Which of the following sources of tax law carries the least authority?

Question

Quizplus · Accepted Answer

87) 2Revenue rulings are the IRS's official interpretation of how the law is applied to specific factual situations, but they carry less authority than Treasury regulations and the Internal Revenue Code itself. Treasury regulations are issued by the Department of the Treasury to interpret and provide guidance on the Internal Revenue Code, and the Internal Revenue Code is the primary source of federal tax law in the United States. Therefore, revenue rulings carry the least authority among the options provided.In the statement, there are two taxpayers identified: Ms. Penser and PSW Inc. Ms. Penser, as an individual, is subject to federal income tax by the United States government and also subject to state and possibly local taxes by the state of Tennessee and the city of Lanock. PSW Inc., as a corporation, is subject to federal corporate income tax by the United States government and state corporate income tax by the state of Tennessee, as well as possibly being subject to local taxes in the six different local jurisdictions in Tennessee where it conducts business.

Which of the Following Sources of Tax Law Carries the Least