Corporate tax in the United States is a tax on the taxable income of a C corporation or an entity taxed as a C corporation. The corporate tax is the default tax levied on a business entity unless the entity qualifies to be taxed under different tax rules such as those for non-profit organizations and S corporations. The corporation is taxed under 26 U.S.C. § 11 and Subchapter C (26 U.S.C. § 301 et seq.) of Chapter 1 of the Internal Revenue Code.
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PRACTICE SUPPORT
Understanding entity selection tax issues requires familiarity with, and access to, tax practice support materials. To access information on applicable tax law, practitioners should consider consulting a law school library with a LL.M. program in taxation. Such a library will have the specialized materials required to support the practice of tax law. These materials typically fall into two categories: primary and secondary sources. While the same materials are available online through electronic libraries, it is advisable to peruse the tax section of the library to get a sense of the various available treaties and practice support publications, even for the adept online researchers,. In certain cases, the law library may not have a copy of documents that are electronically available at the IRS website, www.irs.gov ("IRS Website").
1. Primary Sources. The primary sources for federal tax law include the Federal Constitution, the Internal Revenue Code of 1986, as amended (the "IRC") , the regulations adopted by the Treasury Department ("Regulations"), income tax treaties, IRS documents, judicial decisions (whether in Tax Court, Federal Court or Circuit Court), and legislative history. IRS documents include publications, private letter rulings, technical advice memorandums, chief counsel notices, field service advice, and numerous other types of documents, most of which are readily available on the IRS Website. Tax practitioners typically have at their desk an IRC book, with selected IRC sections and Regulations.
2. Secondary Sources. Secondary sources include citators, loose-leaf services, treatises, legal periodicals, form books and newsletters. Citators permit users to check to what extent a statute or decision has been criticized, overruled or distinguished. Citators include Commerce Clearing House (CCH), Shepards and Research Institute of America (RIA). Loose-leaf services and treatises provide (with respect to each IRC section) annotations and references to other relevant IRC sections, law and updates. Tax Management Portfolios by BNA are extremely helpful and are recommended. LexisNexis and Westlaw each offer numerous secondary sources. Certainly, this speaking outline is not intended to be a substitute in any way to these second sources.
3. Taxpayer Advocacy. Taxpayers have access to Taxpayer Advocate within the IRS. See IRS Website. These advocates are helpful in the event of certain tax controversies. Unfortunately, Taxpayer Advocates do not assist on entity selection matters. In that regard, unless otherwise well educated on tax laws, taxpayers are not in a position to analyze tax considerations for the formation of a new entity without assistance from a professional.
© 2008 Jay Bettinger, Esq. All Rights Reserved.
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