Describe the different constitutionality challenges with regard to federal and state taxes.
> Explain why infrastructure strengths have helped to offset the large BOP deficits on current account in the United States.
> You have the same information as in question 4 above, except that the pricing is for a European option. What is different? Information from Question 4: A newspaper shows the following prices for the previous day’s trading in the U.S. d
> What happens to the premium you paid for the above option in the event you decide to let the option expire unexercised? What happens to this amount in the event you decide to exercise the option?
> You read that exchange-traded American call options on pounds sterling having a strike price of 1.460 and a maturity of next March are now quoted at 3.67. What does this mean if you are a potential buyer?
> What is the basic difference between a put on British pounds sterling and a call on sterling?
> Give an example of a transaction exposure that arises from borrowing in a foreign currency.
> A newspaper shows the following prices for the previous day’s trading in the U.S. dollar-euro currency futures: What do the above terms indicate? Month December Open: 0.9124 Settlement: 0.9136 Change: +0.0027 High: 0.9147 Low: 0.90
> What are the main advantages that Trident gains by developing a multinational presence?
> Explain how a nominal effective exchange rate index is constructed.
> Define the following terms: a. The law of one price. b. Absolute purchasing power parity. c. Relative purchasing power parity.
> Some forecasters believe that foreign exchange markets for the major floating currencies are “efficient” and forward exchange rates are unbiased predictors of future spot exchange rates. What is meant by “unbiased predictor” in terms of how the forward r
> Define the terms covered interest arbitrage and uncovered interest arbitrage. What is the difference between these two transactions?
> Describe four arguments in favor of a firm pursuing an active currency risk management program.
> Define interest rate parity. What is the relationship between interest rate parity and forward rates?
> Define the international Fisher effect. To what extent do empirical tests confirm that the international Fisher effect exists in practice?
> Define the Fisher effect. To what extent do empirical tests confirm that the Fisher effect exists in practice?
> Infrastructure weakness was one of the causes of the emerging market crisis in Thailand in 1997. Define infrastructure weakness, and explain how it could affect a country’s exchange rate.
> Why would anyone write an option, knowing that the gain from receiving the option premium is fixed, but the loss, if the underlying price goes in the wrong direction, can be extremely large?
> Name the four main types of transactions from which transaction exposure arises.
> How do the motivations of individuals, both inside and outside the organization or business, define the limits of financial globalization?
> The term globalization has become very widely used in recent years. How would you define it?
> Use Checkpoint to answer the following questions: a. Using Form/Line Finder, locate directions for line 35 on Form 1040 for 2015. What is the paragraph number and topic? b. For the last few years, certain real property was eligible for expensing under §
> Use Checkpoint to answer the following questions regarding the ability to expense advanced mine safety equipment. a. Using “expense mine safety equipment” as keywords (not in quotation marks), search FTC and determine which paragraph provides an introduc
> Use the Checkpoint Federal Practice Area Indexes to answer the following questions: a. Which federal primary source materials have indexes? b. In the FTC Topic Index, determine which paragraph(s) discuss the manufacturer’s excise tax on racing car tires
> Use the Checkpoint Federal Practice Area to answer the following questions: a. What is the title of IRC § 178? b. What regulations were issued on this code section? What are their titles? c. What code section is added to Reg. § 1.178-1(a) by the proposed
> Use the Tool Tab in Checkpoint to answer the following questions: a. What is the 1040 Tax Tool under Tax designed to do? b. George and Martha are twins, both about to become tax accountants and broke. However, with their new tax jobs starting soon, Marth
> Use the CCH IntelliConnect Citator to evaluate the 290th revenue ruling issued in 1955. a. What is its complete Cumulative Bulletin citation? Is this revenue ruling still valid? b. What tax issue does the revenue ruling address? c. List the citations of
> Use CCH IntelliConnect Citator to answer the following questions: a. Find the discontinued Miscellaneous MS 347; 1950-1 C.B. 281 ruling. (Hint: Use Cumulative Bulletin citation to find it.) What is its current standing and why? b. Find court decision 93
> Use the CCH IntelliConnect Citator to evaluate the 1956 William George Tax Court case. a. What is the citation for the case? b. What is the title of the paragraph where George is annotated? c. What Code section is related to the George case? d. A revenue
> Use the CCH IntelliConnect Citator to answer the following questions regarding Notice 2010-10: a. Where is the notice located in the Internal Revenue Bulletin? b. Where is the notice annotated? c. What other notice has Notice 2010-10 been cited in?
