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ZanzabumX [31]
3 years ago
9

Explain the difference between primary and secondary authorities as sources of tax information. On which type of authority shoul

d professional tax research conclusions be based?
Business
1 answer:
RSB [31]3 years ago
5 0

Answer:

a.

Primary sources represent the law itself as interpreted by the statutory, administrative and judicial entities of the government while secondary sources can be generally defined as interpretations of the law done by non-governmental entities.

b.

The type of authority which professional tax research conclusions should be based on are the primary sources.

Explanation:

a.

Primary sources of tax information are documents that are provided directly by an authority usually the government. Primary sources usually carry heavy weight especially when there is a conflict in the understanding of a federal tax law. These sources are often used by law practitioners as a basis in understanding cases of a similar nature. Some examples of primary sources of tax information include; internal revenue code, final and temporary regulations, non-codified federal tax statutes, and judicial decisions on tax matters. In general primary sources represent the law itself as interpreted by the statutory, administrative and judicial entities of the government. They can be used in a case where a tax payer in arguing his or her case about their tax position in a court of law.

Secondary sources of tax information are documents that are provided by information vendors who provide research services, legal analysis and tax professionals. These sources usually rely on the professionalism and experience of individuals who have gained a reputation on tax law for advice and direction. Some examples of secondary sources include; legal periodicals like academic journals, legal analysts, scholars and tax law reporters. Secondary sources can be generally defined as interpretations of the law done by non-governmental entities.

b.

Professional research is usually done to enable one advance in his/her career in order to gain acceptance as an expert in that particular field. For one to join the ranks of a professional, they first need to prove their mastery of the knowledge in that particular profession. In our case, one needs to be aware of the law as provided by an authority. This means that one needs to argue his/her case in reference to the primary sources since these sources carry more weight in terms of understanding and experience as opposed to secondary sources that represent personal views that might be susceptible to bias. On this note, the type of authority which professional tax research conclusions should be based on are the primary sources.

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On January 1, 2020, Korsak, Inc. established a stock appreciation rights plan for its executives. It entitled them to receive ca
kykrilka [37]

Answer:

$570,000

Explanation:

Missing question: <em>"On December 31, 2022,50,000 SARs are exercised by executives. What amount of compensation expense should Korsak recognize for the year ended December 31, 2020"</em>

Amount of compensation expense = [(33-20)*120,000*3/4] - [(30-20)*120,000*2/4]

Amount of compensation expense = [13*120,000*3/4] - [10*120,000*2/4]

Amount of compensation expense = 1,170,000 - 600,000

Amount of compensation expense = $570,000

So. the amount of compensation expense that Korsak should recognize for the year ended December 31, 2020 is $570,000.

8 0
2 years ago
A co-worker who has to leave work early to deal with a personal matter asks that you complete some time-sensitive paperwork and
stich3 [128]

Answer:

intervene and tell the supervisor you had assumed responsibility for the paperwork and forgot

Explanation:

The golden rule is based on a principle of reciprocity and it states that one should treat others the way they want to be treated.

Different religions overtime have the same principle embedded in their doctrines.

In the given scenario where a coworker told you to compete some work for him before leaving and you failed to do so, when the coworker is being reprimanded you should take responsibility for the paperwork and say you forgot.

This is only fair on your coworker seeing it wasn't his fault the work was not done.

Also when you treat people fairly you can also be expected to be treated fairly too.

4 0
2 years ago
Basics Test - English EXIT PREVIOUS Paul is setting up a marketing/sales event at a community center where he is going to discus
TEA [102]

Answer:

What Paul has done wrong is to place these marketing materials on seats.  He should devised a plan to give out these materials at the registration point where participants would be registered and then they would collect the items.  By placing them on the seats, some of the participants could collect more than one, especially the valuable pen that is worth $3 each.

Explanation:

Marketing materials cost the entity some funds to produce.  They should not be wasted.  In addition, the number of participants with some details like names and contact information should be captured for future marketing efforts.  Allowing participants to have free access to the marketing materials that cost so much without driving any potential customer list is not prudent.

7 0
2 years ago
If interest rate parity holds and the annual Taiwan nominal interest rate is 7% and the US. annual nominal rate is 5% and real i
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Answer:

2% higher

Explanation:

Nominal rate = real rate + inflation

In the U.S:

5\%=2\%+inflation\\inflation = 3\%

In Taiwan:

7\%=2\%+inflation\\inflation = 5\%

The difference between inflations is:

I_T - I_{US} = 5\%-3\% = 2\%

Therefore, then inflation in Taiwan is about 2% higher than in the U.S.

7 0
3 years ago
Sellers of a good bear the larger share of the tax burden when a tax is placed on a product for which the:
fenix001 [56]

Answer:

The correct answer is option ii.

Explanation:

In the case of imposition of tax on a good, the suppliers will bear the greater share of burden if the demand is more elastic than the supply.  

The imposition of tax leads to an increase in the price of the product. If the demand is more elastic, the quantity demanded will decrease to a greater extent with the increase in price.  

The supply being less elastic will change to a smaller extent, thus a greater tax burden will be borne by the suppliers.

5 0
3 years ago
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