Acct 429 Week 7 Research Project

ACCT 429 Week 7 Research Project
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ACCT 429 Week 7 Research Project


Performing tax research is an important part of tax practice. As outlined in Chapter 2 of your textbook, tax law is developed through a number of different governmental entities. Congress enacts the tax Code as statutory law. The Treasury Department is tasked with the implementation of the tax Code and, in the course of doing so, develops a number of documents and materials to aid taxpayers in understanding the Treasury Department’s interpretation of the code, including the Regulations. In turn, the Internal Revenue Service (“IRS”) has the direct responsibility for implementing the tax Code and in assessing and collecting the applicable tax from taxpayers. In the course of its duties, it also develops a number of materials, including Revenue Rulings, Revenue Procedures, and Private Letter Rulings, in which it sets forth its understanding of the tax laws. Finally, the federal courts decide tax cases in which taxpayers contest the government’s interpretation of the tax laws. In deciding these cases, the federal courts set forth binding interpretation of what the tax laws provide. All of these materials (often called primary resources) are important resources in performing tax research. On top of these primary sources of tax law, there are a number of secondary materials provided by various organizations and publishers. These secondary materials offer editorial analysis of the tax laws (somewhat akin to a Cliffs’ Notes® on tax laws) to help tax practitioners understand the tax laws and apply them in given situations.
Just as with the first project that was submitted in Week 3, t
he following assignment has three(3) different graded elements. Two of them require you to prepare tax file memoranda, while the remaining element requires you to compose an essay answering the question asked. AS SUCH, YOU WILL BE...