ruling


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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 ?
The ruling held that Newco could amortize the cost of the goodwill acquired in the purchase of assets from X.
(1) the ruling involves a controlling question of law or policy as to which substantial grounds exist for a difference of opinion;
Finally, the proposed revisions to ethics ruling No.
"This abominable ruling by an imperious court is a slap in the face to all Americans and people of faith," Dobson said.
* The ruling does not apply to transfers not connected to a divorce.
For now, the court ruling leaves in limbo the EPA's first-ever attempt to specifically regulate fine particles measuring 2.5 micrometers or less in diameter ([PM.sub.2.5]), and its first revision of the ground-level ozone standard since 1979, when the standard was set at 0.12 parts per million (ppm) over a one-hour period.
Two days after its parochiaid ruling, the Court struck down the Religious Freedom Restoration Act in City of Boerne, Texas v.
So generously defined a ruling class, offering its members so wide a variety of potential spouses, might well be expected to have practiced strict endogamy.
In another ruling, (6) the corporation filed both Form SS-4, Application for Employer Identification Number, indicating it planned to be an S corporation, and Form 1120S, U.S.
35, had held such costs to be ordinary and necessary business expenditures, the IRS has now taken the position that the earlier ruling was intended to address only section 263(a) and was not intended to suggest that manufacturers need not consider the possible applicability of section 263A.
[begin strikethrough]For purposes of determining a firm's compliance with rule 101 [ET section 101.01], its interpretations, and rulings, a former practitioner is not included in the term "a member or his or her firm" provided that[end strikethrough] A firm's independence will be considered to be impaired with respect to a client if a partner or professional employee leaves the firm and is subsequently employed by or associated with that client in a key position unless all the following conditions are met:
The ruling also enjoined all school-organized or officially sanctioned religious activities in classrooms or over the schools' public address systems, including vocal prayer and Bible reading.