Principles of Taxation for Business and Investment Planning, Ch. 5
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| What are the two types of tax research? | 1) Compliance and 2) Planning
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| ___ __________ is the process by which the tax consequences of a completed or proposed transaction are determined. | Tax research
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| What are the six steps to tax research? GILARD | Get the facts, Identify the issues, Locate relevant authority, Analyze authority, Repeat, Document your research
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| What are the two classes of tax authority? | 1) Primary and 2) Secondary
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| What are the three branches of primary authority? | Legislative, Executive/Administrative, and Judicial
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| Any publication created by the government could be considered ________ authority. | primary
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| The three branches of government are: | 1) Legislative (Congress), 2) Executive/Administrative (President and agencies), and 3) Judicial (court system).
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| Congress is responsible for __________ laws. | creating
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| True or False? The constitution always has the ultimate authority. | True
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| What amendment deals with taxes in the U.S. Constitution? | The sixteenth (16th)
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| The constitution is a _______ authority and part of the __________ branch. | primary, legislative
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| “The Code” refers to the Internal Revenue Code of ___________. | 1986
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| The Code uses ___________ language and is written with a legislative __________. | statutory , intent
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| True or False? The U.S. legislative branch has created tax treaties with other countries. | True
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| The primary authority legislative branch uses two main sources for tax authority: The U.S. constitution and __________. | the internal revenue code
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| Title ______ of the United States Code talks about taxes. | 26
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| What are the steps for a bill to become law? | 1) Start at House Ways and Means Committee 2) Full House of Representatives 3) Senate-Finance Committee 4) Senate Votes 5) Bill goes to Joint Conf. Committee 6) Back to vote for both 7) President vetoes or signs
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| Treasury regulations help to ________ the law. | interpret
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| The IRS is under the authority of the _____ ____ _________. | department of treasury
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| Treasury regulations are (interpretive/legislative). | interpretive
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| What are the three types of treasury regulations? | Proposed, temporary, and final.
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| Treasury Regulations share almost equal authority with ____________. | the I.R. Code
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| Revenue Rulings and Procedures are the highest authority created by the __________ ________ ___________. | internal revenue service
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| Revenue rulings tell you how you should (solve a problem/file your taxes). | solve a problem
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| Procedures created by the IRS tell you when to file a 1040. True or False? | True.
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| Private Letter Rulings are used for low risk audits. True or False? | False. PLR are used for high risk audits.
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| Private Letter Rulings are binding to the IRS for every U.S. citizen. True or False? | False. PLR are only binding to the individual that wrote in.
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| Private Letter Rulings are not available to the public. True or False? | False. PLR are public records.
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| Technical Advice Memorandas are usually requested by a (CPA/IRS) auditor. | IRS
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| If you have a dispute with the IRS. What type of court will your case start in? | A trial court: U.S. Tax Court, U.S. District Court, or U.S. Court of Federal Claims.
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| After a trial court, you can send your case to an ___________ court. | Appellate
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| If the U.S. Supreme Court chooses not to view your case then the U.S. Courts of Appeals decision is final. True or False? | True
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| True or False? It is OK to cite secondary authorities in a tax research paper. | False
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| Textbooks, professional journals, and commercial tax services are all examples of _______ authorities. | secondary
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| What feature is used to check the validity of judicial authorities or IRS rulings? | the Citator
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| You should (always/never) cite a secondary source? | never
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