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CHAPTER THREE

TREASURY INTERPRETATIONS. CHAPTER THREE. EXPECTED LEARNING OUTCOMES. Understand the following about Treasury interpretations: The different types Their level of authority How they are accessed How to determine their validity How they are cited. TYPES OF TREASURY INTERPRETATIONS.

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CHAPTER THREE

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  1. TREASURY INTERPRETATIONS CHAPTER THREE

  2. EXPECTED LEARNING OUTCOMES • Understand the following about Treasury interpretations: • The different types • Their level of authority • How they are accessed • How to determine their validity • How they are cited

  3. TYPES OF TREASURY INTERPRETATIONS • Regulations • Revenue Rulings • Revenue Procedures • Letter Rulings • Other

  4. Treasury Regulations and Their Authority • Regulations provide clarity of IRC sections. • Regs: Not issued for every section. • Final Regs: Force and effect of law if reasonable & consistent interpretation of the law. (preamble – summarizes intended effect of the regulation. • Legislative v. Interpretive Regs??? • Proposed: min. 30 days proposed before finalized. Solicit feedback (AICPA, ABA) – little authoritative value • Temporary: authoritative guidance while being finalized (3 year expiration deadline)

  5. How to Access Regulations • Treasury Decisions (Federal Register) – Law Library • Internal Revenue Bulletin – published weekly. • Cumulative Bulletin (compiled semi-annually.

  6. Organization by Code Section Citation Treas. Regs. 1.263-xxxxx See pg. 125 Organization and Citation of Regulations

  7. Formats Available • Print/Paper • CD-ROM • Modem • Web

  8. Confirming the Reliability of a Regulation • Danger of being obsolete • Check for cautions

  9. Revenue Rulings • Differ greatly from regulations • Code’s application to specific set of facts • Issued by IRS- National Office • Issue/ Facts / Law& Analysis / Holding / Effect on other docs. • Authority limited by its facts

  10. Discovering Relevant Revenue Rulings • Through reference service • IRS Bulletin Index-Digest System

  11. Accessing Revenue Rulings • Internal Revenue Bulletin • Cumulative Bulletin • Print or electronic

  12. Discovering Relevant Revenue Rulings • Through reference service • IRS Bulletin Index-Digest System

  13. Rev. Rul. 83-14, 1983-1 CB 200 Rev. Rul. 99-89, IRB 1999-20, 30 Rev. Rul. 99-89, 1999-20 CB 30 Citing a Revenue Ruling

  14. Must check that Rev. ruling is still in effect. Old rulings are not removed Citator: indicates whether the IRS/Courts amended authority of ruling Use finding lists if using hard copy. See examples on page. 138/139. Ensuring the Reliability of a Revenue Ruling

  15. Procedural guidelines Authoritative if current Generally not fact specific If lengthy, have table of contents. Revenue Procedures

  16. Discovering Relevant Revenue Procedures • Through reference service • IRS Bulletin Index-Digest System

  17. Accessing Revenue Procedures • Internal Revenue Bulletin • Cumulative Bulletin • Print or electronic

  18. Rev. Proc. 83-14, 1983-1 CB 200 Rev. Proc. 99-89, IRB 1999-20, 30 Rev. Proc. 99-89, 1999-20 CB 30 Citing a Revenue Procedure

  19. Citating- same procedure as for Rev. Rulings. Ensuring the Reliability of a Revenue Procedure

  20. Similar to Revenue Rulings Generated through request or internal confusion Limited authority Letter Rulings/Technical Advice Memoranda

  21. Discovering Relevant Letter Rulings • Cannot depend on reference services • Searching using electronic database

  22. 9940300 99  year 40  week 300  number in that week Citing a Letter Ruling

  23. Determination letters General Counsel Memos IRS News Releases IRS Publications Actions on Decisions Acquiescences/non Internal Revenue Manual Forms and Instructions Go Over p. 152-153 Other Types of Treasury Interpretations

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