1) Locate Section 1245 of the Code and answer the following: Section 1245 is part of which:

a) Subtitle

b) Chapter

c) Subchapter

2) Locate the Committee Reports associated with each of the following Code sections. Give the Public Law (P.L0 numbers of the most recent committee for each Code section.

a) Section 25A

b) Section 117

3) What is found in each of the following subtitles of the Internal Revenue Code?

a) Subtitle B

b) Subtitle F

c) Subtitle C

5) Correctly cite the bolded item below:

SECTION 263A. CAPITALIZATION AND INCLUSION IN INVENTORY COSTS OF CERTAIN EXPENSES

a. Nondeductibility of certain direct and indirect costs

1. In general In the case of any property to which this section applies, any costs described in paragraph (2)

A. in the case of property which is inventory in the hands of the taxpayer, shall be included in inventory costs, and

B. in the case of any other property shall be capitalized.

6) Identify the general contents of each of the following Internal Revenue Code Sections:

a. Section 62

b. Section 163

c. Section 164

7) Can all tax questions be answered using the Internal Revenue Code? Why or why not.

8) Name the article and section of the U.S. Constitution that gives Congress the power to levy a tax.