IRS written determination 201436043

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.

Internal Revenue Service
Department of the Treasury
Washington, DC 20224
Number: 201436043
Release Date: 9/5/2014
Index Number: 61.00-00, 643.00-00, 661.00-
00, 662.00-00, 1001.00-00,
1015.00-00, 1223.00-00,
2036.00-00, 2037.00-00,
2038.00-00, 2501.00-00,
2601.00-00
------------------------------------------------
--------------------------------------
-------------------------
-------------------------
In Re: -----------------
Person To Contact:
----------------------------, ID No. ------------
Telephone Number:
--------------------
Refer Reply To:
CC:PSI:B04
PLR-149735-13
Date:
June 02, 2014
Legend
Grantor = ----------------------
Trustee= ---------------------------------
Daughter= -----------------------
Child 1= ------------------------------------------------------
Child 2= ------------------------------------------------------
Child 3= -----------------------------------------------------------
Child 4= -----------------------------------------------------
Trust 1= -------------------------------------------------------------------
---------------------------------------------------------------------------------
Trust 2= -------------------------------------------------------------------
-----------------------------------------------------------------------------
Date 1= --------------------------
Date 2= ---------------------
Date 3= ---------------------
State = ------------
Court= ---------------------------------------------
State Statute= ---------------------------------------------------------------
X= -------

PLR-149735-13
2
Dear ----------:
This responds to a letter dated November 20, 2013 from your authorized
representative, requesting rulings on the income, gift, estate, and generation-skipping
transfer (GST) tax consequences of the proposed division of two trusts.
Facts
The facts and representations submitted are summarized as follows: Grantor
established two irrevocable trusts (Trust 1 and Trust 2) for the benefit of Daughter’s
children, Child 1, Child 2, Child 3, and Child 4 (Children) and their descendants. All of
the Children are over 21 years of age. Trust 1 was established on Date 1, and Trust 2
was established on Date 2. Both Date 1 and Date 2 are dates prior to September 25,
1985. No additions have been made to Trust 1 or Trust 2 since September 25, 1985.
Trustee is the sole trustee of Trust 1 and Trust 2. Grantor died on Date 3.
Section 3.02 of Trust 1 provides that the Trustee shall distribute the income to
Daughter’s Children and to the descendants of any deceased child annually.
Section 3.02 of Trust2 provides that the Trustee shall distribute income to
Daughter’s Children annually. Section 3.02 of Trust 2 also provides that the Trustee
may also pay to Daughter’s Children such amounts of principal as such Children shall
from time to time request in writing, not to exceed the lesser of that child’s pro rata
share of gifts made to Trust 2 during that calendar year and the sum of $X.
Section 3.02(1) in both Trust 1 and Trust 2 also provide the Trustee with
discretion to withhold income by adding it to principal, setting it aside for future
distribution, or distributing some or all of it in such proportions or amounts as the
Trustee may determine.
Section 3.08 of Trust 1 provides that if the share of income to which any child of
Daughter is entitled, in the sole opinion and discretion of the Trustee, is insufficient for
his proper care, education and support, and in particular cases of severe or protracted
illness or great necessity the Trustee may make up the deficiency by payments from or
use of principal. The Trustee, may as a condition of such payments, require that such
advances or any part thereof be restored, in such manner as the Trustee may
determine, from future income.
Section 3.08 of Trust 2 provides that if the share of income to any beneficiary
then entitled to income, in the sole opinion and discretion of the Trustee, is insufficient
for his proper care, education and support, and in particular cases of severe or
protracted illness, the Trustee may make up the deficiency by payments from or use of
principal. The Trustee, may as a condition of such payments, require that such

