Question

When there is no specific guidance in the Internal Revenue Code to address a particular issue,...

When there is no specific guidance in the Internal Revenue Code to address a particular issue, the tax person may utilize this to address a particular issue and to address any Threats and Safeguards:

A. The Conceptual Framework

B. The Fraud Triangle

C. The Conceptual Octagon

D. The A Priori Matter

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Answer #1

Answer: A. The Conceptual Framework

When there is no specific guidance in the internal revenue code that address a particular issue then The Conceptual Framework can be used for guidance. The Accounting framework contains the underlying principles and theory behind the accounting standards and so it can be used as a reference under such situations.

The fraud triangle is used to spot fraud risks. The Conceptual Octagon and The A Priori Matter are not a real accounting/tax guidance.

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