The IRS has issued Notice 2024-38 which outlines the procedures for requesting private letter rulings related to Section 355 of the Internal Revenue Code. This section pertains to tax-free spin-offs and split-offs of corporations. The notice provides guidance on the information that must be included in a request for a private letter ruling and the process for obtaining a ruling.
The IRS released Rev. Proc. 2024-24 providing updated procedures for taxpayers requesting private letter rulings from the IRS regarding certain matters pertaining to section 355 transactions, including representations, information, and analysis to be submitted with those requests.
Rev. Proc. 2024-24 modifies Rev. Proc. 2017-52 and supersedes Rev. Proc. 2018-53.
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