IRS Written Determinations
Free IRS private letter rulings, technical advice memoranda, and Chief Counsel advice with plain-English summaries and the official IRS release on every page.
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REIT and hotel subsidiary receive relief for a late TRS election
A real estate investment trust indirectly owned a company formed to lease a hotel property and intended that company to be a taxable REIT subsidiary when the hotel began operating. Outside advisers…
REIT and subsidiary receive 90 days to make a late TRS election
A corporation and its subsidiary filed Form 8875 before the parent qualified as a real estate investment trust, then mistakenly assumed the taxable REIT subsidiary election remained effective after…
Tenant electricity charges do not depend on property income or profits
A company planning to elect REIT status owned rental property equipped with energy-storage systems operated by a third party. The operator charged the landlord half of the electricity-cost savings…
Forestry carbon credits produce qualifying REIT income when accrued
A publicly traded timber REIT planned U.S. and foreign carbon-sequestration projects covering specifically identified forestlands. The projects imposed enforceable land-use and forest-management…
Commodity-linked note ruling revoked prospectively
Two regulated investment company funds had obtained a 2006 ruling that income and gain from certain commodity-linked notes qualified under IRC § 851(b)(2). The IRS later concluded that issuing a…
Commodity-linked-note income ruling was revoked retroactively
Two funds had received a 2009 private letter ruling that income and gain from certain commodity-linked notes counted as qualifying income under section 851(b)(2). The IRS later concluded that…
Commodity-linked-note ruling was revoked prospectively
Four funds had received a 2006 private letter ruling that income and gain from certain commodity-linked notes counted as qualifying income under section 851(b)(2). The IRS later concluded that…
Commodity-linked-note ruling is revoked prospectively
A prior multi-filer ruling had told 96 funds that income and gain from certain commodity-linked notes counted as qualifying income under section 851(b)(2). It also ruled that specified subpart F…
Commodity-linked-note ruling was revoked prospectively
Two funds had received a private letter ruling that income and gain from certain commodity-linked notes counted as qualifying income under section 851(b)(2). The IRS later concluded that issuing a…
Commodity-linked-note ruling was revoked retroactively
Eight funds had received a private letter ruling that income and gain from certain commodity-linked notes counted as qualifying income under section 851(b)(2). The IRS later concluded that issuing a…
Commodity-linked-note ruling was revoked prospectively
Eighteen funds had received a private letter ruling that income and gain from certain commodity-linked notes counted as qualifying income under section 851(b)(2). The IRS later concluded that…
Commodity-linked-note ruling was prospectively revoked while Subpart F ruling remained effective
Six funds had received rulings that income from certain commodity-linked notes and certain Subpart F income counted as qualifying income under section 851(b)(2). The IRS later concluded that issuing…
Commodity-linked-note ruling was revoked retroactively
A fund had received a private letter ruling that income and gain from certain commodity-linked notes counted as qualifying income under section 851(b)(2). The IRS later concluded that issuing a…
Commodity-linked-note ruling was retroactively revoked while Subpart F ruling remained effective
Two funds had received rulings that income from certain commodity-linked notes and certain Subpart F income counted as qualifying income under section 851(b)(2). The IRS later concluded that issuing…
Commodity-linked-note ruling was retroactively revoked while Subpart F ruling remained effective
A fund had received rulings that income from certain commodity-linked notes and certain Subpart F income counted as qualifying income under section 851(b)(2). The IRS later concluded that issuing a…
Commodity-linked-note ruling was retroactively revoked while Subpart F ruling remained effective
Two funds had received rulings that income from certain commodity-linked notes and certain Subpart F income counted as qualifying income under section 851(b)(2). The IRS later concluded that issuing…
Commodity-linked-note ruling was revoked prospectively
A fund had received a private letter ruling that income and gain from certain commodity-linked notes counted as qualifying income under section 851(b)(2). The IRS later concluded that issuing a…
Commodity-linked-note ruling was prospectively revoked while subsidiary ruling remained effective
Two funds had received rulings that income from certain commodity-linked notes and income from investments in subsidiaries counted as qualifying income under section 851(b)(2). The IRS later…
Commodity-linked-note ruling was prospectively revoked while Subpart F ruling remained effective
A fund had received rulings that income from certain commodity-linked notes and certain Subpart F income counted as qualifying income under section 851(b)(2). The IRS later concluded that issuing a…
Commodity-linked-note ruling was retroactively revoked while Subpart F ruling remained effective
A fund had received rulings that income from certain commodity-linked notes and certain Subpart F income counted as qualifying income under section 851(b)(2). The IRS later concluded that issuing a…
