ACC 287 Lecture Notes - Lecture 2: United States Senate Committee On Finance, Internal Revenue Code, Internal Revenue Service
enacted by congress; A+ sources
- Internal Revenue Code
- Constitution; 16th amendment makes income tax lawful
- Tax Treaties
- Supreme Court Rulings/Decisions
***if one A+ source contradicts another, use the most recent
Administrative Sources of Tax Law
treasury department and IRS
- treasury dept. regulations (A)
- revenue rulings (B)
- revenue procedures (B)
- letter rulings (C, D, F; no authority just guidance)
How does a bill become a law?
1. house ways and means committee
2. consideration by house of reps
3. senate finance committee
4. consideration by the senate
THEN (if house and senate differ)
5. joint conference committee
6. consideration by the house and senate
IF THEY AGREE
7. approval/veto by president (can be overridden by 2/3 majority vote)
8. death of bill or incorporation into the code
Treasury Department Regulations
provide general interpretations and guidance in applying the code; the official interpretation of IRC
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Constitution; 16th amendment makes income tax lawful. ***if one a+ source contradicts another, use the most recent. Administrative sources of tax law treasury department and irs. Letter rulings (c, d, f; no authority just guidance) How does a bill become a law: house ways and means committee, consideration by house of reps, senate finance committee, consideration by the senate. Then (if house and senate differ: joint conference committee, consideration by the house and senate. If they agree: approval/veto by president (can be overridden by 2/3 majority vote, death of bill or incorporation into the code. Treasury department regulations provide general interpretations and guidance in applying the code; the official interpretation of irc. Reg. preview of final regulations but without force and effect of law. Reg. issued when guidance is needed quickly but expire after 3 years. Reg. deal with house-keeping type instructions; minor dealings. Reg. rephrasing what is in the committee reports and the code; hard to get overturned.
