Which of the Following Statements Is Correct

question 24

Multiple Choice

Which of the following statements is correct?

• A)The Internal Revenue Code pertains only to income taxes.
• B)Private Letter Rulings are issued by the IRS and are considered to be general tax authority.
• C)Temporary Regulations expire three years after issuance.
• D)Upon deciding a tax case,the court will issue a Revenue Ruling.

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Definitions:

Participates in Management

Involvement in the decision-making processes and operations of an organization or company.

Liability

The state of being responsible for something, especially by law, including debts or legal obligations.

Limited Liability Partnership

A partnership in which some or all partners have limited liabilities, protecting them from personal responsibility for the debts of the business.

Registered

Denotes something that has been officially recorded or listed in a public registry or database, such as a trademark or a company.