Which of the following serves as the highest authority for tax research, planning, and compliance activities?
A) Internal Revenue Code
B) Income Tax Regulations
C) Revenue Rulings
D) Revenue Procedures
A) Internal Revenue Code
The Internal Revenue Code is the law passed by Congress. The other documents provide guidance in applying the law.
You might also like to view...
Milar Corporation makes a product with the following standard costs: Standard Quantity or HoursStandard Price or RateDirect materials 7.7pounds$4.00per poundDirect labor 0.1hours$20.00per hourVariable overhead 0.1hours$4.00per hour?In January the company produced 2,000 units using 16,060 pounds of the direct material and 210 direct labor-hours. During the month, the company purchased 16,900 pounds of the direct material at a cost of $65,910. The actual direct labor cost was $4,473 and the actual variable overhead cost was $756.?The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.?The variable overhead efficiency variance for January is:
A. $40 U B. $36 U C. $40 F D. $36 F
Unethical behavior is a bar to financial success
Indicate whether the statement is true or false
Which of the following debts are not extinguished by a Chapter 7 bankruptcy?
a. debts owed for the purchase of "necessities" b. alimony c. debts owed for food purchases d. all of the other specific choices e. none of the other choices
Which of the following statements is correct concerning interest expenditures incurred during the period of construction of capital projects?
A. The capitalization of interest expenditures as part of the cost of general capital assets reported in the capital projects fund is optional. B. Interest expenditures must be capitalized as part of the cost of general capital assets reported in the capital projects fund. C. Interest expenditures may not be capitalized as part of the cost of general capital assets reported in governmental activities. D. Interest expenditures may be capitalized as part of the cost of general capital assets reported in the governmental activities accounts at the government-wide level.