STU13 Flashcards
1
Q
How are the installments for estimated tax determined?
A
The total installment is equal to the lesser of:
100% of prior year (110% if AGI is $150,000 or greater)
90% of current year
2
Q
Do proposed regulations have the same force and effect of law as Temporary Regulations?
A
No. Although proposed regulations provide guidance for tax planning, taxpayers may not ordinarily rely on them to support a tax position. Courts have generally determined that proposed regulations are not entitled to judicial deference. Temporary Regulations have the same force and effect of law as final regulations until they are superseded.
