Final answer:
Determination letters do not usually involve completed transactions; they are more commonly associated with clarifying tax positions or statuses before a transaction is completed. The statement is False
Step-by-step explanation:
The question asks whether determination letters usually involve completed transactions. The statement is False. A determination letter typically refers to a document that an organization may receive from the Internal Revenue Service (IRS) confirming the tax status of the organization or the tax treatment of a particular transaction.
Often, determination letters are sought before a transaction is completed to provide assurance that the intended tax treatment will apply once the transaction is executed. Therefore, a determination letter does not usually involve a completed transaction, but rather it is a precursory step taken to clarify tax positions or statuses in advance.