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advances or any part thereof be restored, in such manner as the Trustee may
determine, from future income.
Section 3.10 of each trust agreement provides that each separate share of
principal that is directed to be set aside for a child of Daughter, or the income of which is
directed to be paid to such beneficiary, is to constitute a separate trust. However,
Section 3.10 also authorizes the Trustee to maintain each separate trust as a single
fund. Additionally, paragraph 5 of Exhibit A of Trust 1 and Trust 2, which is incorporated
into each of the two trust agreements by reference, expressly recognizes and
anticipates that the trustee may be “required or permitted” to divide, distribute, or
partition property held in the trusts into separate shares or trusts. To date, no separate
trusts have been created.
Trust 1 and Trust 2 both terminate one year after Daughter’s death. The trust
agreements generally provide forequal distribution to each of Daughter’s Children and
their descendants, per stirpes, and if there are no descendants of Daughter living upon
termination, then equally among the separate trusts for descendants of Children of
Daughter, per stirpes.
Section 2.02 of each Trust provides that the trust will terminate when the trust
fund has been distributed in accordance with the terms of the trust, provided if the trust
has not been previously terminated, the trust will terminate upon the date which is
21 years after the death of the last survivor of Grantor, Grantor’s children, and Grantor’s
grandchildren who are living at the date of the creation of Trust.
Currently, each child receives an equal share of the income of Trust 1 and
Trust 2. During the term of the current Trustee, the Children have received unequal
principal distributions from Trust 1; however, the Children have received no principal
distributions from Trust 2.
Pursuant to the terms of each trust, if the Children request distributions from
Trust 1 and Trust 2 and the requested funds are distributed in unequal amounts to
Children as is now permitted, then, when the balance of the trust property is ultimately
distributed after Daughter’s death, those Children who received larger distributions from
Trust 1 and Trust 2 prior to termination (or their descendants if they are deceased) will
receive – in the aggregate – disproportionately greater shares of the trust assets over
the life of the trusts than the other children.
Presently, Children have the same investment objectives; but in the future, the
Children may have differing investment objectives. In order to meet the current needs
of the beneficiaries (which mayresult in Trustee making unequal distributions to
Children) while simultaneously ensuring that the ultimate distribution of trust property is
equitable, and to allow Trustee to pursue different investment objectives with respect to
each child’s interest in the trusts, Trustee proposes to divide both Trust 1 and Trust 2

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4
into separate trusts. Trust 1 will be divided into four separate trusts, one for the benefit
of each child and his or her descendants. Likewise, Trust 2 will be divided into four
separate trusts, one for the benefit of each child. Thus, there will be eight separate
trusts (Successor Trusts) in the place of the two original trusts, and each child will be
the beneficiary of two Successor Trusts, one derived from Trust 1 and the other derived
from Trust 2. Each Successor Trust will continue to be governed by the same terms
and provisions of the trust from which it was divided, except that each Successor Trust
will be held exclusively for the benefit of the Child (and his or her descendants) for
whose benefit the Successor Trust was initially created. Trustee will continue to serve
as the trustee of the Successor Trusts.
Taxpayer represents that State law would govern the division of Trust 1 and
Trust 2. In order to accomplish the division of Trust 1 and Trust 2 into Successor
Trusts, Trustee will initiate a judicial proceeding in Court requesting an order approving
the division of Trust 1 and Trust 2 into Successor Trusts for the benefit of Children.
Therefore, the order will be binding upon all current and future beneficiaries of those
trusts. Trustee will fund each Successor Trust created upon the division of Trust 1 and
Trust 2 with a pro rata share of each asset contained in those trusts.
State Statute provides that upon petition by a trustee, beneficiary or any other
interested person, the court may, for good cause shown, divide a trust into two or more
separate trusts if the court finds that it is not inconsistent with the intent of the settlor,
would facilitate the administration of the trust, and would be in the best interests of the
beneficiaries and not materially impair their respective interests.
You have requested the following rulings:

1. The division of Trust 1 and Trust 2 into Successor Trusts will not cause
Trust 1, Trust 2 or any of the Successor Trusts to lose their status as
grandfathered trusts or otherwise become subject to GST tax.
2. The Successor Trusts resulting from the division of Trust 1 and Trust 2 will be
treated as separate trusts for federal income tax purposes.
3. The division of Trust 1 and Trust 2 into Successor Trusts will not cause
Trust 1, Trust 2, or any of the Successor Trusts or their beneficiaries to
recognize any gain or loss from a sale or other disposition of property under
§ 61, 662, or 1001.
4. The tax basis of the assets of the Successor Trusts received from Trust 1 and
Trust 2 will be the same as the tax basis of Trust 1 and Trust 2 respectively,
in the assets, and the holding period of the Successor Trusts in each asset
received from Trust 1 and Trust 2 will include the holding period of Trust 1
and Trust 2 in that asset.

