Asked by Ysobelle Eustaquio on Jun 22, 2024
Verified
Which of the following types of Regulations take the place of the Internal Revenue Code and have the full effect of law?
A) Final.
B) Legislative.
C) Temporary.
D) Proposed.
Internal Revenue Code
The collection of laws governing federal taxation in the United States, defining tax rates, deductions, credits, and procedures.
Legislative Regulations
Laws and rules enacted by a legislative body to govern behavior and procedures.
Temporary Regulations
Regulations issued by the IRS or other government agencies that are intended to be in effect for a limited period of time, often used to clarify or interpret tax laws.
- Determine and interpret distinct parts of tax regulations and their ramifications.
Verified Answer
MM
Morgan MurphyJun 27, 2024
Final Answer :
B
Explanation :
Legislative regulations are issued to interpret and enforce the law instead of the Internal Revenue Code. They have the complete effect of law and are authoritative. Final regulations are the permanent versions of temporary regulations, but they do not have the same effect as legislative regulations. Proposed and temporary regulations do not have the same level of authority until they become finalized.
Learning Objectives
- Determine and interpret distinct parts of tax regulations and their ramifications.