Which of the Following Is True of Revenue Rulings

question 11

Multiple Choice

Which of the following is true of revenue rulings?

• A)Lower courts are bound by them.
• B)They are a subset of Treasury Regulations.
• C)Once affirmed by an appellate court, they have the force of law.
• D)Although they represent the official policy of the IRS, courts may overrule them.
• E)All of the above.

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Definitions:

Radishes

Edible root vegetables with a peppery flavor, often red, white, purple, or black, used in salads and as a garnish.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision; it represents the benefits missed when choosing one option over another.

Consumer Goods

Items bought by the typical consumer for personal use.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choosing to allocate resources in a certain way.