Revenue Rulings, for example, serves as an interpretation of how the statutes apply to a very specific set of facts. Additionally, various sources of law attempt to do the same thing. Regulations and case law serve to interpret the statutes. As the name implies, the "last-in-time rule" states that the authority that was issued later in time is controlling. Where conflicts exist between two authorities in the same tier, the "last-in-time rule" is applied. Similarly, an authority in Tier 2 outweighs an authority in Tier 3. Where conflicts exist between various sources of tax authority, an authority in Tier 1 outweighs an authority in Tier 2 or 3. Private Administrative Rulings (private parties may approach the IRS directly and ask for a Private Letter Ruling on a specific issue – these rulings are binding only on the requesting taxpayer).Public Administrative Rulings (IRS Revenue Rulings, which provide informal guidance on specific questions and are binding on all taxpayers).Executive agreements with other countries.Final, Temporary and Proposed Regulations promulgated under IRC § 7805 or other specific statutory authority.Agency interpretative regulations (executive authority, written by the Internal Revenue Service (IRS) and Department of the Treasury), including:.Senate - other countries have their own ratification procedures)
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