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Answer: Page Ref.: C:1-8 3) Regulations issued prior to the latest tax legislation dealing with a specific Code section are still effective to the extent they do not conflict with the provisions in the new legislation. 351 exchange in which no gain is otherwise recognized transfers substantially all the assets and liabilities of the transferor’s trade or business to the controlled corporation.

Answer: Page Ref.: C:1-9 4) Final regulations have almost the same legislative weight as the IRC. Answer: Page Ref.: C:2-27 11) Any losses on the sale of Section 1244 stock are ordinary. Answer: Page Ref.: C:2-2 14) Identify which of the following statements is .

The client, however, continues to insist on this action.

You explain to the client that there is no legal authority allowing this deduction.

Answer: Page Ref.: C:1-17 45) Identify which of the following statements is . B) Letter rulings are binding only with respect to the taxpayer requesting the ruling. D) The IRS may retroactively revoke an acquiescence. Answer 97) The Tax Court decides an expenditure is deductible in the year the issue was first litigated. Answer: 107) Compare and contrast proposed, temporary, and final regulations.