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5. The division of Trust 1 and Trust 2 into Successor Trusts will not cause any
portion of the assets of Trust 1 and Trust 2 or any of the Successor Trusts to
be includible in the gross estate of any beneficiary of Trust 1 or Trust 2 or any
of the Successor Trusts.
6. Neither the division of Trust 1 or Trust 2 into Successor Trusts nor the
pro rata allocation of the assets of Trust 1 and Trust 2 among the Successor
Trusts will constitute a transfer by any beneficiary that will be subject to
federal gift tax under § 2501.
Ruling 1
Section 2601 of the Internal Revenue Code imposes a tax on every
generation-skipping transfer made after October 22, 1986.
Section 2611(a) provides that the term “generation-skipping transfer” means a
tax distribution, a taxable termination, and a direct skip.
Under § 1433 of the Tax Reform Act of 1986 (the Act), the GST tax is generally
applicable to generation-skipping transfers made after October 22, 1986. However,
under § 1433(b)(2)(A) of the Act and § 26.2601-1(b)(1)(i) of the Generation-Skipping
Transfer Tax Regulations, the tax does not apply to a transfer under a trust that was
irrevocable on September 25, 1985, except to the extent the transfer is made out of
corpus added to the trust by an actual or constructive addition after September 25,
1985.
Section 26.2601-1(b)(4)(i) provides rules for determining when a modification,
judicial construction, settlement agreement, or trustee action with respect to a trust that
is exempt from the generation-skipping transfer tax under § 26.2601-1(b) will not cause
the trust to lose its exempt status. These rules are applicable only for purposes of
determining whether an exempt trust retains its exempt status for GST tax purposes.
The rules do not apply in determining, for example, whether the transaction results in a
gift subject to gift tax, or may cause the trust to be included in the gross estate of a
beneficiary, or may result in the realization of capital gain for purposes of § 1001.
Section 26.2601-1(b)(4)(i)(D) provides that a modification of the governing
instrument of an exempt trust (including a trustee distribution, settlement, or
construction that does not satisfy paragraph (b)(4)(i)(A), (B), or (C) of this section) by
judicial reformation, or nonjudicial reformation that is valid under applicable state law,
will not cause an exempt trust to be subject to the provisions of chapter 13, but only if
the modification does not shift a beneficial interest in the trust to any beneficiary who
occupies a lower generation (as defined in § 2651) than the person or persons who held
the beneficial interest prior to the modification, and the modification does not extend the

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6
time for vesting of any beneficial interest in the trust beyond the period provided for in
the original trust. A modification of an exempt trust will result in a shift in a beneficial
interest to a lower generation beneficiary if the modification can result in either an
increase in the amount of a generation-skipping transfer or the creation of a new
generation-skipping transfer.
Section 26.2601-1(b)(4)(i)(E), Example 5, considers a situation in which, in 1980,
Grantor established an irrevocable trust for the benefit of his two children, A and B, and
their issue. Under the terms of the trust, the trustee has the discretion to distribute
income and principal to A, B, and their issue in such amounts as the trustee deems
appropriate. On the death of the last to die of A and B, the trust principal is to be
distributed to the living issue of A and B, per stirpes. In 2002, the appropriate local
court approved the division of the trust into two equal trusts, one for the benefit of A and
A’s issue and one for the benefit of B and B’s issue. The trust for A and A’s issue
provides that the trustee has the discretion to distribute trust income and principal to A
and A’s issue in such amounts as the trustee deems appropriate. On A’s death, the
trust principal is to be distributed equally to A’s issue, per stirpes. If A dies with no living
descendants, the principal will be added to the trust for B and B’s issue. The trust for B
and B’s issue is identical (except for the beneficiaries), and terminates at B’s death at
which time the trust principal is to be distributed equally to B’s issue, per stirpes. If B
dies with no living descendants, principal will be added to the trust for A and A’s issue.
The division of the trust into two trusts does not shift any beneficial interest in the trust
to a beneficiary who occupies a lower generation (as defined in § 2651) than the person
or persons who held the beneficial interest prior to the division. In addition, the division
does not extend the time for vesting of any beneficial interest in the trust beyond the
period provided for in the original trust. Therefore, the two partitioned trusts resulting
from the division will not be subject to the provisions of chapter 13.
In this case, based upon the facts submitted and the representations made, we
conclude that Trust 1 and Trust 2 are exempt from GST tax because Trust 1 and Trust 2
were irrevocable prior to September 25, 1985, and no additions have been made to
Trust 1 or Trust 2 since that date.
The proposed division of Trust 1 and Trust 2 into Successor Trusts will result in
eight trusts, two each for the benefit of Daughter’s Children and their descendants. The
dispositive terms of each Successor Trust of Trust 1 will be substantially the same as
the dispositive terms of Trust 1, although limited to each Child and their descendants.
Similarly, the dispositive terms of each Successor Trust of Trust 2 will be substantially
the same as the dispositive terms of Trust 2, although limited to each Child and their
descendants. Each resulting trust will terminate no later than the original termination
date of Trust 1 and Trust 2. Accordingly, the proposed division of Trust 1 and Trust 2
into the Successor Trusts will not shift a beneficial interest to any beneficiary who
occupies a lower generation than the person or persons who held the beneficial interest
prior to the modifications and division, and will not extend the time for the vesting of any

