Principles Of Taxation For Business And Investment Planning 2020 Edition
Principles Of Taxation For Business And Investment Planning 2020 Edition
23rd Edition
ISBN: 9781259969546
Author: Sally Jones, Shelley C. Rhoades-Catanach, Sandra R Callaghan
Publisher: McGraw-Hill Education
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Chapter 3, Problem 4IRP

Refer to the facts in problem 3. Company WB is considering engaging a CPA to prepare a request for a private letter ruling from the IRS concerning the tax consequences of the business opportunity.

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Please choose one of the duties of a tax professional practicing before the IRS, discussed in the Treasury Department Circular 230 and: Describe the concepts and objectives of the duty. Discuss how a tax professional needs to conduct themselves in order to comply with the responsibility. Explain what kind of challenges and pressure an accountant could face in complying with the responsibility.
Indicate whether the following statements are "True" or "False" regarding letter rulings. a.   Letter rulings have the force and effect of law and provide guidance and support for taxpayers in similar transactions.   b.   A letter ruling represents the current opinion of the IRS on the tax consequences of a transaction with a given set of facts.   c.   Letter rulings not only help promote a uniform application of the tax laws but also may reduce the potential for litigation or disputes with IRS agent
If a calendar year taxpayer's 2021 individual income tax return is mailed on June 15, 2022, the statute of limitations would normally run out on: Oa. June 15, 2025 Ob. June 15, 2024 Oc. April 15, 2025 Od. April 15, 2024 Oe. None of these choices are correct.

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Principles Of Taxation For Business And Investment Planning 2020 Edition

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