A letter ruling is an interpretation and application of the tax law as it relates to a specific set of facts furnished by the taxpayer to the Department of Revenue. Assuming the taxpayer requesting the letter ruling correctly represents the facts, the Department is bound to follow its decision with respect to that taxpayer. The taxpayer’s identity must be disclosed to the Department in its letter ruling request.
What is a letter ruling?
- How do I request a letter or revenue ruling?
- What is a revenue ruling?
- What fees are associated with the issuance of a ruling?
- Are issued rulings published?
- If a single member limited liability company (“SMLLC”) elects to be disregarded for federal tax purposes, can its corporate parent claim the SMLLC’s job tax credits on future franchise, excise tax returns?