Topic 4 Tax Research

Question 1

How many steps are there in tax research?

Answer 1

5

Question 2

What is the first step in tax research?

Answer 2

Understand the Facts

Question 3

What is the second step in tax research?

Answer 3

Identify the Issues

Question 4

What is the third step in tax research?

Answer 4

Locate Relevant Authorities

Question 5

What is the fourth step in tax research?

Answer 5

Analyze the Tax Authorities

Question 6

What is the fifth step in tax research?

Answer 6

Document and Communicate Results

Question 7

Determine if each item is Open or Closed tax research fact:
-not yet occurred
-already occurred
can be alter before taking action
-cannot be altered
-allow for other option in planning scenarios
-may limit options in planning

Answer 7

O-not yet occurred
C-already occurred
O-can be alter before taking action
C-cannot be altered
O-allow for other option in planning scenarios
C-may limit options in planning