Chapters 1-2 v2 - 1 The American College The American College Federal Tax Chapters 1 2 Federal Tax Chapters 1 2 2 Secondary Sources of Authority

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Unformatted text preview: 1 The American College: The American College: Federal Tax: Chapters 1 - 2 Federal Tax: Chapters 1 - 2 2 Secondary Sources of Authority ■ Tax services (CCH, RIA, BNA, WG&L, Mertens) ■ Periodicals ■ Texts ■ Newsletters ■ Tax Facts (for financial professionals) Tax Authority Tax Authority 3 Primary Tax Authority Primary Tax Authority Legislative Authority: ■ IRC of 1986 (also 1939, 1954) ■ Tax Treaties ■ U.S. Constitution ■ Committee Reports Administrative Authority: ( Executive Authority ) ■ Treasury Regulations ■ Revenue Rulings ■ Private Letter Rulings ■ Determination Letters Judicial Authority: ■ U.S. Supreme Court ■ Appeal Courts ■ Trial Courts & Small Claims Court (of Tax Court) 4 Functions of the Income Tax Functions of the Income Tax System System ■ Revenue-Producing Function ■ Economic Function ■ Encourage consumer spending ■ Savings and investment ■ Social Function ■ Wealth redistribution (progressive tax) ■ Regulatory Function ■ Discourage undesirable activities Tax Legislation Process...
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This note was uploaded on 06/06/2011 for the course ACE 346 taught by Professor Peter during the Spring '11 term at University of Illinois, Urbana Champaign.

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Chapters 1-2 v2 - 1 The American College The American College Federal Tax Chapters 1 2 Federal Tax Chapters 1 2 2 Secondary Sources of Authority

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