A Letter Ruling Applies Only to the Taxpayer Who Asks

question 4

True/False

A letter ruling applies only to the taxpayer who asks for and obtains a letter ruling.

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Definitions:

Parties

Individuals, groups, or entities that enter into a legal agreement or are involved in a legal proceeding.

Agreement

A mutual understanding or arrangement between two or more parties about their relative rights and responsibilities.

Good Faith Purchaser

An individual who buys property without knowledge of any existing claims or defects against it.

Authority

The power or right to give orders, make decisions, and enforce obedience, typically vested in leaders and institutions.