Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

revenue ruling

Read a random definition: proportionate-reduction clause

A quick definition of revenue ruling:

A revenue ruling is a statement made by the Internal Revenue Service (IRS) about how they will handle tax questions in the future. It comes from a specific question asked by a taxpayer about their tax liability. These rulings are helpful for people who want to know how the IRS will treat their taxes, but it's important to remember that they only apply to specific situations and may not be relevant in all cases.

A more thorough explanation:

A revenue ruling is an official statement by the Internal Revenue Service (IRS) that explains how it will apply tax laws to specific situations. These rulings are based on a particular taxpayer's question about their tax liability and are published for general use by taxpayers, tax preparers, accountants, and attorneys.

For example, let's say a housepainter paints a lawyer's house in exchange for legal services. The IRS might issue a revenue ruling stating that the fair market value of the legal services received by the housepainter is considered taxable income under the Internal Revenue Code (IRC) § 61(a) and Treasury Regulation 1.62–2. This means that the housepainter would need to report the value of the legal services as income on their tax return.

It's important to note that revenue rulings are based on specific facts and circumstances, so they may not apply to every situation. Additionally, changes in tax laws or court decisions may make a revenue ruling obsolete over time.

Revenue agent | reversal

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
LSD+ is ad-free, with DMs, discounts, case briefs & more.