Select Yes or No to the following

Revenue Rulings serve an important function in providing guidance to IRS personnel and taxpayers in handling routine tax matters. Letter rulings describe how the IRS will treat a proposed transaction for tax purposes. Letter rulings "may not be used or cited as precedent." The IRS limits the issuance of letter rulings to restricted, pre-announced areas of taxation. Revenue Rulings apply only to the taxpayer who applies for and obtains the ruling. . Identify which of the following statements are true regarding Letter rulings and determination letters. Select "Yes" or "No" whichever is applicable. Letter rulings describe how the IRS will treat a proposed transaction for tax purposes. Determination letters are issued by an IRS executive rather than the National Office of the IRS. Determination letters usually involve completed transactions. Determination letters are not published but are made known only to the party making the request. Letter rulings usually involve completed tax transactions