internal_revenue_service number release date index number 860d --------------------------- ------------------------- -------------------------------------------------------- --------------------------------------- ---------------------------------- department of the treasury washington dc third party communication none date of communication not applicable_person to contact -------------------- id no ----------------- telephone number --------------------- refer reply to cc fip b01 plr-113051-15 date october legend trustee taxpayer a taxpayer b state company a company b company c company d company e company f company g company h ---------------------------------------- ---------------------------------- ----------------------------------------------- ------------- ---------------------------------------------- --------------------------------------------------------- ----------------------------------------- ------------------------- ------------------------ ----------------------- ----------------------------- ------------------------------------------- plr-113051-15 company i company j exchange year year year month month date date date --------------------------------------- ------------------------------ ------------------------------------ ------- ------- ------- ------- -------------- ----------------------- ------------------- ------------------- court -------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------- ------ court ----------------------------------------------------------------------------------------------------------------- ---------------------------------------------------- -------------------------------------------------------------------------------- a b c -------------- --- ------------- dear ------------------- this letter is in reply to a letter dated date and subsequent correspondence in which trustee solely in its capacity as trustee or indenture trustee of each real_estate_mortgage_investment_conduit remic identified in appendix a each a taxpayer and collectively the taxpayers requests certain rulings in connection with each taxpayer’s qualification as a remic under sec_860a-860g of the internal_revenue_code specifically you have asked for the following rulings plr-113051-15 in the case of each taxpayer for which a timely valid and continuing remic election has been made in accordance with the applicable governing agreement as defined below none of i the execution of the settlement agreement as defined below ii the methodology for determining and the right to receive an allocable share as defined below of the settlement payment as defined below iii the receipt of an allocable share of the settlement payment or iv the reduction of unreimbursed advances owed to the master servicer as defined below attributable to any master servicing fee adjustment as defined below or in the case of taxpayer a and taxpayer b the receipt of any master servicing fee adjustment will cause the taxpayer to fail to meet the requirements of sec_860d in the case of each taxpayer for which a timely valid and continuing remic election has been made in accordance with the applicable governing agreement the receipt of an allocable share of the settlement payment will be treated as a payment received on qualified mortgages within the meaning of sec_1 860g- g ii of the income_tax regulations in the case of each taxpayer for which a timely valid and continuing remic election has been made in accordance with the applicable governing agreement the distribution of an allocable share amount in accordance with the applicable governing agreement and the settlement agreement will not cause any regular_interest in such taxpayer to fail to qualify as a regular_interest as defined in sec_860g or the sole class of residual_interest in such taxpayer to fail to qualify as a residual_interest as defined in sec_860g in the case of each taxpayer for which a timely valid and continuing remic election has been made in accordance with the applicable governing agreement neither the receipt of an allocable share amount nor the reduction of unreimbursed advances owed to the master servicer attributable to any master servicing fee adjustment or in the case of taxpayer a and taxpayer b the receipt of any master servicing fee adjustment will be treated as a prohibited_transaction within the meaning of sec_860f or as a contribution that is subject_to the tax imposed under sec_860g facts background each taxpayer has elected to be treated as a remic within the meaning of sec_860d and is evidenced by separate pooling and servicing agreements or indentures and related sales and servicing agreements each a governing agreement and collectively the governing agreements under the governing agreements trustee serves as trustee or indenture trustee for each of the taxpayers the law of state governs the rights and obligations of the parties to the governing plr-113051-15 agreements including the trustee the annual_accounting_period for each taxpayer is the calendar_year and each taxpayer utilizes the accrual_method of accounting for maintaining its accounting books and filing its u s federal_income_tax return taxpayers function as residential mortgage loan securitization vehicles the taxpayers were established during the period of year through year for the primary purpose of raising money in the securitization market for pools of residential real_estate mortgage loans originated or acquired by company a and its affiliates the sponsor of the mortgage securitizations the aggregate principal balance of mortgage loans that were securitized through the taxpayers was approximately dollar_figurea trustee is a wholly owned banking subsidiary of company b a public company whose shares of common_stock are traded on exchange the securitization process for each taxpayer generally occurred as follows company c and one or more of its affiliates company d company e company f and company g collectively the seller sold portfolios of residential mortgage loans the mortgage loans to a company a entity the