Test Bank for Pearson's Federal Taxation 2020 Comprehensive, 33rd Edition

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1Pearson's Federal Taxation 2020:Comprehensive, 33e (Rupert/Anderson/Hulse)Chapter C1: Tax ResearchLO1: Overview of Tax Research1) Tax planning is not an integral part of open-fact situations.Answer: FALSEExplanation:It is integral.Page Ref.:C:1-2Objective: 12) When a taxpayer contacts a tax advisor requesting advice as to the most advantageous way todispose of a stock, the tax advisor is faced withA) a restricted-fact situation.B) a closed-fact situation.C)an open-fact situation.D)a recognized-fact situation.Answer: CExplanation: Advice before transaction is open fact situation.Page Ref.: C:1-2Objective: 13) Investigation of a tax problem that involves a closed-fact situation means thatA) the client's transactions havealready occurred and the tax questions must now be resolved.B) the client's tax return has yet to be filed.C) future events may be planned and controlled.D) research is primarily concerned with applying the law to the facts asthey exist.Answer: AExplanation: After the fact request is a closed fact situation.Page Ref.: C:1-2Objective: 14) Explain the difference between a closed-fact and open-fact situation.Answer: In a closed-fact situation, the transaction has occurred and the facts are notsubject tochange. In an open-fact situation, the transaction is in the formative or projected stage, and thetaxpayer is able to structure the facts so that the tax consequences of the transaction can be morefavorable.Page Ref.: C:1-2Objective: 1

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Pearson's Federal Taxation Comprehe...

Test Bank for Pearson's Federal Taxation 2020 Comprehensive, 33rd Edition

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