Identify which of the following statements is false.
A)The acquiescence policy was adopted by the U.S. Tax Court to permit litigating parties to agree on the exact amount of the tax due.
B)Letter rulings are binding only with respect to the taxpayer requesting the ruling.
C)The small cases procedure of the U.S. Tax Court allows a less formal hearing but provides for no appeal.
D)The IRS may retroactively revoke an acquiescence.

Question

Quizplus · Accepted Answer

The acquiescence policy allows the IRS to agree or disagree with a Tax Court decision, guiding future IRS actions, not for litigating parties to agree on tax amounts.

Identify Which of the Following Statements Is False