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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