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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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Bowie Sporting Goods manufactures sleeping bags. The manufacturing standards per sleeping bag, based on 5,000 sleeping bags per
grin007 [14]

Answer:

Total Material Variance = $52,130 Unfavorable

Explanation:

Total Material Variance = Actual Cost - Standard Cost

Total Material Variance = Direct Material Price Variance + Direct Material Usage Variance.

But here, we will calculate straight, therefore

Standard cost for 5,200 sleeping bags

= 5,200 \times 4 \times $5.50 = $114,400

Actual Cost = 27,300 \times $6.10 = $166,530

Total Material Variance = $166,530 -  $114,400 = $52,130 Unfavorable

As this is the positive, as also Actual cost is higher than standard therefore, this is unfavorable.

5 0
3 years ago
The liquidity of the market is _____ in a purely domestic capital market. Multiple Choice unlimited limited held in reserves bas
MakcuM [25]

Answer:

The answer is B. Limited

Explanation:

A market is liquid if market participants can either sell or buy securities (assets, bonds etc.) easily with low transaction costs or without significantly reducing its price.

A purely domestic capital market is not as liquid as the one that also involves foreigners because it is purely domestic and market participants wont be that much compared to if market participants also involve foreigners.

Number of market participants is a key to liquidity. The higher the number, the more liquid a market is.

7 0
3 years ago
Assume the following data concerning a purchase of merchandise by Icon Co. on April 2:
kari74 [83]

Answer:

Correct answer is $4,000

Explanation:

During the purchase on April 2, Icon Co. should recognize the gross amount of $4,000 purchases. Unless it is clearly stated in the problem that Icon Co. uses net method in recording discounts, said discount will be recognized and recorded upon payment of the purchases that falls into the discounted period of contract. Purchase returns will be recognized on the day the company made it.

4 0
3 years ago
Windhoek Mines, Ltd., of Namibia, is contemplating the purchase of equipment to exploit a mineral deposit on land to which the c
ad-work [718]

Answer: $7924. 5

Explanation:

Given the following :

Cost of new equipment and timbers - $275,000

Working capital required - $100,000

Annual net cash receipts - $120,000

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Salvage value of equipment in four years - $65,000

Kindly check attached picture for Explanation

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3 years ago
XYZ Inc. brings together specialists from production, marketing, and finance from around the world, and gives each such team the
koban [17]

Answer:

Cross- functional team

Explanation:

Cross- functional team, is the team which is defined as the group of people who came together with the different functional expertise of working against the common goal.

This team may involve the people from human resources, finance, operations and marketing department.

It occurs when the specialist from different areas are put on the same team. So, in this case, XYZ bring together the specialist, which implies that the firm is creating the team of cross- function.

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