Final answer:
An acquiescence indicates that the IRS will follow the court decision in similar situations, even if it is adverse to the IRS.
Step-by-step explanation:
An acquiescence indicates that a court decision will be c. followed in similar situations, even if it is adverse to the IRS. This implies that when the Internal Revenue Service (IRS) decides to acquiescence a court ruling, it agrees to follow the ruling in future similar cases despite the ruling being unfavorable to the agency.
The decision to acquiesce is significant because it shapes the application of tax law and affects how the IRS deals with similar cases moving forward.
The process leading up to court decisions involves attorneys for both sides preparing and submitting briefs, and potentially the submission of amicus curiae briefs by interested third parties. Supreme Court decisions set precedent, and the majority opinion issued by the Justices creates binding decisions which direct the application of the law in future cases.