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letter ruling |
Also found in: Legal, Acronyms | 0.04 sec. |
letter ruling A written statement from the IRS to a particular taxpayer, containing an interpretation of tax law as it applies to that taxpayer's situation. Letter rulings are issued in response to a request from a taxpayer and are not binding on the IRS as it relates to other cases. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Under the facts of Letter Ruling 200709051, (12) an S corporation might have been deemed to have a second class of stock due to its distributions to its shareholders. We have two sources of guidance for the application of Section 1031 to vacation homes--a letter ruling and a tax court case. A Private Letter Ruling issued in 2004, although it is not legal precedent binding on other tax-exempt organizations, confirms this position while adding insight from the IRS with regard to the rules applicable to unrelated business income subject to tax. |
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