What are Revenue Rulings and Revenue Procedures?

What will be an ideal response?


Revenue Rulings (Rev. Rul.) and Revenue Procedures (Rev. Proc.) are issued by the IRS and are excellent sources of information for taxpayers and tax preparers. With Revenue Rulings, the IRS is reacting to an area of the tax law that is confusing to many taxpayers and/or has material tax implications to many taxpayers. The Rev. Rul. lists a fact situation, the relevant tax authority, and the IRS's conclusion on the manner in which the item should be treated.
A Rev. Proc. is a proactive document and is issued by the IRS to illustrate the manner in which it wants something reported.

Business

You might also like to view...

One of the problems facing business-to-business on the Web is that many firms often impose more stringent requirements on their online business partners than they do on non-online partners

Indicate whether the statement is true or false

Business

______ focus on the tools required to perform a task, and the appropriate use of the tools specifies the interaction among group members. Tools are defined broadly to include a wide variety of implements or devices.

A. Crews B. Teams C. Task forces D. Individuals

Business

Under the exclusionary rule, illegally obtained evidence may not be included in any criminal prosecution

a. True b. False Indicate whether the statement is true or false

Business

A common criticism of deontological ethical theories is that they:

A) are excessively pragmatic. B) are rigid and excessively formal. C) only consider actions by their motives. D) fail to consider universal principles.

Business