AC 750 Chapter 2

AC 750 Chapter 2 - Chapter 2 The Tax Law Tax Authority...

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The Tax Law Chapter 2
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AC 750 - Research, Ethics, Professional Tax Authority Authoritative  Hierarchy of the Law: Internal Revenue Code Treasury Regulations Revenue Rulings Revenue Procedures Court Cases Letter Rulings Tax Treaties prevail if more recent Primary  versus  Secondary  Sources of law Explanations of law by the IRS (IRS publications) or others (CCH) 2 Issued by Legislative, Judicial or Executive branch of the government
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AC 750 - Research, Ethics, Professional When do you stop looking for authority? Get as specific and definitive as possible. Example 1:  Are acupuncture fees a deductible medical expense? IRC:  There shall be allowed as a deduction the expenses…for medical care…or the  diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of  affecting any structure or function of the body… Regulations: silent Rev. Rul. 72-593:  acupuncture expenses are deductible 3
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This note was uploaded on 03/19/2012 for the course ACC 750 taught by Professor Tracynoga during the Spring '12 term at Bentley.

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AC 750 Chapter 2 - Chapter 2 The Tax Law Tax Authority...

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