Answer the following statements true (T) or false (F)
1. Tax planning is not an integral part of open-fact situations.
2. The Internal Revenue Code of 1986 contains the current version of the tax law.
3. Regulations issued prior to the latest tax legislation dealing with a specific Code section are still effective to the extent they do not conflict with the provisions in the new legislation.
4. Final regulations have almost the same legislative weight as the IRC.
5. A revenue ruling is issued by the Internal Revenue Service only in response to a verbal inquiry by a taxpayer.
1. FALSE
2. TRUE
3. TRUE
4. TRUE
5. FALSE
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