Question

Which of the following resources should a tax professional consider when researching tax issues?

Treasury regulations.

Court cases.

Revenue rulings.

All of the above should be considered when researching tax issues.

Answer 1

A tax professional should consider Treasury regulations, Court cases and Revenue rulings while researching any tax issues. All of these provide useful information on tax issues.

Treasury regulations are the compulsory guidelines binding on all. It provides different sections regarding how to deal with a particular item of income and expense in a particular situations. These are the Acts made by the government.

Court cases provide judgements of the courts on particular tax issues which are used to deal with similar issues in future.

Revenue rulings are the orders/instructions of the revenue department dealing with tax issues.

Hence, researching on any tax issue, a tax professional should consider Treasury rulings, Court cases and Revenue rulings.