Write an APA-formatted response of no more than 200 words for each the following questions:
The Internal Revenue Code (IRC) is the supreme source of income tax law. When trying to resolve an income tax question, a tax practitioner will look to other sources in addition to the IRC. For example, the tax practitioner may consult IRC regulations, revenue rulings, procedures, private letter rulings, and court cases. What are some reasons a tax practitioner would not consult the IRC only? Why is there a need for administrative rulings and court cases? If court cases conflict in their rulings, which ruling should you rely on? Why?
A key goal of tax planning is to legally minimize or defer taxes. This is done by focusing on key components of taxable income. How can timing strategies and income-shifting strategies be used to affect deductions for adjusted gross income (AGI), dependency exemptions, itemized deductions, and tax credits? Provide at least one example for each.