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Assignment4A[1].LC - 1 Spring 2009 ASSIGNMENT 4 STATUTORY...

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Spring 2009 ASSIGNMENT 4 STATUTORY AUTHORITY: INTERNAL REVENUE CODE Learning Objectives At the end of this assignment, you will be able to Understand the relationship between the types of authority in tax and financial accounting . Describe in detail the nature of statutory sources of the tax law , including the Constitution, tax treaties, and the Internal Revenue Code Explain how statutory tax law has been and is created and how tax research resources (e.g., committee reports) are generated in this process Understand the significance of the Internal Revenue Code and know how to access and read its provisions Assignment Review the information about making tax law and the organization of the Internal Revenue Code in Chapter 2 of the Pratt-Kulsrud text . (See Statutory Law on pages 2-15 through 2-12 of the 2008 edition.) Stop at Administrative Interpretations—they will be covered in Lesson 5. Review the PowerPoint slides for Assignment 4. Because of the size of the file, it is posted in 3 parts. The questions for the Assignment 4A quiz begin on the next page. Complete these questions and then enter your answers on the quiz in Oncourse under Original Test and Survey . Complete the reading on Oncourse entitled Communicating Tax Research in preparation for Assignment 4B (and future assignments). A brochure “Facts about FASB” may be helpful in answering the first part of the quiz. Key Concepts Be familiar with each of the following items: Legislative Committee Reports Joint Conference Committee The Joint Committee on Taxation The “Blue Book” Limiting language Sunset provisions Transitional provisions IRS Section 7701 USC Title 26 1
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Assignment 4A QUIZ (35 QUESTIONS) STATUTORY AUTHORITY: INTERNAL REVENUE CODE I. Financial Accounting vs. Tax Accounting In trying to understand the rules and regulations relating to taxes, it may be useful to compare the development of the tax law with the development of financial accounting standards. While tax seems to be full of nothing but rules, rules, and more rules, financial accounting is much the same––even though most financial accountants don’t want to admit it! However, the tax law is far more extensive in its scope. To appreciate the authoritative nature of both financial and tax accounting rules, it is important to understand that the government ultimately controls both . The government (meaning all three branches—legislative, executive and judicial) determines how accountants should account for a particular transaction for purposes of financial accounting and how taxpayers should treat a particular transaction for tax purposes. Obviously, this is not to suggest that some members of Congress or the President sit in their offices thinking about accounting. But they have created the machinery for writing the rules.
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Assignment4A[1].LC - 1 Spring 2009 ASSIGNMENT 4 STATUTORY...

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