Which of the Following Statements Regarding Administrative Authorities Is False

question 73

Multiple Choice

Which of the following statements regarding administrative authorities is false?

• A) Private letter rulings are considered authoritative only for the taxpayer to whom they were issued.
• B) A technical advice memorandum is requested by a revenue agent or appeals officer during the examination or appeal of a taxpayer's return.
• C) Revenue procedures are considered secondary authority.
• D) Private letter rulings can only be obtained for a fee from the IRS.

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Definitions:

Federal Income Tax Rates

A schedule of rates set by the government applied to the taxable income of individuals, corporations, and other entities.

Wealth Concentration

The scenario where a small percentage of people or entities hold a large portion of total wealth in a society.

Income Distribution

Refers to how a country’s total GDP is spread amongst its population, affecting economic equality and citizens' standard of living.

Last Three Decades

Refers to the most recent thirty-year period. Depending on context, this can relate to economic trends, technological advancements, or societal changes that have occurred within that timeframe.