The combined effort covers instances that tax authorities find troubling, including when an ETF is "merely a conduit" for transferring securities in an attempt to avoid taxes. A revenue ruling is an official interpretation of a specific set of facts by the IRS, in relation to the tax code and regulations, useful for anticipating tax treatment by the agency. A notice, meanwhile, sets out more general guidance for broader circumstances. US Treasury Secretary Scott Bessent looks on as he speaks to the media at ...