Question

Which of the following is CORRECT with respect to Private Letter Rulings?

a. They are issued by the IRS National Office in response to a specific taxpayer request.
b. They can be cited as precedent by other taxpayers.
c. They are published weekly by the IRS in the Internal Revenue Bulletin.
d. They are also known as Technical Advice Memoranda.
e. None of the above statements is correct

Answer 1

Private Letter Rulings are issued by the IRS National Office in response to a specific taxpayer request, but cannot be cited as precedent by other taxpayers.

Step-by-step explanation:

The correct statement with respect to Private Letter Rulings is option A: They are issued by the IRS National Office in response to a specific taxpayer request. Private Letter Rulings are written decisions by the IRS in response to a taxpayer's specific inquiry regarding the application of tax law to their own particular set of facts. These rulings are only binding on the taxpayer who requested it and cannot be cited as precedent by other taxpayers.