revenue ruling

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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.

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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.

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The ruling specifically distinguishes Revenue Ruling 77-17, which held that losses sustained in the open market resulting from fraudulent activity of a corporation's officers or directors are capital in nature.

IRS offers relief for investors of fraudulent investment schemes

* TD 9478 and REG-131028-09, Revenue Rulings 2010-4 and 2010-5

Allowed uses of taxpayer info widened

In March, the IRS issued Announcement 95-25, which contained proposed revenue ruling regarding the impact of certain physician recruitment incentives on the tax-exempt status of hospitals that recruited physicians for their nonemployee medical staffs or to provide services on behalf of the hospitals.

IRS proposed "physician recruitment" revenue ruling offers few kernels in search for

The IRS issued four notices and three revenue rulings addressing technical issues of automatic contributions to qualified employer-sponsored retirement plans and clarifying that contributions may be made from payments of the value of paid vacation or other leave.

Service issues retirement plan guidance

Although Correll elevates longstanding rulings that have Congressional approval to some type of legal status on par with statutes, the average revenue ruling does not fall into that category.

How much authority do revenue rulings have?

Revenue Ruling 94-38 identifies a very specific fact situation: An accrual basis taxpayer purchased uncontaminated land.

New ruling on treatment of environmental cleanup costs

Also, as mentioned in note 2 and the accompanying text, the IRS will have a difficult time disavowing its own published revenue ruling, as supplemented by its informal reaffirmation of its conclusion.

Employment tax and reporting treatment of differential payments to active duty reservists

Revenue Ruling 2002-9 is an important concession from the IRS.

IRS changes impact fees rule for developers

The frequency showed "a degree of recurrence, continuity and availability" (Revenue Ruling 77-356).

Self-employment or other income?

The second personal health account ruling, IRS Revenue Ruling 2005-24, applies to employers who contribute funds to employee health reimbursement arrangements.

IRS issues rulings on HSAs, HRAs

Now, Revenue Ruling 2005-4 extends the scope of the existing regulation to include additional taxes voluntarily reported by taxpayers on amended returns or in IRS correspondence.

IRS liberalizes interest suspension rule

Treasury Department has changed its policy in Revenue Ruling 2002-19 and will now allow deductions for this malady in certain instances.

Deduction or distraction? The U.S. treasury's stance on obesity. (Federal Taxation)