Question

1:15-6 A friend notices that you are reading the Internal Revenue Code of 1986. Your friend inquires why you are consulting a
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Internal Revenue Code of 1986 is updated for all statutory changes to Title 26 of the U.S. Code subsequent to 1986. Therefore it includes the tax law changes after 1986. Thus it reflects the state of the law at the time being in force.

In 2017, the House of Representatives Bill H.R. 29, The Tax Code Termination Act, was filed to abolish the Internal Revenue Code of 1986 by the end of 2021. Until that or a similar event finally happens, the Internal Revenue Code of 1986 will have its relevance.

Hope this helps.
Please leave a thumbs up.
Thank you!

Add a comment
Know the answer?
Add Answer to:
1:15-6 A friend notices that you are reading the Internal Revenue Code of 1986. Your friend...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Which of the following statements is not a characteristic of the Internal Revenue Code? A) The...

    Which of the following statements is not a characteristic of the Internal Revenue Code? A) The basis of Congressional authority for the Federal income tax is the Sixteenth Amendment to the U.S. Constitution. B) Changes made in the tax law after 1986 are incorporated into the 1986 Code as amended. C) Any change in the Internal Revenue Code generally starts in the House of Representatives. D) When a tax advisor is citing a particular item within the Internal Revenue Code,...

  • 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....

  • The Internal Revenue Code (legislated by Congress) is the highest tax authority in the country. The...

    The Internal Revenue Code (legislated by Congress) is the highest tax authority in the country. The Internal Revenue Service (IRS) enforces the tax laws. And if there is a disagreement between the taxpayer and the IRS, the matter may be litigated in court. Then you have tax professionals that represent taxpayers before the IRS. Tax professionals are bound by standards established by both the IRS and the American Institute of Certified Public Accountants (AICPA). Two questions: Do you think there...

  • What are different types of carbohydrates that you consume in your diet? When reading the Nutrition...

    What are different types of carbohydrates that you consume in your diet? When reading the Nutrition Facts Panel on a food label, what information can you find about carbohydrate in that food? It has been said that “fiber is your friend.” Why might fiber be an important carbohydrate to include in your diet? How do you know if you are consuming an adequate amount of fiber in your diet? Is fiber from food the same as fiber from supplements? Why...

  • 1. You need $50 immediately and your enterprising 'friend' offers to lend you the money for...

    1. You need $50 immediately and your enterprising 'friend' offers to lend you the money for one week if you pay him an extra $5. $5 doesn't seem like much so you take the loan. a. A: What effective interest rate per week is your friend charging? b. B: What nominal interest rate per year is your friend charging? c. C: What effective interest rate per year is your friend charging? d. D:Do you keep your 'friend' as a friend?...

  • L LTE 2:41 PM Module 2 Discussion The 2017 Tax Cuts and Jobs Act ("TCJA") is the most significant...

    l LTE 2:41 PM Module 2 Discussion The 2017 Tax Cuts and Jobs Act ("TCJA") is the most significant overhaul to the Internal Revenue Code since 1986. You can get a brief overview of the TCJA here. Everything you'll be learning in this course is in accordance with the new laws that are effective beginning this tax year (2018); however, l'd like you to consider certain differences when compared to the prior law to get a better understanding of the...

  • Playing Dice 1 point possible (graded) You and your friend play dice games for fun, but...

    Playing Dice 1 point possible (graded) You and your friend play dice games for fun, but one day you suspect that the die your friend uses is not fair. You will gather data and use the tools of hypothesis testing in this problem to provide a plausible answer as to whether or not the die is tan Pp Your statistical model is ({1,2,3,4,5,6},{Pp ). You roll the die 15 times, writing the sample as random variables X1,..., X15 where p...

  • You are wanting to communicate secret messages with your friend, and you choose to do this with matrices. The encoding matrix that you choose to use is 2 -2 -1 6 You use the following key to convert...

    You are wanting to communicate secret messages with your friend, and you choose to do this with matrices. The encoding matrix that you choose to use is 2 -2 -1 6 You use the following key to convert your message into a string of numbers, where "O" is used as a placeholder where required. A B C D EF G H IJ K L M 10 2 11 24 19 5 25 20 3 7 16 6 14 N O...

  • Question 1 You are waving your hand frantically to get the attention of your friend across...

    Question 1 You are waving your hand frantically to get the attention of your friend across the street. Finally, they see you and head your way. You think “Thanks ________ system for getting my hand to get the attention of my friend.” a. parasympathetic b. sympathetic c. somatic d. afferent Question 2 Imagine that the parts of the brain can speak. As you look at a black widow spider coming towards you, which part would say, “I am your internal...

  • can you please answer all these questions. thank you 12:15 NO. + Expert Q&A 0 +...

    can you please answer all these questions. thank you 12:15 NO. + Expert Q&A 0 + 1, what are the requirements for corporations to file a consolidated tax return? 2, what if any benefits are there to filling a consolidated tax return? 3, can a non U.S. corporation join in the filing of a consolidated tax return? 4, how do you determine if a corporation has goodwill for tax purposes? 5 assume corporation records goodwill of $18,000,000 in the current...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
Active Questions
ADVERTISEMENT