Identify Which of the Following Statements Is False

question 24

Multiple Choice

Identify which of the following statements is false.

• A)The IRS issues annually a revenue procedure that prescribes how a letter ruling should be requested and the information to be contained in the ruling request.
• B)The request for a ruling may contain a suggested conclusion (or answer)that the taxpayer proposes that the IRS adopt in the described situation.
• C)As a practical consideration, taxpayers always find it preferable to obtain an advance ruling on questionable tax situations.
• D)Third parties may not cite private letter rulings as authority for the tax consequences of their transactions.

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Definitions:

Indefinite Term

A contract or agreement duration that is not specified or fixed, potentially extending indefinitely.

Oppressive Child Labor

employment practices that are detrimental to the physical and mental development of children, often violating laws and regulations designed to protect them.

Fair Labor Standards Act

U.S. legislation that establishes minimum wage, overtime pay eligibility, and child labor standards.

Department of Labor

A federal agency responsible for ensuring safe working conditions, fair pay, and employment opportunities, as well as enforcing labor laws.