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kelly legner ch 3 hw - Kelly Legner Ch3 Homework 1)a...

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Kelly Legner Ch3 Homework 1)a) Proposed regulations- the law requires all regulation to be published first in a proposed format for a minimum of 30 days. This provides an opportunity for interested parties to moment before the proposed regulations become final. Proposed regulations may remain in this proposed status for an unlimited period of time. b) temporary regulations- regulation are also issued in temporary form . While temporary, they are also proposed and thus open for comment and revision. Temp regs usually differ from regular proposed regulations because they are considered to be authoritative and binding. c) final regulations- may bind both the IRS and the taxpayer. Frequently provide an authoritative and useful tool to help in understanding the IRC. Released by the Treasury Department through treasury decisions. d) Preamble to regulations- the treasury decisions often include preambles that may provide useful introductory and contextual information about the specific regulation e) 26 CFR- Title 26 of the United States code, code of federal regulations. f) Internal Revenue Bulletin- the IRS publishes treasury decisions in the Internal revenue bulletin. g) Cumulative Bulletin- all federal tax committee reports are published in cumulative bulletins. The IRB is published on a weekly basis and is compiled semiannually in a hardbound service called the Cumulative Bulletin. h) Revenue Ruling- like mini cases, often providing an analysis of a transaction and the relevant tax laws. They address the code’s application in a specific, unnamed, hypothetical taxpayer’s situations. Issued by the national office of the IRS, sometimes in response to taxpayer inquires, court decisions, or simply out of a perceived need for additional guidance. i) Revenue procedures- not fact specific but offer important procedural information. Usually follow a format similar to revenue rulings. j) citator- the citator works by listing all cases, revenue rulings, and revenue procedures that have ever cited the revenue you wish to rely on. k) Private letter ruling- IRS letter rulings in response to a specific taxpayer’s letter outlining a proposed transaction and requesting clarification as to the application of particular federal tax laws to the transaction.
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