A private letter ruling (PLR) is a written statement issued to a taxpayer in response to a specific inquiry concerning how a tax law applies to the taxpayer's particular set of facts. A PLR is binding on the IRS with respect to the taxpayer who requested it and cannot be used or cited as precedent by other taxpayers. Is PLR determined by RBI? The Reserve Bank of India (RBI) does not determine the PLR. The PLR is determined by the banks themselves, within the guidelines set by the RBI. What does PLR stand for in education? PLR stands for "personalized learning record." A personalized learning record is a system that tracks a student's progress and provides customized recommendations for further learning.
Where can I get technical advice memorandum?
There are a few places you can get a technical advice memorandum (TAM). The Internal Revenue Service (IRS) has a few TAMs available on their website. You can also find TAMs through the Taxpayer Advocate Service (TAS). The TAS website has a searchable database of TAMs. Finally, you can request a TAM from the IRS Office of Chief Counsel.
Are private letter ruling primary authority?
IRS Private Letter Rulings (PLRs) are written responses to specific questions submitted by taxpayers about how the tax law applies to their particular situation. PLRs are not published in the Internal Revenue Code (IRC) or the Code of Federal Regulations (CFR). However, they may be cited as precedent in future IRS guidance, including revenue rulings and regulations.
While PLRs are not considered primary authority, they may be persuasive authority for how the IRS interprets the tax law. In some cases, a PLR may be binding on the IRS if it is determined to be applicable to a class of taxpayers or situations. What is the difference between a taxpayer requested letter ruling and a technical advice memorandum issued as a letter ruling? A taxpayer requested letter ruling is a ruling that is requested by the taxpayer from the IRS. A technical advice memorandum issued as a letter ruling is a ruling that is requested by the IRS from the Office of Chief Counsel.