Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
45 Cards in this Set
- Front
- Back
|
What are two souces of law?
|
Primary Sources, Secondary Sources
|
|
|
What are primary sources?
|
statutory, administrative, judicial
|
|
|
What are secondary sources?
|
Tax Services, Journals, Newsletters, Texts/Treatises
|
|
|
The US Constitution says that Per capita and direct taxes are...
|
illegal unless revenues are apportioned to population in which they were collected.
|
|
|
The US Constitution says that estate and gift taxes are ...
|
are excise taxes on the transfer of property
|
|
|
What does the 16th amemdment state?
|
The congress shall have the power to lay and collect taxes on incomes from whatever sources derived, without papportionment among the several states, and without regard to any census or enumeration.
|
|
|
What are tax treaties?
|
Agreements between countries concerning tax treatment in both countries.
|
|
|
What is the primary purpose of a tax treaty?
|
To eliminate double taxation
|
|
|
A country may have multiple...
|
treaties with another country, based income, estate adn excise tax
|
|
|
There were periodic revenue acts of the internal revenue code pre-
|
1939
|
|
|
Acts were codified in 1939 then recodified in
|
1954 to the current numbering system
|
|
|
The Internal rev code was renamed in
|
1986
|
|
|
What are the steps of the legislative process of the Internal revenue code (8)?
|
-House ways and means committee
-Voted by House -Senate finance committee -Voted by senate -Joint Conference Committee Reconciles -Revised Bill Voted by the house and senate -signed by president -incorportated into the IRC |
|
|
What are the primary levels found in the IRC?
|
Titles
Subtitles Chapters Subchapters Parts Sub Parts Sections Subsections Paragraphs Sub Paragraphs Clauses Subclauses (capital roman numeral) |
|
|
What are Administrative sources of law?
|
Regulations
Revenue Rulings Revenue Procedures Letter Rulings Other pronouncements (all from Treasury) |
|
|
What are regulations?
|
Treasurys official interpretation of code
|
|
|
Under what code does the secretary of treasury prescribe to regulations?
|
Section 7805
|
|
|
What are regulations released in the form of?
|
Treasury decisions
|
|
|
How often are regulations/treasury decisions released?
|
Weekly
|
|
|
What are three types of regulations?
|
Proposed, Final, Temporary
|
|
|
What are proposed regulations?
|
Most regulations start here and have 30 day minimum. Tresury decisions are called this during and before the hearing process, no effect on law, dont have to follow but def important
|
|
|
What are final regulations?
|
integrated with previously approved treasury decisions and consititue the full set of IRS regulations
|
|
|
What are temporary regulations?
|
Response to or judicial change tax law or its interpretation. effective immediatley upon publication , expire after 3 years
|
|
|
What are two types of final regulations?
|
General and legislative regulations
|
|
|
What are general regulations?
|
regs that are issued under general autority of IRS to interpret teh language of the code, but do not carry same authority of statutes (one step below code)
|
|
|
What are legislative regs?
|
congress directs irs to provide details for tax statutes b/c they are complex and carry same authority of statutes
|
|
|
What are temorary regulations?
|
Issued in response to congressional or judicial change, and provide immediate gu8idance and are simultaneous posted as proposed regs
have force of final regs 3 year exp |
|
|
Decribe citing of regs
|
1st number: type
2nd: code section 3: reg number T: temporary denotation |
|
|
Three ways of locating regulations?
|
Intenral rev bulletin
Cumulative Bulletin Commercial publishers |
|
|
revenue rulings?
|
pronouncements of IRS but are applications of the code and regs to specific factual situations
|
|
|
What does the rev ruling include?
|
Issues
Facts Law and analysis Holdings |
|
|
temp citatings found in IRB, permanentWW citations in
|
Cum Bulletin
|
|
|
What do revenue procedures deal with?
|
deal with internal proactice and preceedings of irs in administering tax law
|
|
|
Letter rulings? 3
|
private letter ruling
technical advice memo determination letters |
|
|
What is a private letter ruling?
|
jin response to taxpayer request for irs position on tax issue (before transaction)Cannot use as authority b/c IRS not bound by this
|
|
|
What is technical advie memo
|
from ires concerning completed trasnaction, after transaction
|
|
|
Determination letter
|
like priv letter ruling but issued by local irs office
|
|
|
Describe citaton of Private letter ruling
|
9 digit number
year week issued ruling nummber |
|
|
aquiesences and non
|
useful pronouncements (sort of)
irs's decision to follow or not follow fcourt decision |
|
|
What are two federal trial courts?
|
Trial - all litigation begins here
Appellate- appeal |
|
|
What are 3 federal trial courts
|
tax court,
district courts court of claims |
|
|
Board of tax appeals was what years?
|
pre 1943
|
|
|
Admin court was what years?
|
1943-1969
|
|
|
judges in tax court?
|
19
|
|
|
Term of judges?
|
15
|
