Asked by Brett Blahnik on Jun 20, 2024
Verified
Which of the following is an administrative source of tax law?
A) Revenue Ruling.
B) IRS Regulation.
C) Private Letter Ruling.
D) All of these.
Administrative Source
Information collected and maintained as part of the operations of administrative systems or organizations, often used for research or policy development.
Tax Law
The legal domain encompassing rules, policies, and laws that oversee the tax process, which includes charges on estates, transactions, property, income, licenses, and more.
Revenue Ruling
A Revenue Ruling is an official interpretation by the IRS on how the law is applied to a specific set of facts, providing guidance for taxpayers.
- Differentiate between types of tax authorities and their applicability.
Verified Answer
KO
Kezia OctoberJun 25, 2024
Final Answer :
D
Explanation :
All of the options are administrative sources of tax law.
A) Revenue Rulings are published interpretations by the IRS regarding the application of tax laws to specific factual situations.
B) IRS Regulations are proposed and final treasury regulations that provide guidance on how tax laws should be applied.
C) Private Letter Rulings are written determinations by the IRS in response to specific taxpayer inquiries regarding the tax consequences of proposed transactions.
A) Revenue Rulings are published interpretations by the IRS regarding the application of tax laws to specific factual situations.
B) IRS Regulations are proposed and final treasury regulations that provide guidance on how tax laws should be applied.
C) Private Letter Rulings are written determinations by the IRS in response to specific taxpayer inquiries regarding the tax consequences of proposed transactions.
Learning Objectives
- Differentiate between types of tax authorities and their applicability.