IRS regulations govern the computation of gross profit for GAAP. computation of net income for GAAP. computation of net income for the SEC. computation of net income for tax purposes.

The correct answer is letter "D": computation of net income for tax purposes.

Explanation:

The Internal Revenue Service (IRS) is the federal agency in charge of collecting citizens' and companies' taxes in the U.S. The IRS was founded in 1862 and since then it has been in charge of setting and enforcing the regulations on paying taxes. Those rules are calculated based on individuals' and organizations' net income but deductions are offered to promote them meet their liabilities.

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answera major piece of legislation affecting the financial industry and containing significant privacy provisions for individuals;