If the Taxpayer's Circuit Court of Appeals Has Not Yet

question 11

True/False

If the taxpayer's Circuit Court of Appeals has not yet ruled on an issue, a researcher should consider a decision on the same issue by a Court of Appeals outside of the taxpayer's circuit.

---

Definitions:

Elastic Supply

Describes a situation where the quantity supplied of a good changes significantly when its price changes.

Tax Burden

The measure of the financial charge or impact of taxes on an individual or a corporation.

Excise Tax

A tax on specific goods or services, such as tobacco, alcohol, and gasoline, designed to raise revenue and/or discourage consumption of certain products.

Equilibrium

A state in which the conflicting forces of demand and supply are in balance. When a market is in equilibrium, the decisions of consumers and producers are brought into harmony with one another, and the quantity demanded will equal the quantity supplied.