Which Regulation Deals with Code Section 165

question 93

Multiple Choice

Which regulation deals with Code Section 165?

• A)Reg. Sec. 1.165-5
• B)Reg. Sec. 165.183-5
• C)Reg. Sec. 1.5-165
• D)Reg. Sec. 165-5

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Definitions:

Adjusting Entry

A journal entry made in accounting records at the end of an accounting period to allocate income and expenditures to the appropriate period.

Taxes Payable

The amount of tax a company or individual owes to the tax authorities but has not yet paid by the end of the accounting period.

Taxes Expense

The total amount of taxes owed by an individual or corporation to the government within a fiscal period.

Adjusted Entry

An accounting record made to amend the effects of previously recorded transactions to accurately reflect financial realities.