Solution: An acquiescence is published in Internal Revenue Bulletin
Explanation: The recommendation, that is published in the Internal Revenue Bulletin, can be characterized as an acquiescence, a nonacquiescence, or an or an acquiescence; only in results.
Which of the following statements about an acquiescence is correct? Select one a. An acquiescence is...
1. Which of the following is true of the Internal Revenue Code of 1986? a. It includes statutes and regulations. b. It has not been changed since 1986. c. Each Code section has a number that is unique from others. d. More than one is true. 2. Which of the following is not true of the Treasury Regulations? a. They are an official interpretation of the statute by the Treasury Department. b. They are organized by Code Section numbers. c....
Q3 Identify which of the following statements is false. Regular and memorandum decisions of the Tax Court are published by the government in the Tax Court of the United States Reports. The Board of Tax Appeals preceded the Tax Court. The citation Cristofani, 97 T.C. 74 (1991) indicates that the decision is a regular decision of the Tax Court. The citation Estate of Newhouse, 94 T.C. 193 (1990), nonacq. 1991-1 C.B. 1 indicates that the IRS did not formally disagree with...
. b. Identify which of the following statements are true regarding Revenue Rulings and Revenue Procedures. Select "Yes" or "No" whichever is applicable. • Revenue Procedures deal with the internal management practices and requirements of the IRS. • Revenue Rulings typically provide one or more examples of how the IRS would apply a law to specific fact situations. Revenue Procedures can increase taxpayer compliance and assist the efficient administration of the . tax law by the IRS. • Revenue Procedures...
Which of the following statements regarding Treasury Regulations is false? In dealing with the IRS, Treasury Regulations have the authority of law. Courts are bound to follow Treasury Regulations when they are in conflict with the law. The legal citation for a Treasury Regulation refers to the associated Internal Revenue Code section. Regulations are published in the Federal Register.
4. Which of the following statements about the Federal Reserve is (are) correct? A. The Fed conducts monetary policy by changing the money supply B. The Fed acts as a lender of last resort to the banking system C. The Fed does not convert Federal Reserve Notes into gold D. All of the above E. A and B, only 5. The regional Federal Reserve Banks A. regulate banks in their regions. B. are not allowed to make loans to banks...
which statements is not true about tax law sources? a. The Internal Revenue Code serves as the highest legislative authority for tax research, planning and compliance activities. b. Administrative tax law sources include regulations and revenue rulings. C. A taxpayer can choose any trial court and be assured that the ruling will be the same for all taxpayers with the same fact situation. d. A Tax Court Regular decision has the same authoritative weight as a Memo decision. e. None
Which of the following statements is true about the factors that affect pricing decisions? Select one: a. Information about competitors' technologies is not useful for pricing decisions. b. Information about a competitor in a perfect market affects pricing decisions. c. Increase in price of a substitute product does not affect pricing decisions. d. Managers must always be aware of the competition when pricing their products
Which of the following statements is correct about SWAP ? Select one: a. Notional principal is exchanged both in the case of Interest Rate Swaps as well as Currency Swaps b. Notional principal is exchanged only in the case of Currency Swaps c. Notional principal is exchanged neither in the case of Interest Rate Swaps nor in case of Currency Swaps d. Notional principal is exchanged only in the case of Interest Rate Swaps
With regard to revenue rulings and revenue procedures, which of the following statements is false? A. A revenue ruling is a published official interpretation of tax law by the IRS that sets forth the conclusion of the IRS on how the tax law is applied to an entire set of facts. B. Revenue procedures do not have the force of law, but they may be cited as precedent. C. Revenue rulings have the force and effect of Treasury Regulations. D....
Q2 Identify which of the following statements is false. The number "5" in the citation Reg. Sec. 1.166-5 refers to the paragraph number. The Cumulative Bulletin is issued semiannually while the Internal Revenue Bulletin is issued weekly. The citation Rev. Rul. 2006-5, I.R.B. 2006-1, 33, indicates that the revenue ruling can be found on page 33 of the 1st I.R.B. for 2006. All of the above are false.