depositor for taxpayers governed by pooling and servicing agreements the depositor conveyed the mortgage loans to trustee as trustee to be held in trust for taxpayers governed by indentures and sales and servicing agreements the depositor conveyed the mortgage loans to the taxpayer for the benefit of noteholders and the taxpayer granted trustee in its capacity as indenture trustee all of taxpayer’s right title and interest in the mortgage loans several classes of certificates or notes representing various entitlements to the underlying mortgage pool’s cash flows then were issued and sold through an underwriter or underwriters to investors including with respect to certain taxpayers interests in an upper-tier remic that held all of the regular interests in such taxpayer directly or through one or more intermediate remics the holders of any such interests in a taxpayer or in such an upper-tier remic holding all of the regular interests in a taxpayer the investors company c or company h acted as master servicer for each of the taxpayers and was charged with responsibility for among other things collecting debt service payments on the mortgage loans taking any necessary enforcement action against borrowers and remitting payments on a monthly basis to the trustee for distribution to the investors in each securitization an election was made to treat the mortgage loans held by each taxpayer and related assets as a remic under the code plr-113051-15 the governing agreement for each taxpayer contains a series of representations and warranties made by the seller for the benefit of the taxpayer in general these include representations that the mortgage loans were underwritten in all material respects in accordance with certain underwriting guidelines that the mortgage loans conform in all material respects to their descriptions in the investor disclosure documents that the origination underwriting and collection practices of the seller and master services have been legal prudent and customary in the mortgage lending and servicing business and that the mortgage loans were originated in accordance with all applicable laws the governing agreements also impose servicing obligations on the master servicer requiring among other things that the master servicer service and administer the mortgage loans in accordance with the terms of the governing agreements and customary and usual standards of prudent mortgage loan servicers the dispute beginning in month of year a dispute arose concerning the sellers’ alleged breaches of certain representations and warranties under the governing agreements and the master servicer’s alleged violations of servicing obligations the allegations were first brought to the trustee by a group made up of certain institutional investors the institutional investors the institutional investors asserted that company i is liable for the obligations of company a company i and company a have disagreed both as to the alleged breaches and as to company i’s alleged liability for company a’s obligations subsequent to the mortgage securitizations involving taxpayers company a was acquired by company i and is currently a separate subsidiary of company i additionally company h merged with and into company j which currently acts as master servicer for the taxpayers in a letter dated month of year to the trustee the institutional investors asserted that a large number of mortgage loans which company a had sold to the taxpayers failed to comply with certain representations and warranties company a had given in the governing agreements and therefore company a was in breach under the governing agreements the assertion was based in part on i alleged excessive early default and foreclosure rates for the mortgage loans ii previous settlements reached by company a with the attorneys general of various states and iii certain publicly disclosed e-mails from company a officials alleged to be evidence of breaches of representations and warranties the institutional investors believed that large numbers of the mortgage loans were subject_to repurchase pursuant to the governing agreements as a result of these breaches the representations and warranties of the sellers that were alleged to have been violated generally concerned whether the mortgage loans had been originated and plr-113051-15 underwritten in compliance with standards and guidelines described in the governing agreements and whether the mortgage loans met the descriptions provided in the governing agreements concerning loan-to-value ratios title insurance and appraisals the governing agreements provided that upon discovery and notice of a breach of a representation and warranty with respect to a mortgage loan that materially and adversely affects the interests of the investors the seller shall cure the breach within b days or repurchase the affected mortgage loan for an amount equal to its purchase_price which is an amount equal to the unpaid principal balance of the affected mortgage loan plus accrued and unpaid interest thereon on date the institutional investors asserted in a separate letter to the trustee and the master servicer a notice of non-performance pursuant to the governing agreements that company h as master servicer had also breached several provisions of the governing agreements the institutional investors alleged the company h violated the governing agreements by failing and refusing to notify the trustee and others of company a’s breaches of representations and warranties and that company h failed to meet its obligations under the governing agreements to represent and protect the interests of the remics in the same manner as it protects its own interest in mortgage loans in its own portfolios the notice of non-performance also asserted that company h breached the governing agreements by i failing to maintain accurate and adequate loan and collateral files in a manner consistent with prudent mortgage servicing standards ii failing to demand that the sellers cure deficiencies in mortgage records iii incurring