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Tax Law Research Worksheet – Week 1
Alicia Chavez
ACC/547 Taxation
January 11, 2016
Kristen Debbis
University of Phoenix Material
Tax Law Research Worksheet
Write an APA-formatted response of no more than 200 words for each the following questions:
The Internal Revenue Code (IRC) is the supreme source of income tax law. When trying to resolve an income tax question, a tax practitioner will look to other sources in addition to the IRC. For example, the tax practitioner may consult IRC regulations, revenue rulings, procedures, private letter rulings, and court cases. What are some reasons a tax practitioner would not consult the IRC only? Why is there a need for administrative rulings and court cases? If court cases conflict in their rulings, which ruling should you rely on? Why?
What are some reasons a tax practitioner would not consult only the IRC?
A good tax practitioner should consult several different methods, and research several means to locate information. The practitioner will start with the IRC, but will also research the areas mentioned, to gather additional information. Even though the circumstances may be similar, there is a grey area in each tax case. Circumstances can be used for determining how each case should be handled, based on the resolution of former cases. A good comparasion is a lawyer, when working on a case, the lawyer will exploren past cases in order to conclude various outcomes, and other means of action that can be observed.
Why is there a need for administrative rulings and court cases?
Because tax cases are similar, but all have different circumstances, there is a need for administrative rulings and court cases to set precedence, just as in a court of law for criminal cases. Administrative rulings also work to weed out the loopholes that taxpayers have found. When this takes place, the court can rule, and put the administrative ruling into immediate effect, so...