To answer this questions Book Link is below: This Subject is only about on Federal tax Research...

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To answer this questions Book Link is below: This Subject is only about on
Federal tax Research
https:
eader.yuzu.com/#
Login – XXXXXXXXXX XXXXXXXXXXPassword : Newyork@2018
Part 1
Chapter one: The Tax Research Environment click on part I then Chapter 1 Introduction to Tax Practice an Ethics on page 36 Discussion Question answer Question No. 6 .
Question 6: Tax planning falls into two major categories, the “open” transaction and the “closed” transaction. Discuss each type of transaction and describe how each affects tax planning.
Part 2
Ch 1 Rules in Tax Practice Activity
Chapter 1 (pg XXXXXXXXXXprovides information about the sources and rules of (1) Circular 230, (2) AICPA Code of Professional Conduct, and (3) Statements on Standards for Tax Services.
Of course, it is impossible for students to memorize all of the details in this section of the text.
Your assignment is to create a study guide, designed for you, to help you understand all of these rules.
For each of the three sources XXXXXXXXXXCircular 230, (2) AICPA Code of Professional Conduct, and (3) Statements on Standards for Tax Services – provide the following
A. The authority for each and who must abide by the authority.
B. A summary of the rules discussed on pages 6 – 27. Do not simply type word for word from the text. Based on your best way to learn from written material, create a study guide to help you work with this material. Paraphrase and summarize.

Length and presentation: This depends on your style. Invest sufficient time in this activity. Provide substance. Consider this a study tool for this course and the CPA exam, as well as a tool for working as a CPA or Enrolled Agent. Organize the paper in a logical manner that will help you with the understanding.
Do not simply create a
ief outline - add substance and discussion.
Use complete sentences, proper grammar and co
ect spelling.
Prepare a doc, docx or rtf file. Do not prepare a power point presentation.

tae_636724441019495590_121295_1.docx

Sarabjeet · Accepted Answer

Federal Tax
Federal Tax
Student Name
University Name
Contents
Part 1	3
Question 6	3
Part 2	4
-- (1) Circular 230	4
A: The authority for each and who must abide by the authority	4
B: A summary of the rule	4
(2) AICPA Code of Professional Conduct, and	4
A: The authority for each and who must abide by the authority	4
B: A summary of the rule	5
(3) Statements on Standards for Tax Services – provide the following	5
A: The authority for each and who must abide by the authority	5
B: A summary of the rule	6
Part 1
Question 6
Open-Fact Tax Planning: In an open-fact transaction, the transaction has not been completed because some facts have not been completely established. In this planning the transactions are in the early projected or in a formative stage. Still, there is an opportunity to plan an anticipated fact to get good tax result. For example, in case an agreement for sale has been not signed the taxpayer may still structure the agreement (modify the facts) so that tax consequences of a transaction is more favorable. With this kind of transactions, modifications can be simply made before the transaction is closed to attain more positive or favorable tax treatments.
Closed-Fact Tax Planning: In closed transaction, every fact has been finished as transaction has occurred; thus tax planning might be restricted to the presentations of few facts to IRS in a more favorable, legally acceptable way. The major confusion with this type of tax planning transaction is the unfound conviction that the taxpayers' consequences to taxpayers are completely determined without tax research moreover additional tax planning is not possible. It is very important to understand that an important part of tax planning for open and closed transactions is not only to completely collect and comprehend the facts but thoroughness of the tax research. Without proper tax planning, tax research skills open and closed both cause serious problems for the clients.

To answer this questions Book Link is below: This Subject is only about on Federal tax Research https://reader.yuzu.com/#/ Login – XXXXXXXXXX XXXXXXXXXXPassword : Newyork@2018 Part 1 Chapter one: The...

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