ruling

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Related to Letter of Determination: Private letter ruling

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 ?
Businesses and professionals are now allowed to join an existing multiple-employer VEBA as long as it has already received a letter of determination from the Internal Revenue Service (verifying the trust's tax-exempt Status) and has an independent trustee (usually a bank).
However, they have not received a letter of determination from the IRS, and many may not have applied for one.
By joining an, existing multiple employer VEBA, the employer gains the advantage of using a VEBA that has been preapproved by the IRS with a favorable letter of determination.
This plan has the blessings of Congress and the IRS in the form of a favorable letter of determination granting the trust tax-exempt status.
On February 13, 2009, Velocity Express Corporation (NASDAQ: VEXP), the nation's largest provider of time definite regional delivery solutions, received a letter of determination from NASDAQ's Listing Qualifications Department that the Company had regained compliance with NASDAQ's voting rights rule, as provided under Marketplace Rules 4351.