avoidable and unnecessary servicing fees as a result of its allegedly deficient record-keeping and iv overcharging the costs for maintenance inspection and other services with regard to the defaulted mortgage loans the institutional investors further stated in the notice of non-performance that each of the alleged breaches described in the notice materially affected the investors’ rights under the trusts and warned that a failure to cure would constitute an event of default under the governing agreements beginning in month of year the trustee on behalf of the taxpayers engaged in negotiations with the institutional investors company a and company i in an attempt to reach a settlement relating to the alleged breaches of the governing agreements the negotiations resulted in a settlement the settlement memorialized in a settlement agreement the settlement agreement between the trustee company a company c company h and company i in a separate agreement entered into with the trustee company a and company i the institutional investors committed to support the settlement the settlement was conditioned upon final court approval to that end the trustee on behalf of the taxpayers commenced in court on date a proceeding seeking judicial instructions and approval of the settlement after an evidentiary hearing and decision by court the decision was appealed to court on date plr-113051-15 court modified the decision of court and approved the settlement and settlement agreement in all respects thus rendering final court approval of the settlement the settlement agreement the settlement agreement has two primary components one a dollar_figurec settlement payment payable by company a and or company i to be allocated among the taxpayers the settlement payment and two servicing and document improvements to be implemented with respect to each taxpayer the settlement payment will be allocated among the taxpayers in accordance with an allocation formula that accounts for past and expected future losses associated with the mortgage loans held by each taxpayer an independent financial advisor the expert retained by the trustee will perform any calculations required in connection with the allocation formula and those allocation calculations will be treated as final and accepted by the parties absent bad faith or manifest error the settlement payment allocations are determined by reference to the amount of net losses_incurred by each taxpayer the expert will calculate the amount of net losses for each taxpayer that have been or are estimated to be borne by that taxpayer from its inception date to its expected termination that amount will be expressed as a percentage of the sum of the net losses that are estimated to be borne by all taxpayers from their inception dates to their expected dates of termination the net_loss percentage the expert will calculate each taxpayer’s allocable share of the settlement payment by multiplying the amount of the settlement payment by the net_loss percentage for each taxpayer the allocable share if applicable the expert will calculate the portion of the allocable share that relates to principal-only certificates or notes and the portion of the allocable share that relates to all other certificates or notes upon completion of the expert’s calculation of each taxpayer’s allocable share and at the direction of the trustee company i will wire each taxpayer’s allocable share into the related taxpayer’s collection account or certificate account for distribution to investors taxpayers represent that the distribution provisions of the settlement agreement do not alter the rights or obligations of any of the taxpayers or the investors’ interests therein and that the distribution of allocable shares to investors is consistent with the distribution provisions contained in the governing agreements more specifically the trustee will distribute the allocable shares to investors as though it were a subsequent recovery as defined in the applicable governing agreements a subsequent recovery is defined as an unexpected amount that a remic trust might receive from time to time with respect to a mortgage loan for which the master servicer has previously determined that all liquidation proceeds that it expects to recover on the mortgage loan or the related mortgaged property have been received and consequently a realized plr-113051-15 loss typically has been taken and applied under the applicable governing agreement to reduce the outstanding principal balance s of the outstanding remic regular_interest certificates in inverse order of seniority subsequent recoveries are made as returns of principal only on the then-outstanding principal balances of the relevant investors’ interest for taxpayers with governing agreements that do not contain a defined subsequent recovery term the allocable share will be distributed to the related investors in accordance with the distribution provisions of the applicable governing agreement as though it was an unscheduled payment of principal available for distribution on that distribution date the settlement agreement also provides that if as a result of the distribution of an allocable share to investors by a particular taxpayer a principal payment would become payable to a class of remic residual interests such payment other than a final distribution date of the remic shall be maintained in the distribution account and the trustee shall distribute it to investors on the next distribution date as though it was a subsequent recovery or unscheduled payment of principal available for distribution on that date for the servicing component of the settlement agreement the master servicer has agreed to implement various servicing improvements and remedies the improvements are intended to provide for servicing performance by company j as master servicer with respect to the mortgage loans that have not been transferred to subservicing at or above industry standards specified in the settlement agreement and a mechanism for company j to transfer