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