7:15 PM dbu.blackboard.com AT&T; LTE Question Completion Status: QUESTION 34 10

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7:15 PM dbu.blackboard.com AT&T; LTE Question Completion Status: QUESTION 34 10 points Save Answer Whenever a series of transactions result in significant tax savings, the IRS may attempt to apply the concept of substance over form by collapsing several transactions into one. True False QUESTION 35 10 points Save Answer The terms Internal Revenue Service and Department of the Treasury are equivalent. True False 1n nnints Click Save and Submit to sove and submit. Click Save All Answers to save all answers. Save All Answers Close Window Save and Submit

Explanation / Answer

Answer 34) True, whenever a series of transaction results in significant tax savings, the IRS may apply the concept of substance over form by collapsing several transaction into one. to guard against this the taxpayer should have bonafide business purpose for each individual step in the transaction.

Answer 35) False, IRS is a US governmant agency resposible for collection of taxes and enforcement of tax laws. while department of treasury is wide term. It collects all federal taxes through IRS and also manages US government debt instruments.

Answer 40) True, taxpayer advocate services is an independent organisation within IRS whose job is to personally assist taxpayers to resolve problems with IRS. To qualify for this personal assistance, taxpayer must be experiencing requisite situations.

Answer 41) False, IRS oversight board is an independent body charged to oversee the IRS in its administration,management, conduct, direction and supervision of the execution and applicaton of internal revenue laws.

Answer 42) True, the taxpayer has right to know why IRS is requesting information, exactly how the IRS will use the information it receives and what might happen if taxpayer does not submit information.

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