When a Tax Issue Is Taken to Court, the Burden

question 76

True/False

When a tax issue is taken to court, the burden of proof is on the IRS to show that its audit adjustments are correct.

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Definitions:

Underground Storage

Facilities used for the storage of goods, valuables, or commodities below the earth's surface.

Market Value

The existing value at which a service or asset may be sold or bought within a market environment.

Worksheet

A tool used in accounting to compile all the financial statements and support in preparing closing entries.

Adjusting Entries

Financial entries drafted at the end of an accounting timeframe to accurately assign income and expenses to the period they were incurred.