Chapter 2 HW Solutions

Chapter 2 HW Solutions - Chapter 2 Homework Solutions 11....

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Chapter 2 – Homework Solutions 11. The items would probably be ranked as follows (from highest to lowest): (1) Internal Revenue Code. (2) Legislative Regulation. (3) Interpretive Regulation. (4) Revenue Ruling. (5) Proposed Regulation (most courts ignore Proposed Regs.). (6) Letter ruling (valid only to the taxpayer to whom issued). pp. 2-7 to 2-11, 2-28, 2-29, and Exhibit 2.1 19. The major advantage of a U.S. District Court is the availability of a trial by a jury. One disadvantage of a U.S. District Court is that the tentative tax deficiency first must be paid before the Court will hear and decide the controversy. In the U.S. Tax Court, the tax need not be paid prior to litigating the controversy (although interest will be due on an unpaid deficiency). pp. 2-12 to 2-14 21. The main advantage of the U.S. Court of Federal Claims occurs when a taxpayer’s applicable Circuit Court previously has rendered an adverse decision. Such a taxpayer may select the U.S. Court of Federal Claims since any appeal will be to the Federal Circuit. One disadvantage of the U.S. Court of Federal Claims is that the tentative tax deficiency
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This note was uploaded on 05/31/2011 for the course ACCT 421 taught by Professor May during the Spring '11 term at IPR.

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Chapter 2 HW Solutions - Chapter 2 Homework Solutions 11....

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