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Daily Archives: October 29, 2017

Do You Know About IRS Private Letter Rulings?

Do You Know About IRS Private Letter Rulings?

If you are an investor interested in conducting 1031 exchanges, you should be familiar with Private Letter Rulings (PLR) issued by the Internal Revenue Service. While you will likely never seek a PLR yourself, you will often rely on other rulings for guidance when conducting your own exchange. A Private Letter Ruling is a written statement issued by the IRS in response to a taxpayer’s formal request for guidance. The PLR interprets and applies tax laws to a specific set of circumstances. Given the potential complexity of 1031 exchanges, it is not difficult to understand why so many investors seek out PLRs for their proposed transactions. When a PLR is […]