The IRS will issue a ruling
A)on prospective transactions only.
B)only if regulations have been issued on the subject.
C)on a completed transaction for which a return has been filed.
D)to clarify the tax treatment of a transaction.

Question

Quizplus · Accepted Answer

The IRS issues rulings to clarify the tax treatment of a transaction, which can be applicable to both prospective and completed transactions. Regulations do not need to have been issued on the subject for the IRS to issue a ruling.

The IRS Will Issue a Ruling