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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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JumpySubsequentDolphin
23:52
☹️
it's like p much impossible to get in if you don't do it according to the deans lol
like i mean it's probs possible but. very rare
JumpySubsequentDolphin
23:52
SO WHY DO THEY CALL IT
JumpySubsequentDolphin
23:52
OPTIONAL
mind games
JumpySubsequentDolphin
23:52
WHY DO SCHOOLS DO THIS
JumpySubsequentDolphin
23:52
the illusion of chocoe
JumpySubsequentDolphin
23:52
chocoe
JumpySubsequentDolphin
23:52
choice
there's an infamous dude on reddit who literally got into every t14 like HYS but got WL at northwestern and he's like it's definitely because he didn't do the interview lol
and he had like 180 lol
JumpySubsequentDolphin
23:59
maybe YP?
Dkk
2:22
@jackfrost11770: "do the northwestern thing" ? very sad.
Dkk
2:23
@jackfrost11770: that'smy Army buddy who got rejected from NW.
Dkk
2:24
He did not have 180. 170.
Dkk
2:25
Northwestern is an Ohio trainwreck and the staff there should consider the gun,
4:18
^ HAHAHAHA
4:19
Jackfrost has a point though, a good way to stand out with your apps is to do as much "optional" stuff as possible, including the interview
4:20
This goes for NU's Kira as much as it does, for example, ASU's 1-minute "elevator pitch" video
Dkk
4:22
Indeed indeed @renard
Dkk
4:36
Man my butthole is on fire from that Carolina Reaper. 1:36 AM fire farts.
6:18
^is this satire? wtf this is really poorly written lmao
[] baddestbunny
9:49
when someone describes something as "classic LSAT Demon" I tend to assume that is code for "this thing sucks"
Dkk
10:29
I dont know.
Dkk
10:29
I dont know.
[] baddestbunny
10:30
Defining “postmodernism” is a daunting task. One commentator has likened it to “trying to nail gelatin to a wall.” Part of the difficulty is postmodernism’s heterogeneity. As Angela Harris has noted, “There are as many different definitions of postmodernism as there are postmodernists.”
Dkk
10:36
Indeed, indeed!
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