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The term is not defined in the IRC. Because the provision is relatively new, few courts have had

an opportunity to interpret what "credible evidence" means. In the absence of relevant statutory or
judicial authority, you might look to the committee reports to ascertain what Congress intended by the
term. Senate Report No. 105-174 states that "credible evidence" means evidence of a quality, which, "after
critical analysis, the court would find sufficient upon which to base a decision on the issue if no contrary
evidence were submitted."

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Final answer:

In law, 'credible evidence' refers to reliable and trustworthy evidence that a court would find sufficient to base a decision on. The meaning of this term can be inferred from committee reports, as it is not defined in the Internal Revenue Code (IRC).

Step-by-step explanation:

In the context of law, the term 'credible evidence' refers to evidence that is considered reliable and trustworthy.

It is evidence that a court would find sufficient to base a decision on if no contrary evidence was presented. This term is not specifically defined in the Internal Revenue Code (IRC), but its meaning can be inferred from committee reports.

The Senate Report No. 105-174 defines 'credible evidence' as evidence of a quality that, after critical analysis, would be sufficient for the court to base a decision on the issue. In the absence of relevant statutory or judicial authority, committee reports can provide insight into what Congress intended by the term.

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