Asked by Jessica Davault on Mar 10, 2024
Verified
Which of the following refers to an income tax regulation?
A) Reg.§1.162-1.
B) Reg.§20.2032-1.
C) Reg.§25.2503-4.
D) Reg.§31.3301-1.
Income Tax Regulation
Legal guidelines and rules governing how income taxes are calculated, collected, and enforced by authorities.
Reg.§1.162-1
A reference to a section of the U.S. Tax Code outlining the deduction of ordinary and necessary business expenses.
- Discern and describe divergent elements of taxation rules and their effects.
Verified Answer
KK
Kelsey KrupnikMar 10, 2024
Final Answer :
A
Explanation :
Reg.§1.162-1 is the only option that pertains to income tax regulation. The other options are related to estate tax and gift tax regulations.
Learning Objectives
- Discern and describe divergent elements of taxation rules and their effects.