Which of the Following Is (Are) Primary Sources of Tax

question 13

Multiple Choice

Which of the following is (are) primary sources of tax law?
I.Joint Conference Committee Reports.
II.Journal of Taxation.
III.Revenue Procedures.
IV.Tax Treaty with France.
V.U.S. Tax Court Memorandum Decisions.
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• A)Only statement IV is correct.
• B)Only statement I is correct.
• C)Statements II and III are correct.
• D)Statements I, III, IV, and V are correct.
• E)Statements I, II, III, IV, and V are correct.

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Definitions:

Stockholder Equity

The residual interest in the assets of a corporation after deducting liabilities, representing the ownership interest of shareholders.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, indicating the extent to which a firm has exceeded the break-even point.

Total Revenues

The total amount of money received by a company from its sales of goods or services before any expenses are subtracted.