Commodity-linked-note ruling was prospectively revoked while subsidiary ruling remained effective
A fund had received rulings that income from certain commodity-linked notes and income from an investment in a subsidiary counted as qualifying income under section 851(b)(2). The IRS later…
REIT stock-and-cash distributions qualify as property distributions
A public corporation planned to elect REIT status and distribute its accumulated pre-REIT earnings and profits through a mix of cash and common stock. Shareholders could elect cash or stock of…
Commodity-linked-note ruling was revoked retroactively
Two funds had received a private letter ruling that income and gain from certain commodity-linked notes counted as qualifying income under section 851(b)(2). The IRS later concluded that issuing a…
Only a proportionate share of rent tied to a sub-subtenant's profits was disqualified
A company planned to reorganize a subsidiary in bankruptcy and place leased property in a new corporation that would elect REIT status. One remote sub-subtenant paid rent based on its net income,…
State development grant income qualified for the REIT income tests
A REIT's subsidiaries planned a mixed-use real estate development and qualified for a state grant that would reimburse some construction costs. Annual grant payments would depend on eligible state…
Commodity-linked-note ruling was revoked retroactively
Six funds had received a private letter ruling that income and gain from certain commodity-linked notes counted as qualifying income under section 851(b)(2). The IRS later concluded that issuing a…
Commodity-linked-note ruling was revoked retroactively
Six funds had received a private letter ruling that income and gain from certain commodity-linked notes counted as qualifying income under section 851(b)(2). The IRS later concluded that issuing a…
Commodity-note ruling was revoked while Subpart F ruling remained in effect
A portfolio had received an earlier ruling with two conclusions under section 851(b)(2). One treated income and gain from certain commodity-linked notes as qualifying income, while the other treated…
Commodity-note ruling was revoked while Subpart F ruling remained in effect
Seven funds had received an earlier ruling with two conclusions under section 851(b)(2). One treated income and gain from certain commodity-linked notes as qualifying income, while the other treated…
Commodity-note ruling was revoked with prospective-only effect
A fund had received a ruling that income and gain from certain commodity-linked notes counted as qualifying income under section 851(b)(2). The IRS later concluded that issuing a private ruling on…
Commodity-note ruling was revoked while Subpart F ruling remained in effect
A fund had received an earlier ruling with two conclusions under section 851(b)(2). One treated income and gain from certain commodity-linked notes as qualifying income, while the other treated…
Commodity-note ruling was prospectively revoked while Subpart F ruling remained
A fund had received an earlier ruling with separate conclusions for commodity-linked-note income and specified Subpart F income under section 851(b)(2). The IRS revoked only the…
Commodity-note ruling was revoked while subsidiary-income ruling remained
Two funds had received an earlier ruling with separate conclusions for commodity-linked-note income and specified income inclusions from subsidiaries under section 851(b)(2). The IRS revoked only…
Commodity-note ruling was revoked while Subpart F ruling remained in effect
A taxpayer had received an earlier ruling for a fund with separate conclusions for commodity-linked-note income and specified Subpart F income under section 851(b)(2). The IRS revoked only the…
Commodity-note ruling was revoked with prospective-only effect
A fund and a portfolio had received a ruling that income and gain from certain commodity-linked notes counted as qualifying income under section 851(b)(2). The IRS later concluded that issuing a…
Commodity-note ruling was revoked while Subpart F ruling remained in effect
A fund had received an earlier ruling with separate conclusions for commodity-linked-note income and specified Subpart F income under section 851(b)(2). The IRS revoked only the…
Commodity-linked-note ruling was revoked retroactively
Two funds had received a private letter ruling that income and gain from certain commodity-linked notes counted as qualifying income under section 851(b)(2). The IRS later concluded that issuing a…
Commodity-note ruling was prospectively revoked while Subpart F ruling remained
A fund had received an earlier ruling with separate conclusions for commodity-linked-note income and specified Subpart F income under section 851(b)(2). The IRS revoked only the…
Commodity-note ruling was prospectively revoked while Subpart F ruling remained
A fund had received an earlier ruling with separate conclusions for commodity-linked-note income and specified Subpart F income under section 851(b)(2). The IRS revoked only the…
Commodity-linked-note ruling was revoked retroactively
A fund had received a private letter ruling that income and gain from a commodity-linked note counted as qualifying income under section 851(b)(2). The IRS later concluded that issuing a private…
Commodity-note ruling was revoked while subsidiary-income ruling remained
A fund had received an earlier ruling with separate conclusions for commodity-linked-note income and income from an investment in a subsidiary under section 851(b)(2). The IRS revoked only the…
Commodity-note ruling was revoked with prospective-only effect
