ruling

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Ruling

An official opinion by the IRS on how it interprets U.S. tax law. The IRS may make a ruling, for example, after seeing taxpayers apply a deduction or credit to an unusual, but still relevant situation. The IRS determines whether or not it will accept the situation, and, afterward, applies the ruling to all comparable situations. It is also called a revenue ruling, a letter ruling, or a private letter ruling.

ruling

References in periodicals archive ?
A vendor relationship (approved in IRS private letter ruling 8208164), provided the products are supplied on a job-by-job basis
The completion of the internal restructuring transactions and the receipt of the IRS private letter ruling are both conditions to the completion of News Corporation's previously announced exchange offer for Fox Entertainment Group, Inc.
Company Also Announces Receipt of Favorable IRS Private Letter Ruling
In addition, Cardinal Health retained approximately 41 million shares, which pursuant to the IRS private letter ruling for the spinoff, it is required to divest within five years.
Based upon the IRS private letter ruling received today, PREIT is permitted to make and today is making the TRS election effective as of October 12, 2001.