39) These issues included the provision of safeguards to prevent the disclosure of identity of recipients of rulings, but the House report also cites the question of "whether
private rulings should be available as 'precedent' for other taxpayers.
The current situation in which there have been no changes in law and the Proposed Regulations are nevertheless overturning years of
private ruling determinations demonstrates that the rules in their current form fail to accurately depict pertinent industry facts.
While these rulings may signal a more reasonable approach by the IRS, advisors must still deal with IRA providers and custodians who may be unwilling to make beneficiary distributions in reliance on the nuances of
private rulings, which technically are not reliable as precedent.
05(3) and consider any environmental cleanup project eligible for the
private ruling procedure.
28) These
private rulings apply the revenue ruling and the regulations just as they are applied in wholly domestic situations, without any suggestion that the cross-border nature of the transaction has any effect on the analysis.
2) In some instances, employee threats to leave the company were mentioned in
private rulings, but that should not be required to obtain a ruling.
Subsequent
private rulings, including the recently issued private letter rulings, have been consistent with Rev.
Various revenue rulings, technical advice memorandums and
private rulings, have indicated that adjustments are warranted for other factors that impact the value of partnership interests or shares in closely-held businesses.
Although there is little formal guidance as to how the IRS would tax this, recent
private rulings give more information on probable IRS positions.
Only a few
private rulings address the issue, and these, by law, are limited to their specific facts.
Until the IRS has considered and made public pronouncements of its positions, practitioners are having to rely upon analogous rules for partnerships and
private rulings.
Although TAMs,are
private rulings issued by the IRS to provide guidance on a specific tax issue relating solely to a particular taxpayer, they nevertheless provide a basis for analysis and discussion of the issue--in this case, determining whether environmental remediation (cleanup) expenses can be deducted or must be capitalized.
