B is corrent. The requirement is to determine which source has the greatest authoritative value for tax planning of transactions. The Internal Revenue Code (IRC) is the basic foundation of federal tax laws, and represents a codification of the federal tax laws of the United States. Since it is law, it has greater authority than IRS interpretations (e.g., regulations, revenue rulings, revenue procedures, IRS agents’ reports) and judicial interpretations such as Tax Court decisions.
A is incorrect because the Internal Revenue Code carries the greatest authoritative value.
C is incorrect because the Internal Revenue Code carries the greatest authoritative value.
D is incorrect because the Internal Revenue Code carries the greatest authoritative value.
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