Which of the Following Is Not a Primary Authority on Which

question 47

Multiple Choice

Which of the following is not a primary authority on which to base research conclusions?

• A) Journal of Taxation article written by a professor.
• B) Revenue ruling.
• C) U.S. Tax Court decision.
• D) U.S. Supreme Court decision.

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Definitions:

Unamortized Premium

The portion of the bond premium that has not yet been amortized or gradually written off against earnings over the life of the bond.

Open Market

A market structure where economic transactions are conducted freely and transparently, allowing for unrestricted competition.

Gain or Loss

The financial result that occurs when the selling price of an asset differs from its original purchase price.

Bonds

Fixed income investment products representing loans made by an investor to a borrower, typically corporate or governmental, which pay periodic interest payments.