2. For tax purposes, dividends accrue on a daily basis.

3. Proposed Regulations are binding on the IRS and the taxpayer.

4. Dividends are generally taxed to the shareholders of record as of the record date.

5. Decisions of the Small Cases Division of the Tax Court can be appealed

2. Which of the following statements are true?

1. Tax liability is the degree to which the tax burden is shared by taxpayers.

2. Revenue Procedures are accumulated in the Cumulative Bulletins.

3. Determination Letters are issued by the IRS Commissioner.

4. Letter Rulings only apply to the taxpayer who asks for and obtains the ruling.

5. The U.S. District Court is a higher court than the U.S. Tax Court.

Reference no: EM131266484

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