Which of the Following Is CORRECT with Respect ToPrivate Letter

question 14

Multiple Choice

Which of the following is CORRECT with respect toPrivate Letter Rulings?

• A)They are issued by the IRS National Office in response toa specific taxpayer request.
• B)They can be cited as precedent by other taxpayers.
• C)They are published weekly by the IRS in the Internal Revenue Bulletin.
• D)They are alsoknown as Technical Advice Memoranda.
• E)None of these are correct.

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Definitions:

Purchase-Money Security Interest

A legal claim or lien on property that secures payment of the price or an obligation incurred for the property's purchase.

Consumer Good

A good used or bought for use primarily for personal, family, or household purposes.

Financial Statement

A formal record of the financial activities and position of a business, individual, or other entity, typically detailing income, assets, liabilities, and equity at a specific point in time.

Default

Failure to make payments on a loan.