Say you have a transaction that you think needs the IRS’s blessing ahead of time. No problem. In many cases, you can pay a fee and obtain a private letter ruling from the IRS. In general, the ruling from the IRS is binding.
In what is an allowable—but unusual—event, private letter ruling 200613022 revokes a 2005 private letter ruling because the IRS did not consider one set of IRS regulations that changes the outcome of the original ruling.
In the revocation, the ... Log in to view full article.