Assig4[1].1.LC

Assig4[1].1.LC - Primary Authorities Statutory Sources of...

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Assignment 4   Primary   Authorities Statutory Sources of Federal Tax Law (File 1 of 3 files)
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Let’s talk about who really decides if you will or will not pay taxes . There are three sources of statutory tax law. What are they?
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STATUTORY Sources of Federal Tax Law THE SOURCE It all starts here! The halls of Congress
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THE AGENDA In this assignment, you will consider the 1. Use of the Internal Revenue Code (referred to by tax geeks as the “IRC” or the “Code”) 2. Origin of the IRC and the legislative process 3. Organization of the Code 4. Proper citation of the Code 5. Analysis of Code provisions
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In this assignment, we’re talking about the LAW the real LAW the BLACK LETTER LAW the LAW passed by Congress and which I either approve or veto!
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Here are three examples of income tax laws enacted by Congress. Section 61 Gross income defined . (a) General definition. Except as otherwise provided in this subtitle, gross income means all income from whatever source derived, including (but not limited to) the following items . . . Section 162 Trade or business expenses . (a) In general. There shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business. . . Section 262 Personal, living, and family expenses. (a) General rule. Except as otherwise expressly provided in this chapter, no deduction shall be allowed for personal, living, or family expenses.
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Statutory Sources of Federal Tax Law Statutory Enacted, regulated, or authorized by statute Statute: a law enacted by a legislature Unlike GAAP, these tax rules have legal authority Three sources of statutory tax law 1. Constitution 2. Treaties 3. Acts of Congress
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Let’s start with the Constitution. The Constitution authorizes Congress to impose taxes. You rarely see Constitutional issues in the tax area (i.e., is this Constitutional or unConstitutional?) but there have been a few.
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Check out these recent “Constitutional issues.” Note that today it is rare to see a tax issue involving the Constitution. RECENT NONTAX CONSTITUTIONAL ISSUES : Is death penalty for juveniles (< 18 at time of offense) unconstitutional ? Supreme Court said death penalty for juveniles is unconstitutional (3/1/05) Are dog searches of a car stopped for a traffic violation unconstitutional ( i.e., a violation of our right to privacy under the Fourth Amendment)? Supreme Court said dog searches are allowed (1/24/05) Is it unconstitutional to display the Ten Commandments on public property? Do candidates, committees, special interest groups and individuals have the constitutional right to spend all the money they wish for campaign advertisements?
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Before proceeding, we should return to yesteryear and make a few comments about the Constitution! You may have forgotten your U.S. history.
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Remember 9 th grade history Oh my!
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Here it is…so what is it?
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Here is what Webster’s says about “constitution.” 1. The composition or structure of something; makeup. 2.
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This note was uploaded on 06/23/2009 for the course BUPA 551 taught by Professor Susan during the Spring '09 term at IUPUI.

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Assig4[1].1.LC - Primary Authorities Statutory Sources of...

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