week2 notes - 1 ?USDistrictCourt,TaxCourt,CourtofFederal...

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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.”
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