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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Textbook Question
Chapter 5, Problem 11AP
Which of the following statements regarding the U.S. Supreme Court is FALSE?
- a. The Supreme Court may agree to hear an appeal (grant certiorari) or refuse to hear it (deny certiorari).
- b. The Supreme Court generally agrees to hear tax cases only when the case involves a significant principle of law or because two or more appellate courts have rendered conflicting opinions on the proper resolution of a tax issue.
- c. During an average term, the Supreme Court generally hears no more than a dozen federal tax cases.
- d. Decisions of the U.S. Tax Court may be appealed directly to the Supreme Court, without being heard by one of the U.S. Courts of Appeals.
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3. Which of the following statements is not true about tax law sources?
a. The Internal Revenue Code serves as the highest legislative authority for tax research, planning and
compliance activities.
b. Administrative tax law sources include regulations and revenue rulings.
c. It is possible for the Tax Court to intentionally issue conflicting decisions.
d. A Tax Court Regular decision has more authoritative weight than a Memo decision.
e. None of the answers provided is correct.
Pursuant to the Golsen Rule:
a. the Tax Court must follow all Circuit Court of Appeals decisions.
b. the Tax Court must follow decisions of the Court of Appeals for the Circuit in which the taxpayer's appeal may be filed.Â
c. the Tax Court may adopt its own interpretation of the tax law, if the taxpayer's Circuit Court has not ruled on the matter.Â
d. Two of the above.
Statement 1: BIR rulings are the final interpretations of the Tax Code.
Statement 2:Â Supreme Court decision shall prevail over the BIR rulings.
a. Only statement 1 is correct   c. Both statements are correct
b. Only statement 2 is correct   d. Both statements are not correct
Chapter 5 Solutions
Principles Of Taxation For Business And Investment Planning 2020 Edition
Ch. 5 - Why is tax research necessary? In other words, why...Ch. 5 - Prob. 2QPDCh. 5 - Explain the difference between a tax issue and a...Ch. 5 - Explain the difference between primary and...Ch. 5 - Discuss why and how a researcher might use...Ch. 5 - Prob. 6QPDCh. 5 - Prob. 7QPDCh. 5 - Prob. 8QPDCh. 5 - Explain why, in the course of tax research, it may...Ch. 5 - Prob. 10QPD
Ch. 5 - Prob. 1APCh. 5 - Prob. 2APCh. 5 - Prob. 3APCh. 5 - Prob. 4APCh. 5 - Indicate whether each of the following statements...Ch. 5 - Prob. 6APCh. 5 - Indicate whether each of the following items is...Ch. 5 - Prob. 8APCh. 5 - Prob. 9APCh. 5 - Prob. 10APCh. 5 - Which of the following statements regarding the...Ch. 5 - Which of the following statements regarding...Ch. 5 - Prob. 13APCh. 5 - In researching the taxability of noncash...Ch. 5 - Prob. 2IRPCh. 5 - Marvin is researching the tax rules related to...Ch. 5 - Prob. 4IRPCh. 5 - John is a dentist. His neighbor Wade is a...Ch. 5 - Prob. 6IRPCh. 5 - Prob. 7IRPCh. 5 - Natalie appeared on a game show last year and won...Ch. 5 - Prob. 1RPCh. 5 - Prob. 2RPCh. 5 - Prob. 3RPCh. 5 - Prob. 4RPCh. 5 - Find and provide a citation for the IRC section...Ch. 5 - Prob. 6RPCh. 5 - Find Rev. Rul. 72-542, 1972-2 C.B. 37, and answer...Ch. 5 - Find a 2006 10th Circuit Court of Appeals decision...Ch. 5 - Prob. 9RPCh. 5 - Prob. 10RPCh. 5 - Prob. 11RPCh. 5 - Prob. 12RPCh. 5 - Prob. 13RPCh. 5 - Prob. 14RPCh. 5 - In researching a tax issue, you locate the case...Ch. 5 - Prob. 16RPCh. 5 - Find Revenue Ruling 83-163, 1983-2 C.B. 26, and...Ch. 5 - Prob. 18RPCh. 5 - Prob. 19RPCh. 5 - Find the IRS website and locate the following...Ch. 5 - Prob. 1TPCCh. 5 - Prob. 2TPCCh. 5 - Lucille is an avid boater living near Gotham City....
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