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LSDefine

Simple English definitions for legal terms

private letter ruling

Read a random definition: Labor Disputes Act

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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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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