ruling

(redirected from Letter Rulings)
Also found in: Dictionary, Thesaurus, Legal, Encyclopedia.

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 ?
* As can be seen from prior letter rulings, the IRS in general takes the position that if a taxpayer uses distributed funds for any personal reasons during the 60-day rollover period, the taxpayer is not entitled to a waiver if he or she does not meet the 60-day requirement.
Finally, with IRS budget cuts and dwindling personnel hours devoted to private letter rulings, there may be a significant time lag between the submission and receipt of the ruling.
In some instances, private letter rulings lead to the IRS publishing a Revenue Ruling for common usage: "a Revenue Ruling often results from a specific taxpayer's request for a letter ruling ...
Thus, in appropriate cases, tax liability insurance can provide tax certainty when a private letter ruling is not available.
In July 2010, in Letter Ruling 201027015, the IRS again addressed the election by a credit card customer to donate credit card rebates to charities.
98-17 provides the taxpayer with definitions so that the nature of the letter ruling requests under this procedure will be appropriate.
* Letter rulings 200406051 and 200405013 (account administrator error or failure to notify).
The second private letter ruling (Letter Ruling No.
(76) IRS Letter Rulings 200622035 (6/2/06) and 200618011 (5/5/06).
The regulation says private letter rulings and GCMs are not authoritative.
8, for the IRS's general procedures for the issuance of letter rulings and determination letters; and Rev.