Indicate whether the following statements are "True" or "False" regarding letter rulings. a.   Letter rulings have the force and effect of law and provide guidance and support for taxpayers in similar transactions.   b.   A letter ruling represents the current opinion of the IRS on the tax consequences of a transaction with a given set of facts.   c.   Letter rulings not only help promote a uniform application of the tax laws but also may reduce the potential for litigation or disputes with IRS agent

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Indicate whether the following statements are "True" or "False" regarding letter rulings.

a.   Letter rulings have the force and effect of law and provide guidance and support for taxpayers in similar transactions.  
b.   A letter ruling represents the current opinion of the IRS on the tax consequences of a transaction with a given set of facts.  
c.   Letter rulings not only help promote a uniform application of the tax laws but also may reduce the potential for litigation or disputes with IRS agent
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