Which of the Following Is/are Not a Primary Source of Authority

question 16

Multiple Choice

Which of the following is/are not a primary source of authority for the tax law?

• A)A revenue ruling published by the Internal Revenue Service
• B)Section 162 of the Internal Revenue Code
• C)Treasury Reg.§1.351-2
• D)All of the above are primary sources of authority

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Definitions:

Comprehensive Income

The change in equity of a company during a period from transactions and other events excluding any changes resulting from investments by and distributions to owners.

Stockholders' Equity

The residual interest in the assets of a corporation after deducting its liabilities, essentially representing the owners' claim against the company's assets.

Comprehensive Income

The total change in equity for a reporting period other than transactions from owners, including all revenues, gains, expenses, and losses.

Total Assets

The sum of all assets owned by a company, as reported on the balance sheet, that are expected to provide future economic benefits.