Homework Answers
Below are the administrative source of tax law -
1. Revenue rulings
2. Treasury Regulations
3. Revenue procedures from IRS
So, in the given question, Answer a. Is correct, that is, Revenue Ruling 2010-19. Joint Conference Committee Report and Section 12(a) of the Internal Revenue Code are not an administrative source of tax law.
Therefore, the correct answer is option a.
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12. Which of the following is an administrative source of tax law? a. Rev. Rul. 2010-19....
D. ILU,VOU ParentCo owned 100% of SubCo for the entire year, and both co 100% of...
D. ILU,VOU ParentCo owned 100% of SubCo for the entire year, and both co 100% of SubCo for the entire year, and both companies use the accrual method of tax accounting. During the year, SubCo purchased $20,000 of supplies from Par SubCo purchased $20,000 of supplies from ParentCo. In addition, SubCo provided Internal audit services to ParentCo, which were worth $40,000. Including these which were worth $40,000. Including these transactions, ParentCo's separate consolidated taxable income for the year? 000, and...
Which, if any, of the following statements is not accurate? a. Every Code section has a...
Which, if any, of the following statements is not accurate? a. Every Code section has a treasury regulation. b. The current Code is the 1986 Code, as amended. c. Code sections inserted between consecutive existing section numbers are indicated by adding a capital letter to the Section number (for example Section 2032A). d. None of the statements is accurate. 2. If any differences exist between the House of Representatives and the Senate passed versions of a tax bill, then a....
Question 9 (6 points) For each of the following tax sources, indicate whether the source is...
Question 9 (6 points) For each of the following tax sources, indicate whether the source is Primary Legislative authority, Primary Administrative authority, Primary Judicial authority. or a Secondary Source. Tax source responses can be used more than once. Each response is worth 1 point. Final Treasury Regulations Your tax textbook 1. Primary - Legislative House Ways and Means Committee Report 2. Primary - Administrative Internal Revenue Code Section 3. Primary - Judicial 4. Secondary Source 8th Circuit Court of Appeals...
which statements is not true about tax law sources? a. The Internal Revenue Code serves as...
which statements is not true about tax law sources? a. The Internal Revenue Code serves as the highest legislative authority for tax research, planning and compliance activities. b. Administrative tax law sources include regulations and revenue rulings. C. A taxpayer can choose any trial court and be assured that the ruling will be the same for all taxpayers with the same fact situation. d. A Tax Court Regular decision has the same authoritative weight as a Memo decision. e. None
Which one of the following is not a primary authority of tax law? A) Code §...
Which one of the following is not a primary authority of tax law? A) Code § 1245(b)(3) B) Regulations § l.47-3(f)(2) C) May v. U.S., 81-1 USTC )[9286, 47 AFTR2d 81-1124, 644 F.2d 578 (CA-6, 1981) D) Bailey, "Using Voting Preferred Stock to Avoid CFC Status," The International Tax Journal 2 (January 1976) pp. 101-13 E) Revenue Rul. 80-219, 1980-2 C.B. 18
Which of the following sources has the highest tax validity? a. Revenue Ruling b. Revenue Procedure...
Which of the following sources has the highest tax validity? a. Revenue Ruling b. Revenue Procedure c. Regulations d. Internal Revenue Code section e. None of these
1. There are both Primary and Secondary Tax Law Sources Which of the following is a...
1. There are both Primary and Secondary Tax Law Sources Which of the following is a Primary Source? A. General Counsel Memorandum B. U.S. Circuit Court of Appeals Decision C. Technical Advice Memorandum D. Harvard Law Review article 2. Which of the following is a false statement? A. Taxation is an important and exciting topic due to constant change by the three branches of our Federal government. B. All states tax the sale of gasoline and...
1. In addition to committee reports, which are byproducts to the development of tax legislation, what...
1. In addition to committee reports, which are byproducts to the development of tax legislation, what other report may be of value to the tax researcher analyzing a new provision of the tax law? Why? 2. How are the subtitles of the Internal Revenue Code identified? What is generally contained in a subtitle? 3.What is the evolution of today s Internal Revenue Code. 4.How are the subtitles of the Internal Revenue Code identified? What is generally contained in a subtitle?
1. Which of the following is true of the Internal Revenue Code of 1986? a. It...
1. Which of the following is true of the Internal Revenue Code of 1986? a. It includes statutes and regulations. b. It has not been changed since 1986. c. Each Code section has a number that is unique from others. d. More than one is true. 2. Which of the following is not true of the Treasury Regulations? a. They are an official interpretation of the statute by the Treasury Department. b. They are organized by Code Section numbers. c....
In order to show that a tax preparer’s application of tax law was in line with...
In order to show that a tax preparer’s application of tax law was in line with the intent of the tax law, the preparer should cite which of the following types of authoritative sources to make the most convincing case? A. Technical advice memorandum of another, similar case. B. Delegation order. C. Committee report. D. IRS publication.
D. ILU,VOU ParentCo owned 100% of SubCo for the entire year, and both co 100% of SubCo for the entire year, and both companies use the accrual method of tax accounting. During the year, SubCo purchased $20,000 of supplies from Par SubCo purchased $20,000 of supplies from ParentCo. In addition, SubCo provided Internal audit services to ParentCo, which were worth $40,000. Including these which were worth $40,000. Including these transactions, ParentCo's separate consolidated taxable income for the year? 000, and...
Question 9 (6 points) For each of the following tax sources, indicate whether the source is Primary Legislative authority, Primary Administrative authority, Primary Judicial authority. or a Secondary Source. Tax source responses can be used more than once. Each response is worth 1 point. Final Treasury Regulations Your tax textbook 1. Primary - Legislative House Ways and Means Committee Report 2. Primary - Administrative Internal Revenue Code Section 3. Primary - Judicial 4. Secondary Source 8th Circuit Court of Appeals...
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