Which Statement Is Not True with Respect to a Regulation

question 32

Multiple Choice

Which statement is not true with respect to a Regulation that interprets the tax law?

• A)Issued by the U.S.Congress.
• B)Issued by the U.S.Treasury Department.
• C)Designed to provide an interpretation of the tax law.
• D)Carries more legal force than a Revenue Ruling.
• E)All of these statements are true.

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Definitions:

Accounting Period

A specific time frame covered by financial statements, typically a fiscal quarter or year, used for calculating earnings and managing taxation.

External Auditor

An independent third party hired to examine the financial statements of an entity to ensure accuracy and adherence to accounting standards.

Internal Control System

A set of procedures and mechanisms implemented by a business to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Cost-Benefit

An analysis or assessment comparing the costs and benefits of a decision or project to determine its feasibility or worthiness.