Chapter 2 Tax Accounting, Summary Review Exam Elaboration 2024.

Chapter 2 Tax Accounting, Summary Review Exam Elaboration 2024. Acquiescence - Indicate: agreement by the IRS on the results reached in certain judicial decisions; sometimes abbreviated Acq. or A. Circuit Court of Appeals - Indicate: Any of 13 Federal courts that consider tax matters appealed from the U.S. Tax Court, a U.S. District Court, or the U.S. Court of Federal Claims. Appeal from a U.S. Court of Appeals is to the U.S. Supreme Court by Certiorari. citator - Indicate: A tax research resource that presents the judicial history of a court case and traces the subsequent references to the case. When these references include the citating cases' evaluations of the cited case's precedents, the research can obtain some measure of the efficacy and reliability of the original holding. court of original jurisdiction - Indicate: The Federal courts are divided into courts of original jurisdiction and appellate courts. A dispute between a taxpayer and the IRS is first considered by a court of original jurisdiction (i.e., a trial court). The four Federal courts of original jurisdiction are the U.S. Tax Court, the U.S. District Court, the Court of Federal Claims, and the Small Cases Division of the U.S. Tax Court. determination letters - Indicate: Upon the request of a taxpayer, the IRS will comment on the tax status of a completed transaction. Determination letters frequently are used to determine whether a retirement or profit sharing plan qualifies under the Code and to determine the tax-exempt status of certain nonprofit organizations. Federal District Court - Indicate: A trial court for purposes of litigating Federal tax matters. It is the only trial court in which a jury trial can be obtained. Final regulations - Indicate: The U.S. Treasury Department Regulations (abbreviated Reg.) represent the position of the IRS as to how the Internal Revenue Code is to be interpreted. Their purpose is to provide taxpayers and IRS personnel with rules of general and specific application to the various provisions of the tax law. Regulations are published in the Federal Register and in all tax services. Interpretive Regulations - Indicate: A Regulation issued by the Treasury Department that purports to explain the meaning of a particular Code Section. An interpretive Regulation is given less deference than a legislative Regulation. Legislative Regulations - Indicate: Some Code Sections give the Secretary of the Treasury or his delegate the authority to prescribe Regulations to carry out the details of administration or to otherwise complete the operating rules. Regulations issued pursuant to this type of authority truly possess the force and effect of law. In effect, Congress is almost delegating its legislative powers to the Treasury Department.