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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PLR 1113015: IRS approves commodities-linked note income for a regulated investment company
The IRS ruled that income and gain from a proposed commodities-linked note would count toward the qualifying-income test for a regulated investment company. The fund would receive the note at full…
PLR 1113002: IRS treats tax loans secured by property liens as real estate assets
The IRS ruled that loans used to pay real property taxes qualify as real estate assets for a taxpayer that intended to elect REIT status or merge with an entity that would do so. The loans were…
PLR 1109003: The IRS approved a dual-class REIT structure with different distribution fees
A non-listed real estate investment trust (REIT) planned to issue two classes of common stock. One class would bear a distribution fee, while the other would not, and both classes would receive the…
PLR 1108018: Commodity-linked note and CFC income qualify for a RIC income test
A regulated investment company asked whether income and gain from four commodity-linked notes would count as qualifying income under the RIC income test. It also asked whether subpart F income from…
PLR 1108009: Gaming-related percentage rent qualifies as rent from real property
A publicly traded real estate investment trust asked whether percentage rent from a ground lease would qualify as rent from real property for the REIT income tests. The rent included amounts tied to…
PLR 1108008: CFC subpart F income qualifies for RIC income test
Six regulated investment company funds planned to invest in wholly owned foreign subsidiaries that would trade in commodity-linked investments. The funds asked whether their shares of the…
PLR 1108003: Commodity-linked note income qualifies for RIC income test
Two regulated investment company funds asked whether income and gain from a commodity-linked note would qualify under the RIC income test. The note used an index-based payout, a knockout feature,…
PLR 1107012: Commodity-linked note and CFC income qualified for the RIC income test
The IRS considered a regulated investment company that planned to invest in commodity-linked notes and wholly owned foreign subsidiaries. The taxpayer asked whether income from the notes and subpart…
PLR 1106006: CPI swap income qualifies for the RIC income test
The IRS considered a regulated investment company that invested in municipal securities and planned to use CPI-U NSA swaps to hedge the effect of inflation on its portfolio. The IRS ruled that the…
PLR 1104033: Senior-living properties qualify as health care facilities for REIT rents
The IRS ruled that four taxpayers' senior-living communities were health care facilities for purposes of the REIT related-party rent exception. The properties had independent-living and…
PLR 1104023: Senior living properties qualify as health care facilities for REIT rent rules
A corporation that elected to be treated as a REIT planned to hold senior living communities through a joint venture and lease them to another joint venture. The properties included independent…
PLR 1104013: Commodity-linked notes and foreign subsidiary income qualify for RIC income testing
A regulated investment company asked whether income from four commodity-linked notes and income from a wholly owned foreign subsidiary would count as qualifying income under IRC § 851(b)(2). The IRS…
PLR 1103036: Regulated investment companies may treat specified swap income as qualifying income
Three regulated investment companies asked whether income from interest rate swaps, constant maturity swaps, and Consumer Price Index swaps would count as qualifying income for the 90-percent…
PLR 1103033: IRS treats commodity-linked note income and certain CFC income as qualifying income for RICs
Two investment funds and a related portfolio asked whether income from a commodity-linked structured note would count toward the qualifying-income test for regulated investment companies. They also…
PLR 1103019: Commodities-linked note income qualifies for regulated investment company income testing
Several regulated investment companies asked whether income and gains from specified commodities-linked notes would count as qualifying income under section 851(b)(2). The notes paid coupon interest…
PLR 1103017: Subpart F income from a controlled foreign subsidiary will count as qualifying income for a RIC
A regulated investment company proposed to invest in a wholly owned foreign subsidiary that would invest in commodities and related instruments. The IRS concluded that the subsidiary would qualify…
PLR 1103009: Income from a wholly owned foreign subsidiary qualifies for a RIC's gross income test
An investment fund asked whether income from investing in a wholly owned foreign subsidiary would count toward the income test for regulated investment company status. The fund represented that the…
PLR 1103001: REIT may make a consent dividend in connection with its liquidation
A real estate investment trust asked whether it could make a consent dividend in the year it completely liquidated, with the amount based on taxable income including gain under section 336 and the…
PLR 1102055: Commodity-linked note and CFC income qualify as regulated investment company income
A regulated investment company asked whether income from a commodity-linked note would count toward the qualifying-income test and whether income from a wholly owned controlled foreign corporation…
PLR 1102047: Subpart F income from a wholly owned CFC qualifies for a RIC income test
A regulated investment company planned to invest through a wholly owned foreign subsidiary in commodities and related derivatives. Because the subsidiary was expected to be a controlled foreign…
PLR 1051014: CFC subpart F income may qualify for a RIC income test
A regulated investment company planned to invest in a wholly owned foreign subsidiary that would trade in commodities, futures, swaps, and related instruments. The subsidiary was expected to be a…
PLR 1049015: Subpart F income from wholly owned subsidiaries qualifies for the RIC income test
This ruling addresses several regulated investment company funds that invest in wholly owned foreign subsidiaries. The subsidiaries invest in commodities, derivatives, and related assets, and are…
PLR 1049013: REIT relationships do not by themselves disqualify an independent contractor
This ruling addresses a REIT that leases and finances business facilities and plans to use taxable REIT subsidiaries to engage an operator. The IRS concluded that the operator would remain an…
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.