Acct 429 Week 7 Research Project

ACCT 429 Week 7 Research Project

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Performing tax research is an importa

nt part of tax practice. As outlined in Chapter 2 of your

textbook, tax law is developed through a number of different governmental entities. Congress

enacts the tax Code as statutory law. The Treasury Department is tasked with the

implementation of the

tax Code and, in the course of doing so, develops a number of

documents and materials to aid taxpayers in understanding the Treasury Department’s

interpretation of the code, including the Regulations. In turn, the Internal Revenue Service

(“IRS”) has the

direct responsibility for

implementing the tax Code and in assessing and

collecting the applicable tax from taxpayers. In the course of its duties, it also develops a

number of materials, including Revenue Rulings, Revenue Procedures, and Private Letter

Rulings, in which it sets forth its understanding of the tax laws. Finally, the federal courts

decide tax cases in which taxpayers contest the government’s interpretation of the tax laws. In

deciding these cases, the federal courts set forth binding inte

rpretation of what the tax laws

provide. All of these materials (often called primary resources) are important resources in

performing tax research. On top of these primary sources of tax law, there are a number of

secondary materials provided by various

organizations and publishers. These secondary

materials offer editorial analysis of the tax laws (somewhat akin to a Cliffs’ Notes

®

on tax laws)

to help tax practitioners understand the tax laws and apply them in given situations.

Just as with the first

project that was submitted in Week 3, t

he following assignment has

three

(

3

) different graded elements. Two of them require you to prepare tax file memoranda, while

the

remaining element requires

you to compose an essay answering the question asked. AS

S

UCH, YOU WILL BE SUBMITTING...