7. Tim Rasmus is an individual taxpayer who works in finance at BCM Investments, Inc. As part of Tim’s role as an analyst, he frequently interacts with tax law and has become motivated to file his own tax returns. Tim would like to take a particular position on his tax return that he is unsure how the IRS will handle. If Tim is seeking to find an Announcement to obtain more information on the issue he is dealing with, where should he look? 

3. Jacob Wrentham, a 31-year-old single filer, has been notified by the IRS that his return is being audited. According to documentation he has received in the mail, the audit is focused solely on Jacob’s timely-filed Form 1040, Line 12. The audit of Jacob’s return is most likely a:

13. Assume the same facts as Question #9. Is either a chapter or subchapter of the Internal Revenue Code reflected in any of the answer choices? 

3. What branch of the Federal Government does the IRS operate under? 

16. What is the highest level of authority within the Judicial Branch? 

15. Temporary Regulations issued prior to 1989 expire three years after their enactment? 

10. Assume the same facts as Question #9. Which of the following statements from the statute above is a clause?

12. Assume the same facts as Question #9. Which of the following statements from the statute above is a subsection?

8. What Subchapter of the Internal Revenue Code are Corporate Distributions and Adjustments located in? 

4. On February 10, 2013, the IRS issued Treas. Reg. § 1.385-1T which provided rules pertaining to the analysis of whether an instrument is debt or equity for federal income tax purposes. X Corporation, a sophisticated taxpayer wishes to rely upon the regulation to support its position that a loan it extended to a related party is debt rather than equity. Can it rely upon the regulation for taxable year 2023?