A fund had received a ruling that income and gain from certain commodity-linked notes counted as qualifying income under section 851(b)(2). The IRS later concluded that issuing a private ruling on…
Commodity-note ruling was revoked with prospective-only effect
A fund had received a ruling that income and gain from certain commodity-linked notes counted as qualifying income under section 851(b)(2). The IRS later concluded that issuing a private ruling on…
Commodity-linked-note ruling was revoked retroactively
A fund had received a private letter ruling that income and gain from certain commodity-linked notes counted as qualifying income under section 851(b)(2). The IRS later concluded that issuing a…
IRS approves discrete tax issues in bankruptcy spinoff and planned REIT structure
A corporate subsidiary in Chapter 11 proposed transferring real estate and another operating business to a controlled corporation, distributing that corporation's stock and other consideration to…
Commodity-note ruling was revoked with prospective-only effect
A fund and one of its portfolios had received an earlier ruling that income and gain from certain commodity-linked notes counted as qualifying income under section 851(b)(2). The IRS later concluded…
Mortgage settlement payments preserve REMIC tax status
Two mortgage securitization trusts entered a court-approved settlement resolving claims that loans breached representations and warranties. The IRS ruled that executing the settlement, obtaining the…
Mortgage settlement payments preserved REMIC status and avoided penalty taxes
A trustee asked how settlement payments for alleged breaches of mortgage representations and warranties would affect several real estate mortgage investment conduits, or REMICs. The IRS ruled that…
REIT receives 90 days to elect taxable subsidiary status
A subsidiary had been covered by a taxable REIT subsidiary election with an original REIT parent. After that REIT merged into a new parent, an advisor failed to explain that the existing Form 8875…
REIT liquidation sales are not prohibited transactions
A nontraded public REIT raised substantially less capital than expected and faced upcoming debt maturities, possible joint venture buyouts, and high fixed costs relative to its shrinking asset base.…
Fund receives 90 days to make a late foreign tax election
A regulated investment company intended to elect under section 853 so its shareholders would be treated as paying their shares of certain foreign taxes paid by the fund. Its accountant prepared a…
Hotel owner receives relief for a late first-year REIT election
A limited liability company was formed to acquire and indirectly own hotel properties in several states and always intended to elect REIT status for its first tax year. Its governing agreement…
Fund-of-funds RICs receive 90 days to make late foreign-tax elections
Several regulated investment companies in a fund-of-funds structure failed to elect under section 853 to pass through foreign taxes paid by underlying funds to their sole shareholder, a life…
Office-building company receives 90 days to make late REIT election
A limited liability company that owned an office building intended to elect real estate investment trust status for its initial short tax year. Its outside accounting firm could not electronically…
REIT and subsidiary receive late TRS election relief
A real estate investment trust and its wholly owned corporation intended to file Form 8875 to elect taxable REIT subsidiary status, but personnel turnover at their investment adviser caused the…
REIT accounting adjustments excluded from income tests
A REIT acquired assets in a carryover-basis transaction and changed their depreciation and amortization methods, producing positive section 481(a) adjustments over three tax years. The IRS ruled…
REIT granted time for taxable subsidiary election
A real estate investment trust and an indirectly owned hotel lessee intended to elect taxable REIT subsidiary status, but their adviser omitted the lessee after receiving a list with its name…
Mortgage settlement payments preserve REMIC status
Several residential mortgage securitization trusts were to receive allocated shares of a settlement over alleged breaches of mortgage representations and warranties. The IRS ruled that the…
Foreign passive-income inclusions qualify for the REIT income test
A corporation planning to elect REIT status invested in foreign subsidiaries holding commercial timberland businesses. It expected Subpart F inclusions from controlled foreign corporations and…
Mortgage settlement payments preserve REMIC treatment
Two residential mortgage securitization trusts expected shares of a settlement resolving claims that mortgages had breached customary representations and warranties. The IRS ruled that entering the…
What these documents are
- Private letter rulings (PLRs): A taxpayer asked the IRS to rule on a planned transaction before doing it. The ruling shows exactly how the IRS applied the Code to those facts.
- Technical advice memoranda (TAMs): The IRS National Office answering a question raised during an audit or other proceeding.
- Chief Counsel advice (CCAs): IRS lawyers advising their own field staff on how to apply the law.
- Determination letters: Rulings on exempt-organization matters, such as whether an organization qualifies under § 501(c)(3) or a foundation's grant procedures pass § 4945.
- Not precedent, still useful: Under 26 U.S.C. § 6110(k)(3) none of these can be cited as precedent. They remain the best public window into how the IRS actually rules on facts like yours, and practitioners read them for exactly that.