How to Obtain and Use a Private Letter Ruling

Summary

This practice note discusses how a taxpayer can obtain and use a private letter ruling (PLR) request from the Internal Revenue Service (IRS). PLRs are written determinations issued by the IRS to a taxpayer in response to a taxpayer's request for guidance on the tax consequences of a specific set of facts. The taxpayer files this inquiry prior to filing returns or reports required by the tax laws. Rev. Proc. 2024-1.