According to the Tax Court, a revenue ruling
represents the Commissioner's position with respect to a specific factual situation and is merely the opinion of a lawyer in the agency.
For example, assume X and Y apply for and receive a private letter ruling
allowing them to enter into a tax-free reorganization to form a parent-subsidiary group.
went on to state that the excess losses that arose in a closed tax year must first offset any increase in basis (from profits, capital or debt contributions), before open-year losses may be used.
In the Request, Peyrelevade contends that interlocutory review is appropriate and necessary in this case because the ALJ's ruling
improperly resolves a controlling issue of law by denying consideration of Peyrelevade's deposition testimony and by barring Peyrelevade from preserving his testimony by way of a testimonial deposition pursuant to Rule 263.
The Institute explains that the Correll case actually involved a regulation, although the presence of an earlier revenue ruling
is noted in a footnote in the decision to demonstrate its longstanding nature.
If the position is contrary to a rule or regulation, the taxpayer also must adequately identify on form 8275 or 8275-R the ruling
or regulatory position in question.
Even though the IRS continues to receive numerous late-filing letter ruling
requests, (45) the number decreased substantially this year.
Most notably, the Wall Street Journal published an article about the ruling
on January 14 headlined "Tax Rule May Crimp Firms' Expansion.
held that it may change prospectively, but not retroactively.
Specifically, the proposals include a revision to Ethics Ruling
District Judge Ira DeMent handed down the ruling
The legislation complies with a ruling
of the World Trade Organization that the FSC tax regime provides prohibited export subsidies.
However, the taxpayer can request an inadvertent termination ruling
33) Under the principles of that revenue ruling
, a taxpayer must capitalize costs incurred in connection with the acquisition of a new trade or business after the date on which the taxpayer decides whether to acquire another business and which business to acquire.
Based on the generally accepted interpretation of revenue ruling
76-28, the company deducted contributions it made after yearend on its extended tax returns.