Which Is a Primary Source of Tax Law

question 27

Multiple Choice

Which is a primary source of tax law?

• A)Serverino R.Nico, Jr., 67 T.C.647 (1977).
• B)Article by a Federal judge in Tax Notes.
• C)An IRS publication.
• D)Written determination letter.
• E)All of these are primary sources.

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Definitions:

Market Price

The prevailing cost at which a commodity or service may be purchased or traded in a market.

Acid-Test Ratio

A financial metric that measures a company’s ability to pay off its current liabilities with its quick assets (cash, marketable securities, and receivables).

Financial Data

Quantitative information about an entity's financial performance, including balance sheets, income statements, and cash flow statements.

Current Ratio

A financial metric that evaluates a corporation's capacity to meet its obligations due within a year by comparing its current assets to its current liabilities.