Tax Accounting. Research and Analysis paper

Tax Accounting. Research and Analysis paper

TaxAccounting. Research and Analysis paper

InstitutionAffiliation:

TheIRC is part of the U.S. Code what Title is the IRC? TheIRC is considered one of the major sources of the Federal taxesinformation that is readily available free of charge. The federal taxlaw generally begins with the IRC that was enacted by the Congress inthe Title 26 of the US code (26 U.S.C.). The IRC is part of the UScode and the title in full is,theInternal Revenue Code (Irs.gov, 2015).Theresource for the Code and Regulations on the IRS site is actually notpart of the IRS. What law school provides the resource for theIRS? Accordingto the Irs.gov (2015), the Legal Information Institute of CornellUniversity Law School that is based in the US provides the resourcesand all the materials for the IRS.WhatSubtitle of the IRC covers Income Taxes? Fromthe tax code, Regulations and the Official Guidance, the subtitle ofthe IRC that generally covers all the Income taxes in the US is theTitle 26- Internal Revenue Code.

WhatChapter of that Subtitle covers Normal Taxes? Basedon the Tax Code, Regulations, and Official Guidelines of the US, thechapter of the subtitle that covers the Normal Taxes is chapter1.WhatSubchapter of that Chapter covers Taxable Income? Accordingto the Irs.gov (2015), on the Tax Code, Regulations, and OfficialGuidance of the US, the subchapter of the chapter that covers thetaxable income is the subchapter BWhatPart of that Subchapter covers Tax Exempt Requirements for State andLocal Bonds? Thepart of the subchapter that covers the tax-exempt requirements forthe state and Local Bonds from the Tax Code, Regulations, andOfficial Guidance is part IV.WhatSubpart of that Part covers Requirements for All State and LocalBonds?Fromthe same Tax Code and Regulations and Official Guidance of the US,the subpart of that part that covers the requirements for all thesate and the local Bonds is the subpart BWhatSection (§) of the Subpart covers the requirement to be registeredfor state and local bonds to be tax-exempt? Thesection of the subpart that covers the requirements to be registeredfor state and local bonds to be tax-exempt from the Tax Code,Regulations and the Official Guidance, is the section § 149(Irs.gov, 2015).Inthat Section, find the answer to the question: Is the interest of astate or local bond tax exempt if the bond is federallyguaranteed? Accordingto the Irs.gov (2015), the interest of a state or the local bond taxis not tax exempt if the bond is federally guaranteed.Fromthe data, it is evident that section 103 (a) has extensivelyoutlined that it shall at no time apply to any state or even thelocal bond specifically if such a bond is considered to be federallyguaranteed.Whatlowercase letter and number is used as the reference (label) for thespecific statement in that Section of the IRC where you found theanswer to the previous question?

Thelowercase letter and the number used as the reference for thespecific statement ion the section of the IRC where the answer abovewas found is lowercase letter (b) and the number used is (1).

References

Irs.gov.(2015). TaxCode, Regulations and Official Guidance.Retrieved 16 September 2015, fromhttp://www.irs.gov/Tax-Professionals/Tax-Code,-Regulations-and-Official-Guidance