Question

Which of the following statements is INCORRECT with regard to IRS Revenue Rulings?

a. Revenue Rulings apply the Code and Regulations to a specific fact situation.
b. Revenue Rulings are published chiefly to give guidance to taxpayers.
c. A Revenue Ruling is an official pronouncement of the IRS National Office.
d. All of the above statements are correct

Answer 1

Revenue Rulings are official pronouncements of the IRS National Office that provide guidance to taxpayers regarding the interpretation and application of tax laws.

Step-by-step explanation:

The correct statement with regard to IRS Revenue Rulings is: b. Revenue Rulings are published chiefly to give guidance to taxpayers.

Revenue Rulings are official pronouncements of the IRS National Office, which provide guidance to taxpayers regarding the interpretation and application of tax laws. They apply the Code and Regulations to specific fact situations, helping taxpayers understand how the law applies to their situation. Therefore, statement a is correct.

Statement c is also correct, as Revenue Rulings are indeed official pronouncements issued by the IRS National Office. These rulings are publicly available and provide taxpayers with clarity on tax matters.

Therefore, statement d, which states that all of the above statements are correct, is incorrect. The correct answer is b, revenue rulings are chiefly published to give guidance to taxpayers.