high risk loans to subservicers for more individualized attention for all loans not in subservicing company j has agreed to i benchmark its servicing performance on a monthly basis against specific industry standards set forth in the settlement agreement ii send to the trustee on a monthly basis statistics comparing company j’s performance to such industry standards and iii calculate and include in its monthly statement a master servicing fee payment master servicing fee adjustment payable by it to a taxpayer if company j’s aggregate performance with regard to such taxpayer fails to meet such industry standards which payment would be satisfied by reducing unreimbursed advances due to company j as master servicer for taxpayer a and taxpayer b no unreimbursed advances have been made and no advance liens exist and as a result the settlement agreement provides that the master servicing fee adjustment is to be wired to the trustee by the master servicer and distributed in the same manner as an allocable share law and analysis issue and qualified mortgages permitted_investments and payments received on qualified mortgages plr-113051-15 sec_860d provides that the terms real_estate_mortgage_investment_conduit and remic mean any entity that meets several requirements including that as of the close of the third month beginning after the startup_day and at all times thereafter substantially_all of the assets of the entity consist of qualified mortgages and permitted_investments sec_860g defines qualified_mortgage to include any obligation including any participation or certificate of beneficial_ownership therein which is principally secured_by an interest_in_real_property and which i is transferred to the remic on the startup_day in exchange for regular or residual interests in the remic ii is purchased by the remic within the 3-month period beginning on the startup_day if except as provided in regulations such purchase is pursuant to a fixed-price contract in effect on the startup_day or iii represents an increase in the principal_amount under the original terms of an obligation described in clause i or ii if such increase- i is attributable to an advance made to the obligor pursuant to the original terms of a reverse_mortgage_loan or other obligation ii occurs after the startup_day and iii is purchased by the remic pursuant to a fixed price contract in effect on the startup_day sec_860g defines permitted_investments to mean any cash_flow_investment qualified_reserve_asset or foreclosure_property sec_860g defines cash_flow_investment to mean any investment of amounts received under qualified mortgages for a temporary period before distribution to holders of interests in the remic sec_1_860d-1 provides that for purposes of the asset test of sec_860d substantially_all of a qualified entity’s assets are qualified mortgages and permitted_investments if the qualified_entity owns no more than a de_minimis amount of other assets sec_1_860d-1 provides that the amount of assets other than qualified mortgages and permitted_investments is de_minimis if the aggregate of the adjusted bases of those assets is less than one percent of the aggregate of the adjusted bases of all of the remic’s assets sec_1_860g-2 states that in determining what is a cash_flow_investment the term payments received on qualified mortgages includes among other_payments payments by a sponsor or prior owner in lieu of the sponsor's or prior owner's repurchase of a defective obligation as defined in sec_1_860g-2 that was transferred to the remic in breach of a customary warranty sec_1_860g-2 defines a defective obligation as a mortgage subject_to certain defects including that the mortgage does not conform to a customary representation or warranty given by the sponsor or prior owner of the mortgage regarding the characteristics of the mortgage or the characteristics of the pool of mortgages of which the mortgage is a part plr-113051-15 each taxpayer’s right to receive its allocable share under the settlement agreement arises from the mortgage loans the allocable share for each taxpayer is a contract claim that stems directly from the rights held by the trustee on behalf of each taxpayer and its status as a remic therefore a taxpayer’s right to receive an allocable share does not constitute an asset that is newly acquired by a remic after its startup date the execution of the settlement agreement the methodology used to determine a taxpayer’s allocable share the receipt of the allocable share by a taxpayer and the master servicing fee adjustment arise from each taxpayer’s interest in the mortgage loans and its status as a remic and therefore will not cause any taxpayer to fail to meet the requirements under sec_860d the allocable share under settlement agreement is the result of a dispute between institutional investors and the trustee with company a and company i regarding whether the mortgage loans conveyed to each taxpayer violated customary representations and warranties under the respective governing agreements for purposes of the remic rules a defective obligation includes mortgages that do not conform to a customary representation or warranty given by the sponsor or prior owner of the mortgage regarding the characteristics of the mortgage or the characteristics of the pool of mortgages of which the mortgage is a part each taxpayer’s right to the allocable share under the settlement agreement is akin to a payment received by such taxpayer from a sponsor or prior owner in lieu of the sponsor or prior owner’s repurchase of such a defective obligation therefore pursuant to sec_1 860g- g ii the allocable share will be considered a payment received on a qualified_mortgage pursuant to sec_1_860g-2 issue regular and residual interests sec_860g defines a regular_interest in a remic to mean any interest in a remic which is issued on the startup_day with fixed terms and which is designated as a regular_interest if a such interest unconditionally entitles the holder to receive a specified principal_amount or other