Which of the Following Statements Pertaining to Acquiescence and Nonacquiescence

question 8

Multiple Choice

Which of the following statements pertaining to acquiescence and nonacquiescence is not true?

• A)Acquiescence means the IRS will follow the decision of the court in cases.
• B)An announcement of nonacquiescence would prevent a taxpayer with similar circumstances from following that court decision.
• C)The IRS may issue an acquiescence or nonacquiescence to opinions of the Tax Court and other federal court decisions.
• D)An announcement of acquiescence may be withdrawn, modified or reversed.

Understand when and how title and risk of loss pass from the seller to the buyer or lessee.

Grasp the rights of parties to insure the goods involved in the transaction.

Recognize the conditions under which rights and liabilities in sales or leases are determined, especially concerning title and identification.

Identify the role of documents of title in the passage of title and risk of loss.

---

Definitions:

Major Industrial Country

A country that is highly developed and has a significant influence on the global economy due to its industrial capabilities.

West Germany

The name for the Federal Republic of Germany during the period between its formation in 1949 and German reunification in 1990.

Italy

A country in Southern Europe, known for its rich history, art, culture, and influential role in the world economy and politics.

Applied Research

Research that seeks answers to particular questions or to apply scientific discoveries to develop specific products.