Which Regulation Deals with Code Section 165

question 874

Multiple Choice

Which regulation deals with Code Section 165?

• A) Reg. Sec. 165.183- 5
• B) Reg. Sec. 165- 5
• C) Reg. Sec. 1.165- 5
• D) Reg. Sec. 1.5- 165

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Definitions:

Profit

The financial gain achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Net Income

The amount of earnings left over after all expenses and taxes have been deducted from total revenue.

Revenue

The total amount of money received by a company for goods sold or services provided during a certain time period.

Break-Even Point

The break-even point is the point at which total costs and total revenues are equal, meaning there is no net loss or gain.