In a brief amicus curiae filed with the Supreme Court of the United States, Tax Executives Institute called revenue rulings
mere litigating positions of the Internal Revenue Service that are not entitled to deference by the courts.
For example, as part of a ruling
request a taxpayer demonstrates compliance with the statutory requirements for a merger.
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;
that Correll] upheld an interpretative regulation rather than an interpretive ruling
Private letter rulings
and technical advice memorandums issued after October 31, 1976.
1362(b)(5) and could file an S election within 60 days of the ruling
The "Holding" segment of the ruling
provides that training costs are generally deductible under section 162.
(30) dealt with a parent-subsidiary consolidated group converted to S-QSub status.
The proposed ethics ruling
under Rule 201, "General Standards," and Rule 202, "Compliance With Standards," clarifies the application of Rules 201 and 202 to members who use a third-party service provider in providing professional services to clients, and makes clear the committee's position that the member is responsible for all work performed by the service provider.
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.
In a highly technical ruling
earlier this year, the WTO distinguished exceptions to general tax rules from tax exemptions that result from a general rule of taxation -- the former constituting a subsidy; the latter not.
2003-43, (3) which grants S corporations, qualified subchapter S subsidiaries (QSubs), ESBTs and QSSTs a 24-month extension to file Form 2553, Election by a Small Business Corporation, Form 8869, Qualified Subchapter S Subsidiary Election, or a trust election, without obtaining a letter ruling
Although the final regulations have the practical effect of obsoleting inconsistent rulings
even without the need for affirmative action by IRS, formally removing the old rulings
will prevent unnecessary and frustrating discussions and debates over the continuing validity of a particular ruling
On December 7 the IRS issued revenue ruling
90-105, which changed the deductibility of 401(k) contributions made after yearend.