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beneficial interest in a Successor Trust beyond the period provided for in Trust 1 or
Trust 2.
Accordingly, based on the facts submitted and the representations made, and
provided that Court issues an order approving the division of Trust 1 and Trust 2, the
division of Trust 1 and Trust 2 into Successor Trusts will not cause Trust 1, Trust 2,or
any of the Successor Trusts to lose their status as grandfathered trusts or otherwise
become subject to GST tax.
Ruling 2
Section 643(f) provides that, for purposes of Subchapter J of Chapter 1 of
Subtitle A, under regulations prescribed by the Secretary, two or more trusts shall be
treated as one trust if (1) such trusts have substantially the same grantor or grantors
and substantially the same primary beneficiary or beneficiaries, and (2) a principal
purpose of such trusts is the avoidance of the tax imposed by Chapter 1.
Section 1806(b) of the Tax Reform Act of 1986 provides that § 643(f) shall apply
to taxable years beginning after March 1, 1984; except that, in the case of a trust that
was irrevocable on March 1, 1984, it shall apply only to that portion of the trust that is
attributable to contributions of corpus after March 1, 1984.
Trustees represent that each Successor Trust will have different beneficiaries.
The trustees also represent that no portion of the principal of Trust 1 and Trust 2was
contributed after March 1, 1984. Based on the facts submitted and the representations
made, we conclude that as long as the Successor Trusts are separately managed and
administered, they will be treated as separate trusts for federal income tax purposes.
Ruling 3
Section 61(a)(3) provides that gross income includes gains derived from dealings
in property.
Section 661(a) provides that in any taxable year a deduction is allowed in
computing the taxable income of a trust (other than a trust to which subpart B applies),
for the sum of (1) the amount of income for such taxable year required to be distributed
currently; and (2) any other amounts properly paid or credited or required to be
distributed for such taxable year. However, such deduction shall not exceed the
distributable net income (DNI) of the estate or trust.
Section 1.661(a)-2(f) of the Income Tax Regulations provides that gain or loss is
realized by the trust or estate (or the other beneficiaries) by reason of a distribution of
property inkind if the distribution is in satisfaction of a right to receive a distribution of a
specific dollar amount, of specific property other than that distributed, or of income as

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defined under § 643(b) and the applicable regulations, if income is required tobe
distributed currently.
Section 662(a) provides that there shall be included in the gross income of a
beneficiary to whom an amount specified in § 661(a) is paid, credited, or required to be
distributed (by an estate or trust described in § 66), the sum of the following amounts (1)
the amount of income for the taxable year required to be distributed currently to such
beneficiary, whether distributed or not; and (2) all other amounts properly paid, credited,
or required to be distributed to such beneficiary for the taxable year. If the sum of (A)
the amount of income for the taxable year required to be distributed currently to all
beneficiaries, and (B) all other amounts properly paid, credited, or required to be
distributed to all beneficiaries exceeds the DNI of the estate or trust, then, in lieu of the
amount provided in the preceding sentence, there shall be included in the gross income
of the beneficiary an amount which bears the same ratio to DNI (reduced by the
amounts specified in (A)) as the other amounts properly paid, credited, or required to be
distributed to all beneficiaries.
Section 1001(a) provides that the gain from the sale or other disposition of
property is the excess of the amount realized on the disposition over the adjusted basis
provided in § 1011 for determining gain, and the loss is the excess of the adjusted basis
provided in § 1011 over the amount realized.
Section 1001(b) defines the amount realized from the sale or disposition of
property as the sum of any money received plusthe fair market value of any property
received.
Section 1001(c) provides that, except as otherwise provided in subtitle A, the
entire amount of gain or loss determined under § 1001 on the sale or exchange of
property must be recognized.
Section 1.1001-1(a) of the Income Tax Regulations provides, as a general rule,
that except as otherwise provided in subtitle A, the gain or loss realized from the
conversion of property into cash or from the exchange of property for other property
differing materially either in kind or in extent, is treated as income or loss sustained.
An exchange of property results in the realization of gain under § 1001 if the
properties exchanged are materially different. Cottage Savings Ass’n v. Comm’r, 499
U.S. 554 (1991). There is a material difference when the exchanged properties embody
legal entitlements “different in kind or extent” or if they confer “different rights and
powers.” 499 U.S. at 565.
Rev. Rul. 56-437, 1956-2 C.B. 507, holds that a partition of jointly owned
property is not a sale or other disposition of property where the co-owners of the
property sever their joint interests in order to extinguish their survivorship interests.

