Question 1: What Code section defines the term “dividend”?
IRC § 316(a)
Question 2: What Code section addresses the treatment of, and exceptions to, discharge of indebtedness (cancellation of debt) income?
IRC § 108(c)
Question 3: What Code section disallows the use of capital losses from “wash sales” of portfolio stock?
IRC § 1091(a)
Question 4: What Code section describes the amount of tax imposed on certain “built-in gain” recognized by an S corporation?
IRC § 1374(b)
Question 5: What Code section tells the executor of a decedent’s estate that s/he can elect the “alternative valuation date” for determining the value of the estate for federal estate tax purposes?
IRC § 2031(a)
Question 6: What Code section requires certain information reporting by taxpayers who participate in or cooperate with an international boycott?
IRC § 999(a)
Question 7: What Code section states that a partnership is terminated for federal income tax purposes if, within a 12-month period, there is a sale or exchange of at least 50% or more of the total interest(s) in partnership capital and profits?
IRC § 708(b)
Question 8: What Code section gives the IRS the authority to issue an administrative summons (i.e., in a nature of a subpoena) in order to force individuals to testify or to provide documents or other evidence in the tax audit or litigation context?
IRC § 7602(a)
Question 9: What Code section provides the so-called “practitioner privilege” – aka the “accountant-client privilege” – applicable to communications with clients for the purposes of rendering tax advice?
IRC § 7525(a)
Question 10: What Code section prescribes an exemption from self-employment (Schedule SE) taxes for certain individuals based on religious-based conscientious objection?
IRC § 1402(e)
