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Asked by V?n Linh Nguy?n on Jul 29, 2024

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Which of the following is a statutory source of tax authority?

A) Internal Revenue Code.
B) IRS Regulation.
C) Revenue Ruling.
D) Tax Court decision.

Statutory Source

Legal authority for certain rules or regulations; in the context of tax, it refers to laws enacted by a legislative body that dictate tax obligations.

Tax Authority

The governmental agency responsible for the administration of tax laws, collection of taxes, and enforcement of tax regulations.

Internal Revenue Code

The federal statute that codifies all the United States tax laws, including income tax, payroll tax, gift tax, estate tax, and many other types of taxes.

  • Distinguish between primary and secondary tax guidance sources.
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MF
mayssam fakihAug 02, 2024
Final Answer :
A
Explanation :
The Internal Revenue Code is a statutory source of tax authority, which means that it has been established by law (Congress) and is therefore legally binding. IRS regulations, rulings, and Tax Court decisions are all examples of administrative sources of tax authority, which are interpretations of the tax laws and are subject to change based on new developments or challenges.

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