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Trustee will divide Trust 1 and Trust 2 by allocating a pro rata portion of each and
every asset of Trust 1 to four Successor Trusts and each and every asset of Trust 2 to
four Successor Trusts. Since the trust beneficiaries will hold essentially the same
interests before and after the division of Trust 1 and Trust 2 into the Successor Trusts,
there will be no exchange of property interests that can be characterized as materially
different under § 1001, nor any amount includible in gross income under § 61.
Moreover, § 1.1001-1(h) expressly provides that the pro rata division (or
severance) of any trust pursuant to authority in an applicable state statute is not an
exchange of property differing materially either in kind or extent. In this case the
applicable statute of State permits the severance of Trust 1 and Trust 2. In addition,
section 3.10 of Trust 1 and Trust 2 anticipates the possible division of both trusts. Also,
Paragraph 5 of Exhibit A of each trust (which is incorporated by reference within each
trust) permits the trustee to make any division, distribution or partition of property, in
cash or otherwise, to any trust or share.
Therefore, based on the facts submitted and the representations made, and
provided Court issues an order approving the division of Trust 1 and Trust 2, we
conclude that the division of Trust 1and Trust 2 into Successor Trusts for the benefit of
Daughter’s Children, will not cause Trust 1, Trust 2, or any of the Successor Trusts or
their beneficiaries to recognize any gain or loss from the sale or other disposition of
property under § 61 or 1001. We also conclude that the proposed division is not a
distribution under § 661 or 1.661(a)-2(f). Accordingly, the proposed division will not
cause Trust 1, Trust 2, or any of the Successor Trusts or their beneficiaries to recognize
any income, gain, orloss under § 1.661(a)-2(f) or 662.
Ruling 4
Section 1015(b) provides that the basis in property acquired by a transfer in trust
is the same as it would be in the hands of the grantor, with adjustments for gain and
loss recognized.
Section 1.1015-2(a)(1) provides that in the case of property acquired after
December 31, 1920, by a transfer in trust (other than a transfer in trust by gift, bequest
or devise) the basis of property so acquired is the same as it would be in the hands of
the grantor increased by the amount of gain or decreased in the amount of loss
recognized to the grantor upon such transfer under the law applicable to the year in
which the transfer was made.
Section 1.1015-2(a)(2) applies the uniform basis principles in § 1.1015-1(b) for
determining the basis of property where more than one person acquires an interest in
property by transfer in trust.

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10
Under § 1.1015-1(b), property acquired by gift has a single or uniform basis
although more than one person may acquire an interest in the property. The uniform
basis of the property remains fixed subject to proper adjustment for items under
§§ 1016 and 1017.
Section 1223(2) provides that in determining the period for which the taxpayer
has held property, however acquired, there shall be included the period for which such
property was held by any other person, if under Chapter 1 of the Code such property
has, for the purpose of determining gain or loss from a sale or exchange, the same
basis in whole or in part in the taxpayer’s hands as it would have in the hands of such
other person.
In this case, provided that Court issues an order approving the division of Trust 1
and Trust 2, § 1001 will not apply to the proposed transaction. Thus, after the division
of Trust 1 and Trust 2 and the transfer of the assets into the Successor Trusts, the
adjusted basis of the assets received by the Successor Trusts will be the same as the
respective adjusted basis of the assets held by Trust 1 and Trust 2 pursuant to § 1015.
Furthermore, we conclude that, under § 1223(2), the holding periods of the assets
received by the Successor Trusts will be the same as the holding periods of the assets
in Trust 1 and Trust 2, respectively.
Ruling 5
Section 2033 provides that the value of the gross estate includes the value of all
property to the extent of the interest therein of the decedent at the time of his death.
Section 2036(a) provides that the value of the gross estate shall include the
value of all property to the extent of any interest therein of which the decedent has at
any time made a transfer (except in case of a bona fide sale for adequate and full
consideration in money or money's worth), by trust or otherwise, under which he has
retained for his life or for any period not ascertainable without reference to his death or
for any period which does not in fact end before his death -- (1) the possession or
enjoyment of, or the right to the income from, the property, or (2) the right, either alone
or in conjunction with any person, todesignate the persons who shall possess or enjoy
the property or the income therefrom.
Section 2037 provides that the value of the gross estate shall include the value of
all property to the extent of any interest therein of which the decedent has at any time
after September 7, 1916, made a transfer (except in case of a bona fide sale for an
adequate and full consideration in money or money’s worth), by trust or otherwise, if (1)
possession or enjoyment of the property can, through ownership of such interest, be
obtained only by surviving the decedent, and (2) the decedent has retained a
reversionary interest in the property, and the value of such reversionary interest

