Which of the Following Is a True Statement Regarding Primary

question 40

Multiple Choice

Which of the following is a true statement regarding primary authority of tax law?

• A)Articles in The Journal of Taxation are viewed as primary authority.
• B)Primary authority includes the Code, as well as administrative and judicial interpretations.
• C)The Bloomberg BNA Daily Tax Reporter is a source of primary tax authority.
• D)Tax services are sources of primary tax authority.

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Definitions:

Productive Efficiency

A situation where a firm or economy cannot produce more of one good without reducing the output of another good, indicating optimal production levels.

Production Possibilities Curve

A curve showing the different combinations of two goods or services that can be produced in a full-employment, full-production economy where the available supplies of resources and technology are fixed.

Government-Mandated

Regulations or requirements imposed by governmental bodies that must be followed by individuals, businesses, or other organizations.

Demand Curves

A graphical representation showing how the quantity demanded of a good or service varies with its price.