Both Revenue Rulings and Letter Rulings have the same precedential value as far as authority in tax matters is concerned.

Question

Quizplus · Accepted Answer

Revenue Rulings are published by the IRS and have a broader applicability, setting precedent for all taxpayers under similar circumstances. Letter Rulings, however, are specific to an individual taxpayer's situation, do not set precedent, and cannot be relied upon by other taxpayers.

Both Revenue Rulings and Letter Rulings Have the Same Precedential