revenue ruling


Also found in: Dictionary, Thesaurus, Legal, Encyclopedia, Wikipedia.
Related to revenue ruling: Letter Rulings

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.

revenue ruling

The written guidance that is provided taxpayers by the Internal Revenue Service. Although revenue rulings apply to individual situations, they are often of general interest because of the manner in which the IRS interprets a particular tax problem. Also called letter ruling, ruling.

revenue ruling

Advice from the IRS national office regarding application of the law to a particular fact situation on which a taxpayer has requested guidance.Any taxpayer may rely on a revenue ruling as guidance for similar conduct,but courts are not bound by them if a court thinks the IRS was wrong.Contrast with private letter rulings (also called letter rulings) which issue from a local IRS office and which can be relied upon only by the taxpayer to whom the letter was addressed. Contrast also with a technical advice memorandum issued under different rules but still binding on the IRS only as regards one particular taxpayer.

Mentioned in ?
References in periodicals archive ?
The organization explained that the Federal Circuit looked to the deference to be accorded IRS revenue rulings because the parallels between IRS and Customs rulings convinced it that "the latter, like the former, do not require Chevron deference.
TEI tells Supreme Court ... revenue rulings are mere litigating positions and not entitled to deference
The government also elliptically quotes a law review article to buttress its contention that "following" Correll, "circuit courts have uniformly held that Revenue Rulings receive significant deference.
Was it something we said? The government's defensive reply to TEI's amicus brief in Mead strikes a nerve
The reasoning of Revenue Ruling 2000-2 is not new to QTIP trusts: With respect to nonretirement assets, a marital deduction will be allowed if a trust instrument merely gives the surviving spouse the right to the income.
Designating a QTIP as the Beneficiary of an IRA Under Revenue Ruling 2000-2
That case involved the deference to be granted interpretative regulations that had been issued as a Treasury Decision (and subject to notice and comment), not a revenue ruling.
BRIEF OF TAX EXECUTIVES INSTITUTE, INC. AS AMICUS CURIAE IN SUPPORT OF RESPONDENT
The IRS has, however, issued Revenue Ruling 9438 [1994 1 C.
Will the IRS please call the EPA ... again
A taxpayer who takes a return position contrary to a notice or revenue ruling must comply with the Sec.
Tax practice standards for the new millennium
deduction issues through the various guidance mechanisms, including the technical advice procedures and the revenue ruling process.
Tax Executives Institute -- IRS Midstates Region Annual Liaison Meeting Questions and Responses
On November 25, 2002, the Internal Revenue Service released revenue ruling 2002-83 in Internal Revenue Bulletin (IRB) 2002-49.
Misidentification noted
See LTR 9343011 and revenue ruling 95-74, 1995-2 CB 36.
Taxation of pending claims: how to handle liabilities when selling or restructuring a business
It was determined that the issue was one of national importance and that the Service's position should be published in a revenue ruling.
Gift of a loan guarantee
The IRS acquiesced to Palmer in revenue ruling 78-197, saying that "the Service will treat the proceeds of a redemption (or sale) of stock .
Contributing appreciated property
98-15 is only the second revenue ruling issued by the Service in the health care arena since 1986.
Whole-hospital joint ventures

Financial browser ?
Full browser ?