Chapter 2 Solutions - h. D, T, and C. pp. 2-12, 2-13,...

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Chapter 2 Solutions 1. This statement is not necessarily correct. In structuring business transactions and engaging in other tax planning activities, a tax advisor must be cognizant that the objective of tax planning is not necessarily to minimize the tax liability. Instead, a taxpayer should maximize his or her after- tax return, which may include maximizing nontax as well as noneconomic benefits. p. 2-2 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 45. a. T. p. 2-13 and Concept Summary 2.1 b. A. p. 2-19 and Concept Summary 2.2 c. D, C, A, and U. p. 2-19 and Concept Summary 2.2 d. D, C, A, and U. p. 2-19 and Concept Summary 2.2 e. U. p. 2-16 f. C and U. pp. 2-12 and 2-13 g. D. p. 2-13 and Concept Summary 2.1
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Unformatted text preview: h. D, T, and C. pp. 2-12, 2-13, Figure 2.3, and Concept Summary 2.1 i. A and U. pp. 2-14 to 2-16 and Figure 2.3 j. C. p. 2-14, Footnote 19, Concept Summary 2.1 and Figure 2.3 k. T. pp. 2-11 and 2-30 l. T. p. 2-13 and Concept Summary 2.1 46. a. N, a cite for an IRS Revenue Ruling. b. T, U.S. Tax Court. c. A, U.S. Circuit Court of Appeals. d. U, U.S. Supreme Court. e. T, U.S. Tax Court (previous name of the Tax Court). f. D, U.S. District Court. Page 1 Chapter 2 Solutions g. T, U.S. Tax Court. h. N, a cite for a Letter Ruling. i. T, U.S. Tax Courts Small Cases Division decision. pp. 2-10, 2-16 to 2-19, and Concept Summary 2.2 47. a. P. b. P. c. P. d. S. e. P. f. S. g. P. Valid for 3 years. h. P. i. N. j P. pp. 2-7 and 2-31 48. a. U.S. b. CCH. c. W. d. RIA. e. CCH. f. RIA. g. U.S. h. U.S. i. W. j. U.S. pp. 2-7, 2-16 to 2-19, and Concept Summary 2.2 49. a. E. b. E. Page 2 Chapter 2 Solutions c. A. d. A. e. A. pp. 2-33 to 2-35 Page 3...
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Chapter 2 Solutions - h. D, T, and C. pp. 2-12, 2-13,...

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