Which of the Following Is/are Not a Primary Source of Authority

question 16

Multiple Choice

Which of the following is/are not a primary source of authority for the tax law?

• A)A revenue ruling published by the Internal Revenue Service
• B)Section 162 of the Internal Revenue Code
• C)Treasury Reg.§1.351-2
• D)All of the above are primary sources of authority

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Definitions:

Equilibrium Price

Equilibrium Price is the price point at which the quantity of goods supplied equals the quantity of goods demanded in a market.

Equilibrium Quantity

The quantity of goods or services supplied is equal to the quantity demanded at the market price.

Water Ski Boats

Boats specifically designed and equipped to create a wake suitable for water skiing and other water sports.

Demand for Water Skis

The desire and willingness of consumers to purchase water skis at various price levels, holding all other factors constant.