An Acquiescence Indicates That the IRS Lost a Court Case

question 61

True/False

An acquiescence indicates that the IRS lost a court case and that it has decided to follow the court's ruling in the future.

---

Definitions:

Cooperatives

An organization owned and operated by its members with the objective of benefiting them, often in purchasing or selling goods, obtaining services, or producing goods.

Unincorporated

Describes a business or area that has not been formed into a legal corporation or does not fall under a municipality's jurisdiction, respectively.

Limited Liability

A legal structure that restricts the financial liability of owners or shareholders of a company to the amount they have invested in the company.

Syndicate

An investment group that comes together for the explicit purpose of financing a specific large project.