Revenue Rulings

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Define: Revenue Rulings

A revenue ruling (Rev. Rul.) is an official interpretation by the IRS of the Internal Revenue Code, related statutes, tax treaties and regulations. It is the conclusion of the IRS on how the law is applied to a specific set of facts. Revenue rulings are considered tax precedent. This means that provided the facts match those in the ruling, individual taxpayers can apply their conclusions to their own transactions and the IRS is bound by them.