week2 notes - 1 Where can tp litigate a tax dispute US...

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Unformatted text preview: 1. Where can tp litigate a tax dispute? US District Court, Tax Court, Court of Federal Claims Which court do you have to pay to play? US District Court 2. Accrual method – tax deductions taken when? incurred Income declared when? When revenue is invoiced Cash method – deductions? When cash received Declared? When paid. 3. Tax avoidance? Savings of tax dollars Tax evasion? Understatement of income, claiming fictitious deduc, accounting irregularities, allocation of income-fictitious partners, acts and conduct of tax payer- reason for questions from IRS **failure to disclose completed transaction 4. Explain assignment of income doctrine. **Income is taxed to the party that earned it. It can’t be transferred to another party. How could income taxes be reduced w/o it? ** 5. Common body of law – what is it? (4 components) Judicial – Courts “S. Ct.” Administrative – IRS (RR-revenue ruling, RP-revenue procedure, TIR-technical info release, PLR-private letter ruling, TAM-technical advice memorandum, DL-determination...
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This note was uploaded on 11/15/2010 for the course ACCOUNTING AC553 taught by Professor Seegmiller during the Spring '10 term at DeVry Denver.

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week2 notes - 1 Where can tp litigate a tax dispute US...

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