Statutory Service of the Law Internal Revenue Code o Tax Treaties The US signs

Statutory service of the law internal revenue code o

This preview shows page 1 - 3 out of 3 pages.

Statutory Service of the Law Internal Revenue Code o Tax Treaties The US signs tax treaties with foreign countries to: o Avoid double taxation o Render mutual assistance in tax enforcement Neither a tax law nor a tax treaty takes general precedence o When there is a direct conflict, the most recent item will take precedence o A taxpayer must dislose…. Administrative sources of Tax Law Treasury Regulations Revenue Rulings Revenue Procedures Various other administrative pronouncements Regulations
Image of page 1
Issued by U.S Treasury Department o Provide general interpretations and guidance in applying the Code Revenue Rulings Officially issued by National Office of IRS o Provide specific interpretations and guidance in applying the Code o Less legal force than Regulations o Issued in IRB and accumulated in the Cumulative Bulletins Revenue Procedures Concerned with the internal management practices and procedures of IRS Private Letter Rulings (PLR) Provide guidance to taxpayer on how a transaction will be taxed before proceeding with it o Issued for a fee upon a taxpayer’s request o Describe how the IRS will treat a proposed transactions Judicial Sources There are three courts of original jurisdictions o U.S. Tax Court o U.S. District Court o U.S. Court of Federal Claims
Image of page 2
Image of page 3

You've reached the end of your free preview.

Want to read all 3 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes