22:55
(idk anything about arabic dialects lmao)
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LSDefine
Simple English definitions for legal terms
ruling letter
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A quick definition of ruling letter:
A ruling letter is a letter from the Internal Revenue Service that gives an opinion about the tax implications of a transaction. For example, it can determine if a nonprofit organization is eligible for tax-exempt status. It is also known as a determination letter.
A more thorough explanation:
A ruling letter is a document issued by the Internal Revenue Service (IRS) in response to a taxpayer's request. It provides an opinion about the tax implications of a particular transaction or situation. For example, a ruling letter may determine whether a nonprofit organization is eligible for tax-exempt status.
The ruling letter is also known as a determination letter.
Here are some examples of situations where a taxpayer may request a ruling letter:
- A business wants to know if a particular expense is tax-deductible
- An individual wants to know if they qualify for a certain tax credit
- A nonprofit organization wants to know if they are eligible for tax-exempt status
The ruling letter provides clarity and certainty for taxpayers, as it outlines the IRS's position on a particular tax issue.