Circular 230 Is Issued by the AICPA to Provide Guidance

question 46

True/False

Circular 230 is issued by the AICPA to provide guidance on tax return preparation by CPAs.

---

Definitions:

Security Interests

Legal claims on assets that are used as collateral to secure loans or other obligations.

Personal Property

Movable property that is not fixed to one location and can be tangible, like cars and furniture, or intangible, such as stocks and bonds.

Article 6

Known as the Supremacy Clause, it establishes the U.S. Constitution, federal statutes, and treaties as the supreme law of the land, overriding state laws.

Risk Of Loss

A legal term describing the responsibility for the loss or damage of goods, typically shifting from seller to buyer at a predetermined point in the transaction process.