Tax Law Sources Flashcards
What are the two broad categories of tax authorities?
primary authorities
secondary authorities
Tax law generated by the legislative branch are …
statutory authority issued by Congress
Tax law generated by the legislative branch are …
statutory authority issued by Congress
Tax law generated by the judicial branch are …
rulings by the U.S courts
6 common judicial authorities are …
U.S. Supreme Court
U.S. Circuit Court of Appeals
U.S. Tax Court - regular decision
U.S. Tax Court - memorandum decision
U.S. Court of Federal Claims
U.S. District Court
6 common judicial authorities are …
U.S. Supreme Court
U.S. Circuit Court of Appeals
U.S. Tax Court - regular decision
U.S. Tax Court - memorandum decision
U.S. Court of Federal Claims
U.S. District Court
Tax law generated by the executive/administrative branch are …
Treasury and IRS pronouncements
7 common administrative authorities are …
Final Regulation
Temporary Regulation
Proposed Regulation
Revenue Ruling
Revenue Procedure
Private Letter Ruling
Technical Advice Memorandum
5 common tax research service authorities …
BNA Tax Management Portfolios
CCH Standard Federal Tax Reporter
CCH Tax Research Consultant
RIA Federal Tax Coordinator
RIA United States Tax Reporter
5 common tax research service authorities …
BNA Tax Management Portfolios
CCH Standard Federal Tax Reporter
CCH Tax Research Consultant
RIA Federal Tax Coordinator
RIA United States Tax Reporter
3 common newsletter authorities …
Daily Tax Reporter
Federal Tax Weekly Alert
Tax Notes
2 common law review authorities …
Tax Law Review (New York University School of Law)
Virginia Tax Review (University of Virginia School of Law)
The three legislative or statutory tax authorities are …
Which one is the highest authority?
Which is the main authority?
U.S. Constitution (⭐highest)
Internal Revenue Code (⭐main)
tax treaties
Which authority has the same authoritative weight as tax treaties and Supreme Court rulings
The Internal Revenue Code
As required by the U.S. Constitution (Article 1, Section 7), “All bills for raising revenue shall originate in the _____ __ ________________.”
House of Representatives
The ______ may propose tax legislation, but the first to formally consider a bill will be the _____, typically within its ____ ___ _____ _________.
Senate
House
Ways and Means Committee
After the Ways and Means Committee debates proposed tax legislation and drafts a bill, the bill goes to the House of Representatives floor for debate and ultimately a ____. If the bill is ________, it becomes an ___ and is sent to the ______, which typically refers the act to the ______ _______ _________.
vote approved act Senate Senate Finance Committee
The _____ ____ ___ _____ Committee, ______ _______ Committee, and _____ __________ Committee each produce a committee report that explains the _______ tax law, ________ ______ in the law, and _______ for the ______.
These committee reports are considered _________ sources of the tax law and may be very useful in ____________ tax law and _____________ changes congressional ______.
House Ways and Means Senate Finance Joint Conference current proposed change reasons change statutory interpreting understanding intent
How is the Internal Revenue Code divided? (6 parts)
subtitles chapters subchapters parts subparts sections