36) Shortly before the enactment of section 6110, however, two courts had already held private rulings
to be open to public inspection, pursuant to the FOIA.
Since 1987, when Congress decided to redefine the appropriate boundaries of the corporate tax in section 7704 following regular legislative order, including committee hearings and a conference committee, the IRS and taxpayers, through open and frank discussions in the private ruling
process, have slowly filled in the interstices in the legislative scheme, more clearly defining the scope of qualifying activities.
Three of the private rulings
were identical, as they were obtained by the three adult children of one IRA owner.
The private ruling
is significant because it formally states the IRS's position on the taxability of frequent-flier miles.
As a hybrid of the wholly prospective transaction-based private ruling
approach of Rev.
The corporation sought a private ruling
that it would not be subject to the New York corporation franchise tax if (1) it employed independent brokers to trade in commodity futures contracts in precious metals on a New York exchange, and (2) in certain situations, it took title to the metals for short periods of time (the metals would be located in warehouses or vaults in New York).
Where the private ruling
process is used, however, the facts may be obscured, the legal analysis shielded from scrutiny, and taxpayers as a whole disadvantaged.
Where the private ruling
process is used, however, the facts are obscured, the legal analysis is shielded from scrutiny, and taxpayers as a whole are disadvantaged.
The current guidance on this important issue is contradictory, with revenue agents aggressively citing the IRS's private ruling
position - as reflected in Technical Advice Memorandum 9411002 (Nov.
80-76, this private ruling
provides that the subsidiary employer (not the parent that actually transferred the property) would receive the deduction.
Other changes made by the revenue procedure are discussed in the second part of this article, relating to obtaining a private ruling
It is also notable that the dissolution language in these recent private rulings
permitted income to accrue not only directly to the state and its political subdivisions, but also to any other Sec.
The IRS consistently issued more than 70 public and private rulings
from 1963 through 1977 that this investment annuity was acceptable within the tax code.
In private rulings
the IRS has indicated that upon the sale of a life insurance policy not only is any income taxed as ordinary income (maximum 35% federal rate) but also the amount of taxable income is the difference between the policy's cash value and the sales proceeds.
Some firms could have received QHTB status through private rulings
by certified public accountants or attorneys.