Discussion Question 7.2 (10. 1) Complete the following statement regarding why a private letter ruling from the IRS is like an insurance policy for a corporate rebrganization. Requesting a letter ruling from the IRS about a reorganization will provide the parties involved information regarding the of the croposed transactions. If the parties proceed with the transaction as proposed in the ruling request, a favorable. income caxefrect for the restructuring. Discussion Question 7-2 (20, 1) Complete the following statement regarding why a private letter ruling from the IRS is like an insurance policy for a corporate reorgankation Requesting a letter ruling from the IPS about a reorganization will provide the parties involved information regarding the : of the proposed transactions. If the parties proceed with the transaction as proposed in the ruling reques, a favorable ruling indicates the for the restructuring: 17. PR.07-41