Abstract The article presents the text of the 1972-73 report of the American Accounting Association Committee on federal income taxes. The most dynamic use of tax research is in the area of advance tax planning, to achieve the most advantageous treatment for a particular transaction. Another use of tax research is in post-event tax planning to properly handle a transaction which has already occurred; this technique is used principally in compliance matters. Tax return preparation or review refers to the previously mentioned post-event or closed fact situation. Likewise, tax minimization and deferral refers to the advanced tax planning situations which may be considered open facts (or controllable facts) situations. Timeliness in tax research has two facets; it can be associated with the amount of time used in researching a problem as well as the chronological passage of time before the problem can be resolved. If research takes too long to complete so that the economics of relativity or materiality are factors, or goes past certain constraints or deadlines, it may be virtually useless.
A Wed, study studied this question.
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