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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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Dkk
19:40
How I knew I liked my Chinese friend when he was respectful but my Indian friend acted like a fucking retard.
Dkk
19:40
Solaris is a great scandinavian grape indeed Jackfrost. That is your grape now. You are Solaris.
19:41
thank you jackfrost <3 I will definitely check it out. I think I am going to try reading some books in Spanish to improve my middle school level Spanish ability but maybe Russian will be next
Dkk
19:41
I gave windy Solaris but I am going to reassign her.
Dkk
19:42
Windy is going to be Marsanne now
19:42
In the psychoanalytic theory of Jacques Lacan, objet petit a stands for the unattainable object of desire, the "a" being the small other, a projection or reflection of the ego made to symbolise otherness, like a specular image, as opposed to the big Other which represents otherness itself.
19:43
They need to lock me up in the Peter Thiel Rene Girard think tank expeditiously
Dkk
19:43
That's called a shadow or a veil also.
19:44
please don’t reassign me Dk. that would really hurt my feelings. I feel like I was your first grape
Dkk
19:45
Yeah you were my first LSD Grape and it fits cus you have been here so long and that's what the grape is known for "First to the party"
20:15
wow
Dkk
20:21
Wow indeed Eggan, do you want a grape?
20:25
sure
Dkk
20:26
@Eggan: Alright you get Pinotage from South Africa.
JumpySubsequentDolphin
20:38
what’s an lsd grape
Good evening LSD! Only 36 hours until Harvard Law School starts making acceptance phone calls! Take this next day-and-a-half to repent and make amends for previous transgressions, so that you can recieve your phone call with a squeaky clean soul 😩
windyMagician
21:01
girl just chill
windyMagician
21:01
also i don’t drink so you could have me as the shittiest wine ever and i wouldn’t know
21:16
anyone here been accepted to uga?
dolphin and windy grapes?
21:29
aw yeah pinotage
Dkk
22:02
@windyMagician: don't worry, I gave you cult grapes
Dkk
22:03
@YoungThugLawyer: I wish but UGA does that lame as 169 cut off and I got a 168. I guess I am just a fucking retard to them.
Dkk
22:03
Dolphin can have Cinsault
22:13
wait sorry how exactly do cutoffs work in law school admissions
Dkk
22:32
@YoungThugLawyer: Depends on the school. With your stats and UGA, you are probably in.
22:37
thats good to know. the thing is ive seen uga turn around apps for some people in like 2 weeks but i applied 3 weeks and i havent heard anything
JumpySubsequentDolphin
23:10
@Dkk: I don’t drink either is that a good one
Dkk
23:23
@YoungThugLawyer: ehh if you are counting the holidays in that do not. 3 weeks without the holidays, expect something soon.
Dkk
23:23
@JumpySubsequentDolphin: They are all good grapes!
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