Asked by Caryse Janée on Apr 25, 2024

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Which of the following refers to an income tax regulation?

A) Reg.§1.162-5.
B) Reg.§20.2032-1.
C) Reg.§25.2503-4.
D) Reg.§31.3301-1.

Income Tax Regulation

Rules and guidelines by the government that dictate how income taxes must be calculated, filed, and paid.

Reg.§1.162-5

A regulation stipulating that certain educational expenses are deductible as a business expense.

  • Identify the main and supplementary sources of tax regulations.
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Alexis Valeron8 days ago
Final Answer :
A
Explanation :
Regulations relating to income tax are generally found in Title 26 of the Code of Federal Regulations. The regulation cited in choice A, Reg. §1.162-5, relates to the deduction of ordinary and necessary business expenses under section 162 of the Internal Revenue Code. Choices B, C, and D relate to estate and gift tax regulations under sections 2032, 2503, and 3301 of the Internal Revenue Code, respectively.