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Legislative Tax Law - PowerPoint PPT Presentation

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Legislative Tax Law
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  1. Legislative Tax Law Tx 8030

  2. Brief History of Code • Sixteenth Amendment in _____ • Separate revenue acts, _____ to _____ • IRC of _____ • IRC of _____ • IRC of _____

  3. Characteristics of the Code • Supreme tax authority unless… • Conflict with U.S. ____________ • Conflict with U.S. _______ • The Supreme Court engages in two activities: • Resolving conflicts between the _____ and _____________ • Interpreting the _____

  4. Characteristics of the Code (continued) • Amended when Congress passes a ________ ____ • _______ law numbers • Become part of ______ ___

  5. Organization of the Code • Title ___ of U.S. Code • Subtitle • Chapter • Subchapter • Part • Subpart

  6. Organization of the Code(continued) • Section • Subsection • Paragraph • Subparagraph • Other

  7. Reading the Code • General rules and exceptions • Definitions • Limited scope • Measuring language • Conjunctions and qualifiers • Interrelationships • Effective dates • Spacing of section numbers

  8. Flow of Tax Legislation • “All Bills for raising _______ shall originate in the ______ of _______________.” • Tax bills are referred to committee and assigned a ____ number. • House _____ and _______ Committee • Senate ________ Committee • _______ hearings and ________ sessions

  9. Flow of Tax Legislation(continued) • Amendments to tax bills from the floor • Joint ____________ Committee • When Congress passes a tax bill, the President can: • _____ it • _____ it • _______ it

  10. Documentation from Process • Committee Reports • ______ Ways and Means • _______ Finance • ______ Conference • ______ Committee on Taxation’s “_____ Book” • Public hearings • “______ Debate Report” in Congressional _______

  11. House Ways and Means Committee House Floor Action Birth of a Revenue Act Senate Finance Committee Senate Floor Action Joint Conference Committee President of the United States House and Senate Floors Bill Dies Revenue Act Internal Revenue Code Bill Sent Back to Congress

  12. Tax Treaties • _______ law of the land • ______-in-time rule • Intent to _________