Tax Periodicals Are an Important Source of Information for the Tax

question 16

Multiple Choice

Tax periodicals are an important source of information for the tax practitioner.Which of the following is not true about tax periodicals?

• A)They may be cited as authority in disputes with the IRS during administrative review or appeal.
• B)They may give insight into recent court interpretations of tax laws.
• C)They may provide question and answer sections to ensure that the reader comprehends the concepts and ramifications of recent rulings.
• D)They generally offer concise summaries of new tax laws.
• E)They serve to convey new tax planning opportunities.

---

Definitions:

Purchasing-Power Parity

An economic theory that states that the exchange rate between two currencies is equal to the ratio of the currencies' respective purchasing powers.

Inflation

A rise in the general level of prices of goods and services in an economy over a period of time, eroding purchasing power.

Depreciate

A decrease in the value of an asset over time, often due to wear and tear or obsolescence.

Nominal Exchange Rate

The rate at which one country's currency can be exchanged for another country's currency without adjustment for inflation rates.