A Revenue Ruling Is Issued by the Internal Revenue Service

question 48

True/False

A revenue ruling is issued by the Internal Revenue Service only in response to a verbal inquiry by a taxpayer.

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Definitions:

Trade Custom

Established practices or patterns of behavior that are widely accepted and followed within a particular industry.

Implied Warranty

A legal assumption that a product will meet certain standards of quality and reliability without being explicitly stated.

Contract

A legally binding agreement between two or more parties that outlines obligations and rights.

Implied Warranty of Fitness

A legal guarantee that goods sold will meet the specific purpose for which the buyer is purchasing them, even if not explicitly stated.