Which Is a Primary Source of Tax Law

question 5

Multiple Choice

Which is a primary source of tax law?

• A) Article by a Federal judge in Harvard Law Review.
• B) J.W. Yarbo v. Comm., 737 F. 2d 479 (CA-5, 1984).
• C) Determination letter.
• D) Letter ruling.
• E) All of the above are primary sources.

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Definitions:

Board of Directors

A group of individuals elected by shareholders to oversee the management and make major decisions for a corporation.

Prior Period Adjustment

Correction made in the current year of a mistake made in previous years. The adjustment is updated on the statement of retained earnings.

Depreciation Expense

The systematic allocation of the cost of a tangible asset over its useful life, representing how much of the asset's value has been used up.

Plant Expansion

The process of increasing the capacity of an existing factory or plant, often involving investments in equipment, technology, or additional space.