Best of TaxLetter: Gobbledygook

Here is an excerpt from IRS Private Letter Ruling 8001010:

This group, of which Corp Y is a member is collectively known as B. Corp Y elected to use C and claimed D in its taxable income (loss) computation included in the consolidated tax return for the year A.

E provides, in effect that, if F is used in G, then no D or C will be allowed. The H issued a I on J that was deemed to be F by the Internal Revenue Service in K. Corp Y has L at the time of your request.

(March 1980)