71-381 addressed the classification of theft losses.
The IRS also issued two revenue rulings
approving several scenarios involving use or disclosure of tax return information.
Seelig says that although [section]162(m) explicitly deals with the five highest-paid corporate employees (not including the CFO), the IRS revenue ruling
will force companies to also look at severance and bonus packages for lower-ranking employees outside the top five.
The new revenue procedure and revenue ruling
do not apply to independent contractors.
In March, the IRS issued Announcement 95-25, which contained proposed revenue ruling
regarding the impact of certain physician recruitment incentives on the tax-exempt status of hospitals that recruited physicians for their nonemployee medical staffs or to provide services on behalf of the hospitals.
While a revenue ruling
is a pronouncement of the agency of the government charged with interpreting and enforcing the tax laws, courts have frequently held that an IRS ruling is merely the opinion of an attorney or group of attorneys who work for one party to the controversy.
200931 held that section 401 plans may require or permit contributions based on cash compensation for unused paid time off work, and that plan participants will include such contributions in gross income only when they receive them as distributions.
Although Correll elevates longstanding rulings that have Congressional approval to some type of legal status on par with statutes, the average revenue ruling
does not fall into that category.
Snow to suspend IRS Revenue Ruling
2006-27 and create an opportunity for public comment on the impact the ruling will have on low-to-moderate income homebuyers, the housing industry, and the national economy.
Moreover, even if the IRS were to challenge the employer's reliance on its outdated rulings, it will likely be precluded from arguing against the public guidance articulated in an outstanding revenue ruling
15, the Internal Revenue Service issued Revenue Ruling
2002-9, which holds that impact fees incurred by real estate developers in connection with the construction of residential rental property constitute costs that should be capitalized and added to the developer's income tax basis for the buildings being constructed.
58-112 further characterizes a trade or business activity as one that is regular, frequent and continuous.