Under Treasury Circular 230, in which of the following situations is a CPA prohibited from giving written advice concerning one or more federal tax issues?
A. The CPA takes into account the possibility that a tax return will not be audited.
B. The CPA reasonably relies upon representations of the client.
C. The CPA considers all relevant facts that are known.
D. The CPA takes into consideration assumptions about future events related to the relevant facts.
Answer: A. The CPA takes into account the possibility that a tax return will not be audited.
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Winchell wrote a contract that involves two performance obligations. Product A has a stand-alone selling price of $50, and product B has a stand-alone selling price of $100. The price for the combined product is $120. How much of the transaction price would be allocated to the performance obligation for delivering product A?
A) $50. B) $40. C) $30. D) $20.
Which of the following is true about high-context cultures?
A) One has to "read between the lines" and interpret meaning from one's general understanding. B) Communication media is entirely explicit and information is readily available. C) People convey their thoughts and plans in a direct, straightforward communication style. D) People are talkative, obvious, and redundant.