7-2

The tax laws associated with foreign transactions are found in the 900s section of the Internal Revenue Code (IRC). Using the first letter of your last name, answer the question below for which the letter of your name falls in the range. Use your own words to summarize the information from the tax code. Provide proper citations for sources used, including the tax code.

• S – Z: Refer to the IRC, Subchapter N and summarize one of the code sections in Subpart J. Provide an example as to how the tax code would apply to a taxpayer.