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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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Dkk
22:48
Ross Ulbricht free. God Bless Trump. Huge win.
JeremyFragrance
22:54
agreed
texaslawhopefully
22:55
This is an interesting read: https://thedispatch.com/article/birthright-citizenship-trump-implications/
Dkk
23:01
I mean, idk how it's possible to end birth right citizenship without amending the constitution because to me the 14th amendment is pretty clear about it.
ross ulbricht tried to hire a hitman to kill 5 people
i am not that sympathetic to him
Dkk
23:04
@KnowledgeableRitzyWasp: That might have been an FBI agent. It was most likely him and he was most likely doing it to retrieve stolen funds that corrupt FBI agents stole, but yeah moral gray area but me personally, cool with hitmen. It's not like it is uncommon to hire hitmen. I don't think the action itself is necessarily wrong but the intent behind it can be.
Dkk
23:05
Like, Boeing whistblowers being killed by hitmen = wrong but a guy hiring hitmen to retrieve stolen funds = good to me.
texaslawhopefully
23:05
@Dkk: Yeah, for sure. My guess is it'll go to SCOTUS and it'll be 8-1 or 7-2, saying that EO was unconstitutional.
Dkk
23:06
Indeed. I need a count for how many exectuive orders he has signed and how many already have pending lawsuits.
i've been away for a while what were the most recent waves? any this week?
lilypadfrog
8:12
hi shawties
lilypadfrog
8:16
who’s getting into a law school today raise your hand
jackfrost11770
8:28
I sure hope so at this point
lilypadfrog
8:28
woooo
lilypadfrog
8:28
jackfrost for law school
jackfrost11770
8:29
LILYPADFROG FOR LAW SCHOOL
jackfrost11770
8:29
I really just love how now there's an executive order that says I don't exist as a person
jackfrost11770
8:29
Do I not have to pay taxes now? Loans? What now
lilypadfrog
8:34
you should probably assume this means your law school will be free
GreyCeaselessMammoth
8:34
i love that there's an executive order that we're all female now
jackfrost11770
8:38
I think so yeah. I think I don't have to pay for anything anymore
Trismegistus
8:40
can someone release today my god
lilypadfrog
8:41
i’m boutta release
sounding like that one guy in here who kept saying he was cumming
Dkk
8:43
Was that me cus I just released.
lilypadfrog
8:44
Wahoowa
Dkk
8:45
AI Overview +1 "Wahoowa" is a cheer and greeting used by fans of the University of Virginia (UVA).
Dkk
8:45
Learned something new today. I can sleep knowing I learned something today.
lilypadfrog
8:48
https://en.m.wikipedia.org/wiki/Dalgona I just learned about these things. Apparently they’re featured in Squid Game, but I think Squid Game is just a ripoff of the original Mr Beast Games
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