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11
immediately before the death of the decedent exceeds 5 percent of the value of such
property.
Section 2038(a)(1) provides that the value of the gross estate shall include the
value of all property to the extent of any interest therein of which the decedent has at
any time made a transfer (except in case of a bona fide sale for an adequate and full
consideration in money or money’s worth), by trust or otherwise, where the enjoyment
thereof was subject at the date of his death to any change through the exercise of a
power (in whatever capacity exercisable) by the decedent alone or in conjunction with
any other person (without regard to when or from what source the decedent acquired
such power) to alter, amend, revoke, or terminate, or where any such power is
relinquished during the 3-year period ending on the date of the decedent’s death.
In order for §§ 2035 through 2038 to apply, a decedent must have made a
transfer of property or any interest therein (except in the case of a bona fide sale for an
adequate and full consideration in money or money’s worth) under which the decedent
retained an interest in, or power over, the income or corpus of the transferred property.
Based on the facts submitted and the representations made, and provided that
Court issues an order approving the division of Trust 1 and Trust 2, we conclude that
the proposeddivision of Trust 1 and Trust 2 into Successor Trusts does not constitute a
transfer by any beneficiary within the meaning of §§ 2036 through 2038. The
beneficiaries of the Successor Trusts have the same interests after the division as they
had prior to the division. Therefore, nothing will be transferred by them by reason of the
proposed division. Accordingly, we conclude that the division of Trust 1 and Trust 2 into
Successor Trusts will not cause any portion of the assets of Trust 1, Trust 2, or the
Successor Trusts to be includible in the gross estate of any beneficiary under §§ 2035,
2036, 2037, or 2038.
Ruling 6
Section 2501(a) imposes a tax on the transfer of property by gift during the
calendar year by any individual.
Section 2511 provides that the gift tax applies whether the transfer is in trust or
otherwise, whether the gift is direct or indirect, and whether the property is real or
personal, tangible or intangible.
In this case, provided the proposed division of Trust 1 and Trust 2 is pursuant to
Court order, the proposed division of Trust 1 and Trust 2 into the Successor Trusts does
not increase, decrease, or otherwise change any beneficiary’s beneficial interest in
Trust. Accordingly, based upon the facts submitted and the representations made, we
conclude that neither the proposed division of Trust 1 and Trust 2 into Successor

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12
Trusts, nor the pro rata allocation of assets will cause any beneficiary to have made a
taxable gift under § 2501.
In accordance with the Power of Attorney onfile with this office, we have sent a
copy of this letter to your authorized representatives.
Except as expressly provided herein, we neither express nor imply any opinion
concerning the tax consequences of any aspect of any transaction or item discussed or
referenced in this letter.
The rulings contained in this letter are based upon information and
representations submitted by the Taxpayer and accompanied by a penalty of perjury
statement executed by an appropriate party. While this office has notverified any of the
material submitted in support of the request for rulings, it is subject to verification on
examination.
This ruling is directed only to the Taxpayer requesting it. Section 6110(k)(3)
provides that it may not be used or cited as precedent.
Sincerely,
_________________________
Lorraine E. Gardner
Senior Counsel, Branch 4
Office of the Associate Chief Counsel
(Passthroughs and Special Industries)
Enclosures
Copy for § 6110 purposes
Copy of this letter
cc: