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Tax Law Worksheet - Research Paper Example

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Apart from IRC, other laws and regulations can also be an option on how the tax practitioners can interpret taxation cases more…
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Tax Law Research Worksheet
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Download file to see previous pages Rulings in agreement with administrative rules together with court rulings permit for the formation of public agencies that regulate and govern statutes and judicial decisions. The purpose of these administrative agencies aid in administering rulings that are being geared towards implementation of the duties and powers of the laws stipulated. Additionally, it prevents against impunity regarding the violation of laws and regulations enforced by these administrative agencies. Administrative rulings and court cases have helped in the design of a system of checks and balances that aims to minimize the risks of bureaucracy (Tax Law, 2003).
In many occasions, there has been inconsistencies and conflict about court rulings. If I had a choice to choose the judgment to go with, then I would rely on the hierarchical rule between the two court rulings. The hierarchical rule will dictate the case ruling that will dominate over the other and that is the position I will take. It is because a court case ruling based on the internal revenue code will always prevail over a case ruling basing on other tax law. It is because the code is supreme over the other tax laws (Tax Law, 2003).
It is possible to use timing strategies to have an impact (AGI) Adjusted Gross Income deductions, tax credits, itemized deductions and dependency exceptions. It is possible by strategically timing when the year ends. It means that there will be less uncertainty to the short-term viewpoint for tax law as opposed to the beginning of the next year. With this brief tax reprieve comes the opportunity to form a tax saving plan that is sound. It is essential to time strategically the moment to implement the plan. For example, one can reap benefits on tax retirement savings by making a maximum amount allowable at the end of every year.
On the other hand, income shifting strategies impacts or alters these deductions by reducing the central income tax ...Download file to see next pagesRead More
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