Chapter2_Lecture - Chapter 2 Working with the Tax Law...

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Chapter 2 Working with the Tax Law Statutory Sources of Tax Law Internal Revenue Code Codification of the Federal tax law provisions in a logical sequence Have had three codes: 1939, 1954, 1986 Example of Code Citation: § 2(a)(1)(A) 2 = section number (a) = subsection (1) = paragraph designation (A) = subparagraph designation Legislative Process For Tax Bills
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Tax Treaties The U.S. signs tax treaties with foreign countries to: Render mutual assistance in tax enforcement Avoid double taxation Neither a tax law nor a tax treaty takes general precedence When there is a direct conflict, the most recent item will take precedence A taxpayer must disclose on the tax return any position where a treaty overrides a tax law Administrative Sources of Tax Law Treasury Department Regulations Revenue Rulings Revenue Procedures, and Various other administrative pronouncements Regulations (slide 1 of 4) Issued by U.S. Treasury Department Provide general interpretations and guidance in applying the Code Regulations Issued as: o Proposed: preview of final regulations Do not have force and effect of law o Temporary: issued when guidance needed quickly Same authoritative value as final regulations o Final: Force and effect of law Example of Regulation citation: Reg. § 1.2 Refers to Regulations under Code § 2 Subparts may be added for further identification The numbering patterns of these subparts often have no correlation with the Code subsections Example of Proposed Regulation citation: Prop. Reg. § 1.2 Example of Temporary Regulation citation: Temp. Reg. § 1.199–8T Revenue Rulings Officially issued by National Office of IRS o Provide specific interpretations and guidance in applying the Code o Less legal force than Regulations o Issued in IRB and accumulated in the Cumulative Bulletins Example of Temporary Revenue Ruling citation o Rev.Rul. 2008–16, I.R.B. No. 11, 585
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Explanation: Revenue Ruling Number 16, appearing on page 585 of the 11 th weekly issue of the Internal Revenue Bulletin for 2008 Example of Permanent Revenue Ruling citation o Rev.Rul. 2008–16, 2008–1 C.B. 585 Explanation: Revenue Ruling Number 16, appearing on page 585 of Volume 1 of the Cumulative Bulletin for 2008
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Chapter2_Lecture - Chapter 2 Working with the Tax Law...

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