Question: True and False. Explain all false answers. 1. Subchapter S refers to the Partners and Partnership Section of the Internal Revenue Code. 2. A

True and False. Explain all false answers.

1. Subchapter S refers to the " Partners and Partnership" Section of the Internal Revenue Code.

2. A court generally will hold a legislative regulation to be invalid if warranted.

3. The IRS responds to a taxpayer request concerning the tax treatment of a completed transaction in a letter ruling.

4. The head of the IRS opertions is the chief.

5. Recently, the overall Federal income tax audit rate for individual returns has been about 20%.

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