Kelly Legner ch 2 homework

Kelly Legner ch 2 homework - Kelly Legner Chapter 2...

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Kelly Legner Chapter 2 Homework 1)a) Legislative Committee Reports – generated once the committee has completed its deliberations and develops a proposed bill, which describes the proposed changes to the IRC. b) The Joint Committee on Taxation – a non- legislative committee established by the Internal Revenue Code in 1926, consisting of ten members, five from the Senate Finance Committee and five from the House Ways and Means Committee. The staff works with the congressional legislative counsel and staffs of the House Ways and Means and Senate Finance committees to draft the bills and the committee reports. c) The Blue Book- the general explanation of new laws. d) USC- The United States Code. The Internal Revenue Code is a small part of a bigger set of federal statutory laws. e) Title 26 – The Internal Revenue Code f) Flush language- not directly preceded with any letter or number reference and is flush against the left margin of the page. g) Sunset provision-Provisions that are in effect for only a specified time period h) Terms of art – words that have a special meaning when used in the IRC. This meaning may differ from the usual meaning the words have when used outside the context of federal tax practice. i) IRC Section 7701- a section that contains definitions of over 50 terms. j) Limiting language –a provision to the Code that frequently uses “for purpose of” followed by one of the types of organizing divisions in the Code: title, subtitle, chapter, subchapter, and so on. k) Transitional provisions-provisions to the code that may involve a provision exempting a particular corporation or group of persons from the application of the Code amended. 8) a) Returns and records b) deduction of tax from wages c)presidential election campaign fund d)taxable year for which deductions are taken
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15) a) Internal Revenue Code b) Subtitle A c) Chapter 1 d) Subchapter B 16)a) Subsections a-q b) Capital contributions to Federal National Mortgage Association C) nothing 24) A) Section 221(a) Interest on education loans B) Section 162(a) Trade or business expenses C) Section 222(a) Qualified tuition and related expenses D) Section 7702(a) Life insurance contract defined E) Section 1503(a) Computation and payment of tax 25)A) 280G Golden parachute payments B) 3102 Deduction of tax from wages
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This note was uploaded on 05/23/2011 for the course ACCT 827 taught by Professor Gayden during the Spring '11 term at Governors State University.

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Kelly Legner ch 2 homework - Kelly Legner Chapter 2...

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