Asked by V?n Linh Nguy?n on Jul 29, 2024
Verified
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.
Verified Answer
Learning Objectives
- Distinguish between primary and secondary tax guidance sources.
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