Lexis is an advanced online platform designed to facilitate legal research. It offers a comprehensive set of tools and resources aimed at legal professionals, including access to legal texts, case law, and documentation. Lexis is particularly known for its Federal Tax library, which comprehensively covers the full text of the Internal Revenue Code, as well as other essential tax-related documents.
Federal Tax Library
The Federal Tax library in Lexis contains:
- Internal Revenue Code: The complete text of the Internal Revenue Code (IRC), the principal body of domestic tax law in the United States.
- Regulations: Detailed regulations set forth by the Internal Revenue Service (IRS) to help in the interpretation and application of the IRC.
- Revenue Rulings: Official interpretations and explanations of tax laws as issued by the IRS.
- Court Decisions: A repository of judicial decisions that provide legal precedent and interpretations critical for tax practitioners.
Importance for Tax Practitioners
For tax practitioners, Lexis is an invaluable tool. It not only allows users to access current tax laws and regulations but also provides historical context and precedent, which is crucial for informed decision-making and compliance.
Historical Context
LexisNexis, the company behind Lexis, was established in 1973. It was among the first platforms to offer computerized legal research services. Over the years, Lexis has expanded its offerings, integrating more databases and enhancing its user interface to cater to the evolving needs of legal professionals.
Types of Resources
Primary Sources
- Statutory Law: Full texts of statutes and legislation, including the Internal Revenue Code.
- Administrative Law: Federal regulations, rulings, and other administrative documentation.
- Case Law: Judicial decisions from federal and state courts.
Secondary Sources
- Textbooks and Treatises: In-depth scholarly analyses and syntheses of legal topics.
- Legal Periodicals: Articles and journals providing contemporary insights and ongoing legal discussions.
- Practical Guidance: Workflows and practice notes to assist in the application of legal principles.
Applicability in Legal Practice
Lexis is utilized by a wide range of legal professionals including:
- Attorneys: For case preparation, legal briefings, and due diligence.
- Paralegals: For legal research and supporting case documentation.
- Law Students: As a learning tool to understand and interpret legal principles and case law.
Comparisons with Other Platforms
Westlaw
- Coverage: Westlaw provides an equally comprehensive range of legal documents but often presents them in a different interface suitable for varied user preferences.
- Features: Westlaw’s KeyCite offers advanced citation checking, while Lexis offers Shepard’s Citations Service for similar purposes.
Bloomberg Law
- Specialization: Focuses more on business law and its intersections with financial and regulatory information.
- User Experience: Known for its ergonomic interface and real-time updates on legal analytics.
Related Terms
- Internal Revenue Code (IRC): The primary statutory provision for federal tax law in the U.S.
- IRS Regulations: Guidelines issued by the IRS to implement and clarify the IRC.
- Revenue Ruling: An official interpretation by the IRS on how the law is applied to a given set of facts.
- Case Law: Law established by the outcome of former cases, forming a precedent.
FAQs
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How do revenue rulings assist tax practitioners?
References
- “LexisNexis History.” LexisNexis. https://www.lexisnexis.com
- “Internal Revenue Code.” IRS. https://www.irs.gov
- “Legal Research Using Lexis.” American Bar Association. https://www.americanbar.org
Summary
Lexis is a premier online legal research database providing a breadth of legal resources designed to support the intricate needs of legal professionals. Its Federal Tax library is especially critical for those in tax-related fields, offering comprehensive materials ranging from the Internal Revenue Code to extensive court decisions. Established in 1973 by LexisNexis, the platform has evolved to include numerous features and remains essential in the realm of legal research.
