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6 Cards in this Set
- Front
- Back
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Tax Research (definition) |
process by which the tax consequences of a completed or proposed transaction are determined |
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Primary Tax Authority |
Authoritative law and writings from the three branches of government |
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Secondary Tax Authority |
Supporting materials providing intepretations of primary authorities. |
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Tax Compliance |
The facts are KNOWN, goal is to determine the consequence of a completed transaction |
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Tax Planning |
Facts are NOT known. Goal is to structure a FUTURE transaction for tax advantages. Non-tax factors must be considered. |
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Tax Research Process |
1. Establish facts, determine issues. 2. Locate the relevant authorities 3. Assess the importance of the authorities 4. Reach conclusions, make recommendations, communicate the results |
