Question

Does Revenue Rulings carry the same legal force and effect as Regulations? Please explain. When does a corporation need a private letter ruling?

Answer 1

Revenue rulings which denotes the internal revenue service for all tax payers which is precedent on all tax payers on which they can bind.

revenue rulings is comes under the public administration it as the same legal force and effect as regulations but it is precedent for all as internal revenue services .

when a tax payer need certain information regarding a particular transaction then private ruling is applied, but which is not precedent or relay by all the tax payers as like revenue rulings.

revenue rulings which shows the internal tax applications and internal revenue is binding on all public taxpayers and irs employees , which is vast i.e tax laws

Hope you enjoyed!!!Thank you!!!!Stay safe!!!Be Happy