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Regulation > 13.1 - Tax Legislation > Flashcards

13.1 - Tax Legislation Flashcards

1
Q

Tax Legislation

What is the tax legislation process?

A
  • House
  • Senate
  • Possible Joint Committee
  • President
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2
Q

Tax Legislation

What does the House in tax legislation consist of?

A
  1. House Ways & Means Committee
  2. Full House of Representatives
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3
Q

Tax Legislation

What does the “Senate” consist of in tax legislation?

A
  • Senate Finance Committee
  • Full Senate
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4
Q

Tax Legislation

At what point does the “Possible Joint Committee” get involved in tax legislation?

A
  • If Senate revises the House version
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5
Q

Tax Legislation

What vote does Congree need to veto President?

A

2/3rd vote

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6
Q

Authoritative Tax Law

Identify the 3 types of authoritative tax law

A
  • Legislative law
  • Administrative law
  • Judicial law
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7
Q

Legislative Law:

What does legislative law consist of?

A
  • internal revenue code
  • committee reports
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8
Q

Legislative Law:

Where does legislative law come from?

A

Congress

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9
Q

Legislative Law:

How is legislative law authorized?

A

by the Constitution

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10
Q

Legislative Law:

What is the most referenced form of legislative law for tax legislation?

A

Internal Revenue Code

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11
Q

Legislative Law:

What is the purpose of committee reports in legislative law?

A
  • Outlines the purpose of the law
  • Ensure proper application of tax law
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12
Q

Who puts adminstrative law into practice?

A

Treasury Department

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13
Q

Administrative Law:

What does administrative law consist of?

A
  • Regulations
  • Revenue Rulings
  • Revenue Procedure
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14
Q

Administrative Law:

What are regulations?

A
  • Interpretations of specific code sections authorized by law
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15
Q

Administrative Law:

Identify the party bound by regulations in administrative law

A
  • IRS bound by regulations courts are not
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16
Q

Administrative Law:

Define revenue rulings in administrative law

A
  • Official interpretation of revenue law as applied to a given set of facts and is issued by the IRS
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17
Q

Administrative Law:

Are revenue ruling binding on courts?

A

No

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18
Q

Administrative Law:

What is the distinction between revenue rulings and regulations?

A
  • Regulations — general interpretation of a code section
  • Revenue Ruling — IRS interpretation of how a code section should be applied to a specific set of facts
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19
Q

Administrative Law:

Where are revenue rulings published and for what purpose?

A
  • in Internal Revenue Bulletins to inform and advise taxpayers, IRS and others on substantive tax issues
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20
Q

Administrative Law:

True or False >>>

a revenue ruling is cited as inferior and not relied upon in disputes

A

False -

  • Cited as precedence and relied upon when resolving disputes, but no force & effect of regulations
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21
Q

Administrative Law:

What is a revenue procedure?

A
  • official IRS statement that prescribe the procedures that affect the rights or duties of tax payers
22
Q

Administrative Law:

What type of matters do revenue procedures primarily address?

A
  • Administrative and procedure matters
23
Q

Administrative Law:

Do revenue procedures have the force and effect of law?

A

No, but they may be cited as precedent

24
Q

Administrative Law

Identify other IRS releases under administrative law

A
  • Internal Revenue Bulletin
  • IRS Publications
  • Private Letter Rulings & Technical Advice Memoranda
25
Q

Administrative Law

Define IRB or an Internal Revenue Bulletin

A

authoritative instrument of the Commissioner of Internal Revenue for

  • announcing official IRS rulings and procedures
  • publishing Treasury Decisions, Executive Orders, Tax Conventions, legislation, court decisions, etc.
26
Q

Administrative Law

What are IRS publications?

A
  • Not cited to sustain a position
  • Explain law in plain language
27
Q

Administrative Law

What is a private letter ruling?

A
  • represents the conclusion of the Service for an individual taxpayer
  • confined to the specific case issued for unless issue covered by statute
28
Q

Judicial Law:

Where does judicial law originate from?

A

federal court system

29
Q

Judicial Law:

Define the 3 courts where tax cases begin at

A
  • Tax court
  • District court
  • Court of federal claims
30
Q

Judicial Law:

Identify the 5 courts under judicial law

A
  • Tax court
  • District court
  • Court of federal claims
  • Circuit courts of appeal
    • Appellate court
  • Supreme court
    • Final
31
Q

Tax Court

How are decisions issued in tax court?

A
  • Decisions issued as either regular decision or memorandum decisions
32
Q

Tax Court

When may a taxpayer dispute a tax deficiency in tax court?

A

before payment

33
Q

Supreme Court

What is the purpose of the Supreme Court?

A
  • Resolves inconsistent decisions between lower courts
34
Q

Supreme Court

What steps or processes does the Supreme Court take when reviewing decisions of lower courts?

A
  • Issues a writ of certiorari to lower court to start review process
35
Q

Supreme Court

What opinion is expressed if the Supreme Court refuses to issue a writ of certiorari to lower courts?

A
  • Denial of writ of certiorari by Supreme Court expresses no opinion on the merit of the case
36
Q

Supreme Court

Can the Supreme Court exercise discretion over which decisions to review?

A

Yes

37
Q

Authority Hierarchy

How does authority higher in the hierarchy impact lower conflicting authority?

A
  • Authority higher in the hierarchy overrules lower conflicting authority
38
Q

Authority Hierarchy

If two separate authorities or tax legislations are within the same tier, which rule would take precedence?

A

most recent rule stands

39
Q

Define tax research

A
  • Process of gathering situational facts, applying appropriate tax authorities and communicating the findings
40
Q

Identify the 3 primary authorities for tax research

A
  • Internal Revenue Code
  • Tax Court Cases
  • Treasury Regulations
41
Q

Identify the secondary authority for tax research

A
  • IRS publications
42
Q

Administrative Law

Define the types of regulations that fall under administrative law

A
  • proposed
  • temporary
  • final
43
Q

Administrative Law

Define a proposed regulation under administrative law

A
  • Issued to elicit comments from the public
44
Q

Administrative Law

When is a public hearing made regarding a proposed regulation under administrative law?

A
  • Public hearing held if written request made
45
Q

Administrative Law

Is a proposed regulation considered an authoritative resource when taking a tax position?

A
  • Weak authority
  • Used as somewhat of an authority for taking a tax position
46
Q

Administrative Law

Define a temporary regulation under administrative law

A
  • Provide guidance to the IRS, tax practitioners and the public until final regulations are issued
47
Q

Administrative Law

When is a public hearing made for a temporary regulation under administrative law?

A
  • No public hearing unless written requests are made
48
Q

Administrative Law

What level of authority do temporary regulations have?

A
  • somewhat of an authority
  • Same force and effect of law as final regulations until final regulation is issued
49
Q

Administrative Law

How long are temporary regulations effective for under administrative law?

A
  • Effective max 3 years
50
Q

Administrative Law

Are temporary regulations and proposed regulations the same?

A
  • Must be issued concurrently as proposed regulations
51
Q

Administrative Law

Define a final regulation under administrative law

A
  • Adopted after public comment on proposed versions are evaluated by Treasury
52
Q

What is a treasury decision?

A
  • Doc describing finalization or amendment is referred to as a Treasury Decision (TD).

Regulation (67 decks)

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