rp-05-61.pdf

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# Part III

Administrative, Procedural, and Miscellaneous

26 CFR 601.201: Rulings and determination letters
(Also: §§ 61, 451 and 1001)

Rev. Proc. 2005-61

## SECTION 1. PURPOSE

This revenue procedure amplifies Rev. Proc. 2005-3, 2005-1 I.R.B. 118, which
sets forth areas of the Internal Revenue Code in which the Internal Revenue Service will
not issue advance rulings or determination letters.

SECTION 2. BACKGROUND

.01 Section 3 of Rev. Proc. 2005-3 sets forth a list of those areas of the Internal
Revenue Code under the jurisdiction of the Associate Chief Counsel (Corporate), the
Associate Chief Counsel (Financial Institutions & Products), the Associate Chief
Counsel (Income Tax & Accounting), the Associate Chief Counsel (Passthroughs &

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Special Industries), the Associate Chief Counsel (Procedure and Administration), and
the Division Counsel/Associate Chief Counsel (Tax Exempt and Government Entities)
relating to issues on which the Internal Revenue Service will not issue letter rulings or
determination letters.

.02 In Rev. Proc. 2005-62, page [INSERT PAGE NUMBER] this Bulletin, the
Service provides a safe harbor with respect to the tax treatment of certain cost recovery
transactions by regulated investor owned utility companies.

## SECTION 3. PROCEDURE

Rev. Proc. 2005-3 is amplified by adding the following to section 3.01:

Sections 61, 451 and 1001. Gross Income Defined; General Rule for Taxable Year of
Inclusion; Determination of Amount and Recognition of Gain or Loss. Whether, under
authorization by an appropriate State agency to recover certain costs pursuant to State
specified cost recovery legislation, any investor-owned utility company realizes income
upon: (1) the creation of an intangible property right; (2) the transfer of that intangible
property right; or (3) the securitization of the intangible property right.

SECTION 4. EFFECT ON OTHER DOCUMENTS

Rev. Proc. 2005-3 is amplified.

## SECTION 5. EFFECTIVE DATE

This revenue procedure applies to all ruling requests pending or submitted after
[INSERT DATE THIS DOCUMENT IS PUBLISHED IN THE INTERNAL REVENUE
BULLETIN].

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# SECTION 6. DRAFTING INFORMATION

The principal author of this revenue procedure is Thomas M. Preston of the
Office of Associate Chief Counsel (Financial Institutions & Products). For further
information regarding this revenue procedure contact Mr. Preston at (202) 622-3970
(not a toll free call).