IRS written determination 201444046

Private letter rulings and published taxpayer determination letters. Native document type is retained separately; a determination letter is not labeled a private letter ruling. These taxpayer-specific releases cannot be used or cited as precedent under 26 USC 6110(k)(3); applicability and current legal force are not independently certified. Keep repeated UILC subjects attached to one actual numbered document.

TAX EXEMPT ANU
GOVERNMENT ENTITIES
DIVISION
DEPARTMENT OF THE TREASURY
INTERNAL REVENUE SERVICE
WASHINGTON, D.C. 20224
'AUG·o 4 2014
Uniform Issue List: 408.03-00
XX XXX
XX XXX
xxxxx
Legend:
Taxpayer
IRA
Amount
Financial Institution
Dear XXXXX:
=
XXX XX
=
XX XXX
XX XXX
XXX XX
=
XXX XX
=
XX XXX
201444046
This is in response to your request dated August 29, 2013, as supplemented by
correspondence dated November
12, 2013 and December 23, 2013 submitted on your
behalf by your authorized representative
in which you request a waiver of the 60-day
rollover requirement contained
in section 408(d)(3) of the Internal Revenue Code (the
"Code").
The following facts and representations have been submitted under penalty
of
perjury in support of the ruling requested
Taxpayer represents that he received a distribution from IRA totaling Amount
Taxpayer asserts that his failure to accomplish a rollover within the 60-day period
prescribed by section 408(d)(3)
of the Code was due to Taxpayer's medical condition,
following the death of his wife, which impaired his ability to make sound financial
decisions during the 60-day period. Taxpayer further represents that Amount has not
been used for any other purpose.

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201444046
Taxpayer represents that on Apri14, 2012, he received a distribution from IRA
totaling Amount. On June 29, 2012, Taxpayer deposited Amount into a non-qualified
account with Financial Institution. However, due to Taxpayer's depressed mental state
following the death
of his wife on March 12, 2012 he was unable to make sound
financial decisions. Taxpayer represents that he intended to rollover Amount into an IRA
and it was not until a later date that Taxpayer discovered that he had deposited Amount
into a non-qualified account. Clinical documentation supports Taxpayer's assertion that
following his wife's death Taxpayer was depressed and was unable to make important
decisions about his finances or investments.
Based on the facts and representations, you request a ruling that the Internal
Revenue Service (the "Service") waive the 60 day rollover requirement contained
in
section 408(d)(3) of the Code with respect to the distribution of Amount.
Section 408( d)( 1) of the Code provides that, except as otherwise provided in
section 408(d) of the Code, any amount paid or distributed out of an IRA shall be
included
in gross income by the payee or distributee, as the case may be, in the manner
provided under section 72
of the Code.
Section 408(d)(3)
of the Code defines, and provides the rules applicable to IRA
rollovers. ,
Section 408(d)(3)(A)
of the Code provides that section 408(d)(1) of the Code
does not apply to any amount paid or distributed out of
an IRA to the individual for
whose benefit the IRA is maintained if
(i) the entire amount received
(including money and any other property) is paid
into an IRA for the benefit
of such individual not later than the 60th day after the day on
which the
individual receives the payment or distribution; or
(ii) the entire amount received (including money and any other property) is.paid
into an eligible retirement plan (other than an IRA) for the benefit
of such individual not
later than the
60th day after the date on which the payment or distribution is received,
except that the maximum amount which may be paid into such
plan may not exceed the
portion
of the amount received which is includible in gross income (determined without
regard to section 408(d)(3)
of the Code).
Section 408(d)(3)(B) of the Code provides that section 408(d)(3) of the Code
does
not apply to any amount described in section 408(d)(3)(A)(i) of the Code received
by an individual from an IRA if at any time during the 1-year period ending on the day
of
such receipt such individual received any other amount described in section
408(d)(3)(A)(i)
of the Code from an IRA which was not includible in gross income
because
of the application of section 408(d)(3 of the Code).

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~01444046
Section 408(d)(3)(0) of the Code provides a similar 60-day rollover period for
partial rollovers.
Section
408(d)(3)(E) of the Code provides that the rollover provisions
of section
408(d)
of the Code do not apply to any amount required to be distributed under section
408(a)(6) of the
Code.
Section 408(d)(3)(1)
of the Code provides that the Secretary may waive the 60-
day requirement under sections 408(d)(3)(A) and 408(d)(3)(0)
of the Code where the
failure to waive such requirement would be against equity or good conscience, including
casualty, disaster, or other events beyond the reasonable control of the individual
subject to such requirement. Only distributions that occurred after December 31, 2001,
are eligible for the waiver under section 408(d)(3)(1)
of the Code.
Rev. Proc. 2003-16, 2003-4 I.R.B. 359 (January 27, 2003) provides that in
determining whether to grant a waiver
of the 60-day rollover requirement pursuant to
section 408(d)(3)(1)
of the Code, the Service will consider all relevant facts and.
circumstances, including: (1) errors committed by a financial institution; (2) inability to
complete a rollover due to death, disability, hospitalization, incarceration, restrictions
imposed by a foreign country or
postal error, (3) the use
of the amount distributed (for
example,
in the case of payment by check, whether the check was cashed); and (4) the
time elapsed since the distribution occurred.
The information presented and documentation submitted by Taxpayer,
including
documentation from his treating physician, are consistent with his assertion that his
failure to accomplish a timely rollover was caused by a mental condition that prevented
him from making sound financial decisions.
Therefore, pursuant to section 408(d)(3)(1)
of the Code, the Service hereby
waives the 60-day rollover requirement with respect to the distribution
of Amount from
IRA. Taxpayer is granted a period of 60 days from the issuance
of this ruling letter to
contribute Amount into
an IRA or other eligible retirement plan. Provided all other
requirements
of section 408(d)(3) of the Code, except the 60-day requirement, are met
with respect to such contribution, the contribution
of Amount will be considered a
rollover contribution within the meaning
of section 408(d)(3) of the Code.
This ruling does not authorize the rollover
of amounts that are required to be
distributed by section
401 (a)(9) of the Code.
No opinion is expressed as to the tax treatment of the transaction described in
this ruling under the provisions of any other section of either the Code or regulations
which may be applicable.
This letter is directed only to the taxpayer who requested it. Section 6110(k)(3)
of the Code provides that it may not be used or cited as precedent.
-r

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201444046
Pursuant to a power of attorney on file with this office, a copy of this letter is
being sent to your authorized representative.
If you wish to inquire about this ruling, please contact XXXXX XXXX at (XXX)
XXX-XXXX. Please address all correspondence to SE:T:EP:RA:T2.
Enclosures:
Deleted copy of ruling letter
Notice
of Intention to Disclose
cc:
xxxx
xxxx
xxxx
J
ine, Manager,
lans Technical Group
2