Quiz #1 Answers

Quiz #1 Answers - 1 A.PrimaryAuthority B.SecondaryAuthority...

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1. Section 1374 of the Internal Revenue Code is  A.  Primary Authority B.  Secondary Authority Response: A Answer: A Points: 1 / 1 Comment: Good Job! Sections of the Internal Revenue Code are the LAW. They are the  statute as enacted by legislation of Congress and approved by the President 2. “The Effects of the 1997 Small Business Job Protection Act on S Corporations,” an article  appearing in a noted tax journal, The Journal of Taxation, by Robert Jamison, CPA, PhD,  Professor of Accounting, Indiana University is A.  Primary Authority B.  Secondary Authority Response: B Answer: B Points: 1 / 1 Comment: You are correct. While articles are excellent sources of information and valuable  research aids, they are not official interpretations of the law but just the author's opinion. 3. IRS Publication 463: Transportation, Travel and Entertainment Expenditures, is A.  Primary Authority B.  Secondary Authority Response: B Answer: B Points: 1 / 1 Comment: Unfortunately, this is not correct. Be sure and read the material for Assignment 1B. 4. The North American Free Trade Agreement (a treaty between the U.S., Canada and New  Mexico) describes in part the tax treatment of dividends received by citizens of the three  countries from corporations located in each of the three countries. This is A.  Primary authority B.  Secondary authority Response: A Answer: A Points: 1 / 1 Comment: Good answer. Treaties are law. They must be approved by Congress and the  President. Indeed, if there is a conflict between the Internal Revenue Code and a treaty, the 
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This note was uploaded on 08/28/2011 for the course BUS 300 taught by Professor White during the Spring '09 term at Rutgers.

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Quiz #1 Answers - 1 A.PrimaryAuthority B.SecondaryAuthority...

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