PLRs 'comfort' rulings curtailed.

• Author: Josephs, Stuart R.
• Position: IRS news - Private letter rulings - Brief article

Rev. Proc. 2013-32 states that private letter rulings (PLRs) will be severely limited for corporate reorganization by eliminating "comfort" rulings regarding a range of transactions.

To conserve resource, the IRS will no longer issue PLRs on whether a transaction qualifies for nonrecognition treatment under IRC sees. 332, 351, 355 or 1036, or constitutes a tax-free reorganization within the meaning if Sec. 368. Instead, the IRS will rule only on "significant...