36) Shortly before the enactment of section 6110, however, two courts had already held
private rulings to be open to public inspection, pursuant to the FOIA.
05(3) and consider any environmental cleanup project eligible for the
private ruling procedure.
The current guidance on this important issue is contradictory, with revenue agents aggressively citing the IRS's
private ruling position - as reflected in Technical Advice Memorandum 9411002 (Nov.
80-76, this
private ruling provides that the subsidiary employer (not the parent that actually transferred the property) would receive the deduction.
Other changes made by the revenue procedure are discussed in the second part of this article, relating to obtaining a
private ruling letter.
TEI questions whether the IRS can or should modify the
private ruling process in order to address capitalization issues separately from other forms of
private rulings.
The
private ruling suggests that any such "rights" can be transferred to a successor entity in the event of a tax-free restructuring that causes the entity to which the section 482 adjustment relates to liquidate or otherwise dissolve.
The IRS consistently issued more than 70 public and
private rulings from 1963 through 1977 that this investment annuity was acceptable within the tax code.
Part of that bitterness no doubt stemmed from the rule that Department attorneys were not permitted to cite any of these
private rulings because of the express statutory prohibition against using them as precedent.
Lastly, numerous
private rulings regarding corporate and shareholder eligibility will be discussed.
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.
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.