> Use the CCH IntelliConnect Federal Tax to answer the following questions: a. Find the Code Sections Added Amended or Repealed under Federal Tax Legislation. What public laws (numbers) amended the code in the current year? b. Is a former IRS employee elig
> Use Checkpoint to answer the following questions: a. Select the Estate Planning Practice Area. Which templates are available for Code & Regs? Now select the Payroll Practice Area. Indicate any differences in the templates available for IRC & Regs. b. Sel
> Use the IntelliConnect Citations to answer the following questions: a. What does IRS Notice 2016-55 discuss? On what date was it issued? b. Who is the author of “New Temporary Regulations Restrain Inversions” in TAXES—The Tax Magazine, Vol. 94, No. 10? c
> Using CCH IntelliConnect, perform a keyword search on the topic of making an election to defer the determination of whether an activity is not engaged in for profit (hobby) until after the fourth year. Use the following terms: “hobby election defer.” a.
> Select three different primary sources, one from each area of tax law (legislative, administrative, and judicial), and provide a specific example of a source that is available in IntelliConnect.
> Name at least two practice areas in IntelliConnect and describe the contents briefly.
> Compare and contrast primary and editorial materials and explain the ways in which each can be important to a tax researcher.
> Explain what “due process” means with respect to taxing out-of-state businesses.
> Compare and contrast the general organization of an annotated tax database with that of a topical tax database.
> Describe the four common search methods used in CCH IntelliConnect.
> Why would a practitioner need a tax service when most primary tax sources are available for free on the Internet?
> Why are tax journals and newsletters generally not cited as authority in professional tax research? When would it be appropriate to cite tax journals or newsletters as authority?
> Use the Checkpoint Federal Practice Area, Go To in the left sidebar to answer the following questions: a. When selecting USTR Code Section, what are the choices given for the first and the second selections that must be made (blue circles 1 and 2)? b. Wh
> In what way is finding an article on point with a practitioner’s tax issue similar to hiring someone to do the research?
> Citators do not provide all information related to a case. What kind of information do citators not provide?
> Distinguish between the following terms: cited case, citing case, citation, and cites.
> Why does the researcher need to determine the precedential value of a case?
> Explain how a citation search differs from using a citator.
> Why should a contents search typically be left to a more experienced researcher?
> List the three significant editorial services provided by Checkpoint and discuss the differences between them.
> Use the RIA Checkpoint Citator 2nd to evaluate Revenue Ruling 2001-60. a. What is the ruling’s complete citation? b. What was the effect of Rev. Rul. 2001-60 on Rev. Proc. 99-49 and Rev. Rul. 55-290? c. Which IRS revenue procedures favorably cite Rev. Ru
> Use RIA Checkpoint Citator 2nd to evaluate Deluxe Check Printers, Inc., 15 Cl. Ct. 175. a. Which tax years were in question in the case? How was the case treated upon appeal? What is the citation of the court of appeals case? b. Which doctrine is the bas
> Use the Checkpoint Federal Practice Area to answer the following questions: a. What are the thesaurus alternatives for “like-kind”? b. On the search screen, expand the FTC by clicking on the þ before the title. What subheadings are listed? c. Expand the
> Find the Supreme Court case involving Corn Products Refining Company (not the one in which rehearing was denied). a. What is the citation for the case? b. How many Supreme Court cases cite the Corn Products case? c. Find the related Supreme Court case in
> Use the RIA Checkpoint Citator 2nd to evaluate the 2002 Gwendolyn A. Ewing Tax Court case. a. What is its citation and what tax issues does the case address? b. What is the case’s direct judicial history? c. Where is the case annotated in the United Stat
> Using the Federal Practice area, select the Citator 2nd and search for the keywords “2009-47.” a. Why are so many documents retrieved for this citation? b. Use Find by Citation and locate Rev. Proc. 2009-47. What is its title? c. Identify by citation the
> Describe how your search results would differ if you use the asterisk wildcard versus placing the search term in quotation marks and/or turning off the thesaurus: for example, dependent, “dependent,” and depend*, with or without the thesaurus applied.
> What is an advantage to using an index search to find documents of interest?
> Use the RIA Citator to evaluate 59 A.F.T.R. 2d 87-392. a. What is the name of the case and what are its parallel citations? b. In which circuit court was this case heard? c. What are the two main issues in the case? d. For the professional fees discussed
> Use Checkpoint to answer the following questions: a. List three Credit Card tools offered on the Tools Tab that would be personally beneficial to your financial planning. b. Where can you find online support and training in Checkpoint? c. What is the def
> Why is state and local tax planning becoming more important?
> Use Checkpoint to answer the following questions: a. What Practice Areas are available in Checkpoint? b. What materials are offered in the Archive Materials (Search screen bottom right) for 2014? c. When would a practitioner want to use the Archive Mater
> Compare and contrast primary and editorial materials and explain the ways in which each can be important to a tax researcher.
> Why are taxpayers emphasizing multijurisdictional tax planning?
