In 1998, Congress passed legislation concerning shifting the burden of proof to the IRS. The taxpayer must introduce "credible evidence" to shift the burden of proof to the IRS. What constitutes "credible evidence?"
What will be an ideal response?
The term is not defined in the IRC. Because the provision is relatively new, few courts have had an opportunity to interpret what "credible evidence" means. In the absence of relevant statutory or judicial authority, you might look to the committee reports to ascertain what Congress intended by the term. Senate Report No. 105-174 states that "credible evidence" means evidence of a quality, which, "after critical analysis, the court would find sufficient upon which to base a decision on the issue if no contrary evidence were submitted."
You might also like to view...
Improvements in conciseness will also result in improvements in clarity
Indicate whether the statement is true or false.
If you don’t have a ______ dialect, this doesn’t mean your dialect is “bad” or inferior. Still, ask yourself whether your dialect could prevent understanding in your audience.
Fill in the blank(s) with the appropriate word(s).
Which of the following questions should you ask when analyzing individual employee behavior in public organizations?
A) Do employees feel like part of a team? B) Do workers understand the underlying values of the mission of the unit? C) Are the appropriate equipment, technology, and supplies available? D) Is the unit is receiving adequate funding and central agency support?
The bookkeeper recorded a payment by check for the purchase of store supplies as a debit to Store Supplies and a credit to Cash for $1,340.56 . The check was recorded by the bank at its correct amount of $3,140.56 . Prior to the preparation of the bank reconciliation, the error would cause:
a. the trial balance to be out of balance. b. the Accounts Payable account to be understated. c. the Cash account to be understated. d. the Store Supplies account to be overstated. e. a possibility that the checking account might become overdrawn.