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LSDefine

Simple English definitions for legal terms

private letter ruling

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A quick definition of private letter ruling:

A private letter ruling is a written statement from the IRS that explains how a specific transaction will be taxed for a particular taxpayer. It is a response to a taxpayer's inquiry and is not binding on other taxpayers.

A more thorough explanation:

A private letter ruling is a written statement issued by the Internal Revenue Service (IRS) to a taxpayer who has inquired about the tax implications of a specific transaction. This ruling explains how the transaction will be taxed and helps the taxpayer make informed decisions about their finances.

For example, if a taxpayer is considering selling a piece of property and wants to know how the sale will be taxed, they can request a private letter ruling from the IRS. The ruling will provide guidance on how the sale will be taxed and any potential tax consequences.

Another example is if a taxpayer is unsure about how to report income from a foreign source on their tax return. They can request a private letter ruling from the IRS to clarify the reporting requirements and avoid any penalties for incorrect reporting.

Private letter rulings are only applicable to the taxpayer who requested them and cannot be relied upon by other taxpayers or used as precedent in future cases. They are confidential and not made public by the IRS.

private law | private morality

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NosyBeagle
15:31
real. I am mostly sober now. what a world
15:32
awe congrats i wish i could be sober maybe after law school
@bigfatsloth: Where are you going to attend?
15:44
wake forest unless notre dame accept me last second and offer a kabillion dollars
15:57
Whelp, my second full practice test is through
im mostly sober too
16:06
im ready to cook senior year and then hopefully move to Malibu :)
16:09
slay
16:11
yo yall bouttta miss the washu zoom
NosyBeagle
16:35
im not applying there. yall have fun
Mostlylegal
16:40
dude we getting litty in the washu zoom
Mostlylegal
16:40
thats where all the baddies hangout
Mostlylegal
16:40
just did coke off this one girls tits at the washu zoom, i cant believe people didnt sign up for this shit LMAO
did you hook up with the girl at your gulc interview
Mostlylegal
16:43
bruh I dont do hookups
Mostlylegal
16:43
but thanks for remembering
oh but coke is okay
Mostlylegal
16:56
it is not what goes into the mouth that defiles the man but what comes out of it.
Mostlylegal
16:56
can I get an amen?
NosyBeagle
17:01
AMEN
18:22
yall r some interesting folks in here
18:23
we gonna run some tests on u lot
18:37
ALRIGHT MAN
@slimelaw: who is "we?" Weirdo
20:11
@Mostlylegal: top > else
slimelaw
20:26
@PremiumFrequentCrane: me and you
ronniedoeslaw
23:31
Knicks really choked
ronniedoeslaw
23:32
Is it worth moving to Florida for law school?
I’d only do it for uf
ronniedoeslaw
0:36
That’s a good point
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