Indiv. 2008 TB Ch 15

Indiv. 2008 TB Ch 15 - Chapter I:15 Tax Research True-False...

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Chapter I:15 Tax Research True-False I:15-1. The Statements on Standards for Tax Services provide guidance for CPAs in tax practice. T. p. I:15-2. I:15-2. With regard to tax research, in a closed-fact situation, the client contacts the tax advisor after completing a transaction and facts cannot be modified. T, p. I:15-2. I:15-3. The term “tax law” as used by most tax advisors encompasses administrative and judicial interpretations in addition to the Internal Revenue Code. T, p. I:15-7. I:15-4. If the House and Senate versions of a bill differ, it is referred to the Joint Committee on Taxation. F, p. I:15-7. Solution: The bill is referred to a House-Senate Conference Committee. I:15-5. The Internal Revenue Code is the foundation of all tax law. T, p. I:15-8. I:15-6. The Internal Revenue Code includes provisions dealing with the federal income tax only. F, p. I:15-8. Solution: The IRC contains provisions dealing with income taxes, estate and gift taxes, employment taxes, alcohol and tobacco taxes, and other excise taxes. I:15-7. If regulations are issued prior to the latest tax legislation dealing with a specific Code section, the regulations are no longer effective to the extent they conflict with the provisions in the new legislation. T, p. I:15-9. I:15-8. Interpretive regulations are issued by the Treasury Department to provide interpretations and illustrations of the Code. T, p. I:15-10. I:15-9. Generally, tax statutes are controlling where they conflict with the regulations. T, p. I:15- 10. I:15-10. A court is unlikely to invalidate a legislative regulation because it recognizes that Congress has delegated to the Treasury Department authority to issue a specific set of rules. T, p. I:15-10. I:15-11. A revenue ruling, which represents the IRS’s view of the tax law, is considered the same level of authority as the regulations. F, p. I:15-12. I:TB15-1
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I:15-12. Rev. Proc. 98-19 is a revenue procedure that was published in 1998. T, p. I:15-12. I:15-13. A letter ruling is binding only to the taxpayer to whom the ruling was issued. T, p. I:15-12. I:15-14. Because letter rulings apply only to the taxpayer to whom it is addressed, letter rulings are not accessible to the general public. F, p. I:15-13. Solution: As a result of Section 6110, letter rulings are accessible to the general public. I:15-15. Technical advice memoranda are issued by the Internal Revenue Service National Office to provide an answer to a technical question that arises in an audit. T, p. I:15-13. I:15-16. In tax matters, there are three trial courts in which litigation may begin: the U.S. Tax Court, U. S. District Courts, and the U.S. Supreme Court. F, p. I:15-14. Solution: Litigation may begin in the U.S. Tax Court, U.S. District Court, or the Court of U.S. Federal Claims.
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This note was uploaded on 11/18/2008 for the course ACCT 45089 taught by Professor Instructor during the Spring '08 term at University of Phoenix.

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Indiv. 2008 TB Ch 15 - Chapter I:15 Tax Research True-False...

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