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LSDefine

Simple English definitions for legal terms

revenue ruling

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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

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babycat
12:21
@EvolBunny: I think people who are strictly t14 are talking about it less
a 3.96 175 wl berkeley today is brutal
HopefullyInLawSchool
12:23
@2big2fail: you have to go to the admitted students page and dig around, i forgot how exactly i found it but you have to be on that page first.
2big2fail
12:23
ok thanks
2big2fail
12:24
oh i see its "scholarship reconsideration"
12:24
@Acoustic maybe they didn't get their margins right
12:24
@babycat: just like reddit, it appears it is just more "lower" students using the gunner platforms. Reddit last year was basically t14 and then you had outsidet14. Now it seems like we need a t14 only sub
berk wl w those stats is brutal maybe yp?
12:25
It wouldnt be so bad if they didnt get so salty lmfao i do not want to read a post about "wahhhh why can someone with a 3.95/171 even make a chance me post wahhhh"
12:25
Fucking diaper gang over there
12:25
crybaby central
are those my exact stats on purpose what's goin on w these indirects i love drama hol on
HopefullyInLawSchool
12:26
i see a storm brewing
12:27
the biggest mistake on reddit this cycle was not telling everyone up front that it would be the slowest cycle ever
yeah it's going to be super slow
12:27
already seeing people complain about waiting when they could be waiting until march or april
12:27
Those are gen alpha lazy people
12:28
"where is my tiktok ai summary"
yeah even ppl that applied in september realistically im not expecting another decision until like january outside of my ed
12:28
GO read their websites, tons have easy to see timelines
HopefullyInLawSchool
12:28
Some have timelines some dont
12:28
like why am i seeing people beg for duke decisions when ed 1 and ed2 have release dates?
12:28
lmfao
BulbasaurNoLikeCardio
12:28
I am planning to buy or build a house when I move so having to wait until March/April would mean I can't build. I am hoping to hear back from my remaining three schools by end of January
12:29
Those schools got 80 guys lined up to buy em a drink
ForDizzyDJoy
12:29
Evolbunny origin story was when you were rejected?
12:29
I respect it if you put a personal end of january deadline, but they will gladly say "okay bye"
BulbasaurNoLikeCardio
12:29
The origin story starts with a smelly chair and boss not doing a LoR
babycat
12:30
lmaoooo
ForDizzyDJoy
12:30
Boss told him “get someone else to do it”
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