> Why are tax journals and newsletters generally not cited as authority in professional tax research? When would it be appropriate to cite tax journals or newsletters as authority?
> In what way is finding an article on point with a practitioner’s tax issue similar to hiring someone to do the research?
> Select three different primary sources, one from each area of tax law (legislative, administrative, and judicial), and provide a specific example of a source that is available in Checkpoint.
> Citators do not provide all the information related to a case. What kind of information do citators not provide?
> Distinguish between the following terms: cited case, citing case, citation, and cites.
> Describe the Boolean connectors, proximity connectors, and wildcard characters available in IntelliConnect.
> Why is it difficult to know whether a document retrieved four months ago is still valid law? Which tool in Checkpoint might help a researcher confirm the current status of a case or ruling?
> Why does the researcher need to determine the precedential value of a case?
> IntelliConnect contains four important windows that are used to search and present tax information to the researcher. Name the four windows and provide a brief description of each.
> Compare and contrast the general organization of an annotated tax database with that of a topical tax database.
> What is the territorial model of international taxation? Under this model, what rate of tax does a native corporation pay on its foreign income?
> Describe the four common search methods used in RIA Checkpoint.
> Why would a practitioner need a tax service when most primary tax sources are available for free on the Internet?
> How can finding a BNA portfolio on point with a practitioner’s tax issue be like hiring someone to do the research?
> a. Perform a Join Sections on Topic 740 and Section 25. Which subtopics are on the list? b. Using the Search function, search for “push down accounting” and then narrow your search by the Presentation topic. What is the breadcrumb for the resulting parag
> Explain how a citation search differs from using a citator.
> Use the codification to answer the following: a. What is the citation for the paragraph that provides a description of two basic principles related to accounting for income taxes? b. What subtopics of Topic 740 Income Taxes contain sections on implementa
> a. Use the Master Glossary and search for the term “deferred tax.” How many terms appear in the results? b. Which Broad Transaction areas intersect with Topic 740 Income Taxes? c. Which industry areas intersect with Topic 740 Income Taxes? Use the codifi
> Why did the FASB undertake the codification project?
> Who establishes international accounting standards, and what are their principle objectives?
> What are the responsibilities of the SEC?
> What is the worldwide model of international taxation? Explain whether a corporation with only domestic income or a company with foreign income would pay more taxes under this model.
> Why are taxes not reflected on financial statements on an as-paid basis?
> Why should tax professionals know how to conduct financial accounting research?
> a. What collections are available under the Foreign Income Portfolios heading when using a Guided Search? b. What countries are included in Middle East/Africa in the Global Tax Guide collection? Use the BNA Tax and Accounting Center International tab to
> Use the BNA Tax and Accounting Center International tab to answer the following questions: a. Which countries are included in Tax Planning International Asia-Pacific? b. Using the Tax Treaties Comparison Tool, prepare a comparison chart of the U.S.–Austr
> Use CCH IntelliConnect to answer the following questions: a. How is a resident of Bermuda defined in its treaty with the United States? b. What legislation exists in Azerbaijan to deal with intercompany transfer pricing? c. What is the title of article 2
> Why should a Contents search typically be left to a more experienced researcher?
> Use CCH IntelliConnect to answer the following questions: a. What is the most recent article on UK VAT exemptions in the Global Daily Tax News? What does it discuss? b. Which article of the Estonia treaty discusses the U.S. taxation of students, apprenti
> Use RIA materials to answer the following questions: a. What are the countries listed as tax havens in the International Tax Systems and Planning Techniques database? b. What International Create-a-Charts are available for the taxation of students and tr
> a. What international sources are included in the International News/Current Awareness source heading? b. Which paragraph of the RIA Tax Treaty Editorial Explanations discusses the taxation of visiting students under the U.S.–Estonia treaty? c. What are
> Use Tax Analysts or LexisNexis Academic to answer the following questions: a. What tax treatment does the Argentina–France treaties indicate for earnings of nonresident students? What is the effective date of the agreement? b. What is the title and date
> Explain whether one can search the same libraries with the LexisNexis Academic Search engine and its Sources engine.
> Use the CCH IntelliConnect State Tax to answer the following questions: a. Did Alaska ever have a personal income tax? If yes, in what year did Alaska repeal the tax? b. Use the Multistate Quick Answer Charts to determine the diesel fuel tax for the stat
> Use the CCH IntelliConnect State Tax to answer the following questions: a. Does Hawaii allow estates a personal exemption? If yes, what is the amount, and which state statute allows such amount? b. Using the Browse window, drill down into any state with
> Use the CCH IntelliConnect State Tax to answer the following questions regarding the state in which the university you are attending is located: a. What is the title of the most recent article in State Tax Day related to this state? b. What is the most r
