Chapter 2

Chapter 2 - Acct 3400 Taxation of Individuals Chapter 2...

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Acct 3400 Taxation of Individuals Chapter 2 Practice Questions Question 1: The Internal Revenue Code, Regulations, Revenue Rulings, and Revenue Procedures are issued by which of the following bodies: 1) Congress; 2) Department of Treasury; 3) Internal Revenue Service (IRS). Explanation: The Internal Revenue Code is law enacted by Congress. The Regulations, which may be Final, Temporary, or Proposed in nature, are issued by the Department of Treasury and correspond with the Internal Revenue Code Section on which they provide guidance. Revenue Rulings and Revenue Procedures are issued by the IRS. They provide the taxpayer with the IRS’s interpretation of the Code and Regulations. Question 2: Gordon has researched a particular tax issue, but has only found a Private Letter Ruling issued to another party which supports his position. Is Gordon likely to have success arguing that the Private Letter Ruling should apply to his case if he and the IRS litigate the issue in Court? Explanation:
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This note was uploaded on 03/26/2011 for the course ACTG 3400 taught by Professor Durkee during the Spring '11 term at Weber.

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Chapter 2 - Acct 3400 Taxation of Individuals Chapter 2...

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