Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

private letter ruling

Read a random definition: right-to-work law

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

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
20:07
I am semi proficient in spanish.
20:08
nice same. This sounds bad but I do not like how spanish sounds.
20:09
or english for that matter
20:09
There is nothing wrong with that. I like all the languages. It is tones that annoy me.
20:10
and fabrics
20:14
@GalenMeric: Sorry, tones is what I meant. Are you a wool fabric fan?
20:40
I think my only wool piece is my suits, and I like those quite a bit.
21:11
Wool is the best fabric
21:12
I only buy wool, denim, leather, and loop wheel cotton
21:31
@NemoPropheta: Im on that polyester, nylon, spandex, rayon, and fleece grind fam
21:32
jk but fr: I was watching how to fold dress shirts so they do not wrinkle, and the dude did his folding on a wool blanket so that the wool fibers grabbed the cotton shirt (like velcro), that is smart asf
21:32
That is smart
21:33
I want a weatherwool blanket
21:33
But I hang my shirts but Ive heard arguments against it
21:34
Generally I fold knitwear and hang everything else
21:35
Cant wait to get that big law money and spend it all on clothes 🙏
21:37
@NemoPropheta: his point was to protect the collar at all costs, therefore fold most shirts. I HATE when collars be acting out, so I will adpot his method: https://www.youtube.com/shorts/QaVKudd36zc?feature=share
21:38
oh fr wearin a suit is so fun t. someone who wears a suit seldomly
21:40
Yeah that makes sense, I do hate when my collar stick out at the sides, I cant figure out how to iron them so they maintain their shape
21:48
collar stays may be the answer. also, shirt stays are goated
21:50
@NemoPropheta: those look so nice, but i feel like one spec of dirt or one crease will ruin ur week, even if the money means nothing?
23:18
Idk I like worm i
23:19
bruh
23:19
I like worn in leather, and dirt is easy enough to clean off*
OrangeThing
23:27
Am I still muted on here
OrangeThing
23:27
Oh I guess not
OrangeThing
23:27
Hello all
f$ll to MarqU baby
Ur-
0:34
@OrangeThing: Welcome back Renard99
LSD+ is ad-free, with DMs, discounts, case briefs & more.