The dilemma of deficient deficiencynotices
Article Abstract:
The development of meaningful taxpayer remedies under IRC section 7522(a) may help reverse the current incentives for the IRS to provide broad notices of deficiency that fail to provide taxpayers with detailed information. Tax Court rule 142(a) provides the IRS with the presumption that statements in the deficiency notice are correct and places the burden of persuasion on the taxpayer. The IRS only has the burden of proof on new matters, which are issues not raised in the notice. The IRS therefore has the incentive to word the notice broadly so that it never has the burden of proof.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1995
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The scope of transferee liability in estate and gift tax cases
Article Abstract:
Under IRC section 6324(a)(2) and other federal and state law, the IRS may impose estate tax liability on the beneficiaries of an estate if the estate and gift taxes of the decedent remain unpaid. Some controversy exists regarding the extent to which the IRS may treat these transferee liabilities as tax liabilities. The IRS has argued that interest on the liability should begin accruing on the date when the transferee liability arises, but the better rule would be to only apply interest charges from the date when the transferee is on notice as to the liability.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1996
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Use, abuse, and anti-abuse: policy considerations affecting the nature of regulatory guidance
Article Abstract:
Anti-abuse rules, including the partnership rule, should not be substituted for creating a tax system with clearly defined prohibitions and parameters. In the absence of better guidance, these rules may be needed, but they usually lead to inconsistent audit judgments and tax uncertainty. The usual justifications for anti-abuse rules include resource constraints, tax simplicity, and the prevention of unintended or unanticipated effects.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1995
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- Abstracts: The liquidity of bank assets and banking stability. Modelling the economic value of credit rating systems. Comparing possible proxies of corporate bond liquidity
- Abstracts: Tests for tax-clientele and tax-option effects in U.S. treasury bonds. The information frown in option prices
- Abstracts: The impact of SFAS No. 14 segment information on price variability and earnings forecast accuracy. Cost of Capital, Strategic Disclosures and Accounting Choice
- Abstracts: Photographs and accountability: cracking the codes of an NGO. EGL, Inc. (EAGL)
- Abstracts: Management consulting for scientists. New rules for natural products research