similar amount and b interest payments or other similar amount if any with respect to such interest at or before maturity i are payable based on a fixed rate or to the extent provided in regulations at a variable rate or ii consist of a specified portion of the interest payments on qualified mortgages and such portion does not vary during the period such interest is outstanding sec_860g defines a residual_interest in a remic to mean an interest in a remic which is issued on the startup_day which is not a regular_interest and which is designated as a residual_interest sec_860g defines the term startup_day to mean the day on which the remic issues all of its regular and residual interests sec_1_860g-1 provides that for purposes of sec_860g a remic designates an interest as a regular_interest by providing to the internal revenue plr-113051-15 service the information specified in sec_1_860d-1 in the time and manner specified in sec_1_860d-1 sec_1_860g-1 provides that a residual_interest is an interest in a remic that is issued on the startup_day and that is designated as a residual_interest by providing the information specified in sec_1 860d- d ii at the time and in the manner provided in sec_1_860d-1 a residual_interest need not entitle the holder to any distributions from the remic sec_1_860g-1 provides that for purposes of sec_860g a regular_interest in a remic has fixed terms on the startup_day if on the startup_day the remic's organizational documents irrevocably specify i the principal_amount or other similar amount of the regular_interest ii the interest rate or rates used to compute any interest payments or other similar amounts on the regular_interest and iii the latest possible maturity_date of the interest a remic regular_interest must be issued on the startup date with fixed terms a remic residual_interest is an interest in the remic issued on the startup date that is not a regular_interest taxpayers represent that the distribution provisions of the settlement agreement do not alter the rights or obligations of any of the taxpayers or the investors’ interests therein and that the distribution of allocable shares to investors is consistent with the distribution provisions contained in the governing agreements the allocable shares will be distributed by the taxpayers to the regular_interest holders under the applicable governing agreements in accordance with the distribution provisions as either a subsequent recovery or as though it was an unscheduled payment of principal available for distribution on that date the settlement agreement also provides that should a principal payment become payable to a class of remic residual interests such payment will be maintained in the distribution account and the trustee shall distribute it to investors on the next distribution date as though it was a subsequent recovery or unscheduled payment of principal available for distribution on that date accordingly the distribution of an allocable share to investors will not cause any regular_interest in a taxpayer to fail to qualify as a regular_interest or the sole class of residual_interest in the taxpayer to fail to qualify as a residual_interest issue tax on contributions after startup date and prohibited_transaction except as provided in sec_860g sec_860g imposes on any amount that is contributed to a remic after the startup_day a tax on percent of the amount contributed sec_860g provides that the tax on contributions after the startup date shall not apply to any contribution which is made in cash and is either a any contribution to facilitate a cleanup call as defined in regulations or a qualified_liquidation b any payment in the nature of a guarantee c any contribution during the 3-month period beginning on the startup_day d any contribution to a qualified_reserve_fund by any holder of a residual_interest in the remic or e any other contribution permitted in regulations plr-113051-15 sec_860f imposes a tax equal to percent of the net_income_derived_from_prohibited_transactions sec_860f defines prohibited_transaction to mean one of the following a disposition of any qualified_mortgage transferred to the remic other than a disposition pursuant to i the substitution of a qualified_replacement_mortgage for a qualified_mortgage or the repurchase in lieu of substitution of a defective obligation ii a disposition incident to the foreclosure default or imminent default of the mortgage iii the bankruptcy or insolvency of the remic or iv a qualified_liquidation b the receipt of any income attributable to any asset which is neither a qualified_mortgage nor a permitted_investment c the receipt by the remic of any amount representing a fee or other compensation_for services or d gain from the disposition of any cash_flow_investment other than pursuant to any qualified_liquidation sec_1_860d-1 provides that the right to receive from the remic payments that represent reasonable_compensation for services provided to the remic in the ordinary course of its operation is not an interest in the remic payments made by the remic in exchange for services may be expressed as a specified percentage of interest payments due on qualified mortgages or as a specified percentage of earnings from permitted_investments for example a mortgage servicer’s right to receive reasonable_compensation for servicing the mortgages owned by the remic is not an interest in the remic as discussed above the receipt of the allocable share by a taxpayer and the master servicing fee adjustment arise from the mortgage loans and each taxpayer’s status as a remic the allocable share arises in connection with each taxpayer’s interest in the mortgage loans and is neither a contribution of cash to the remic nor is it listed as a prohibited_transaction in sec_860f the master servicing fee adjustment is similarly not a contribution of cash to the relevant taxpayer but is an amount reimbursed or in the case of taxpayer a and taxpayer b an amount received in connection with compensation_for services provided to the taxpayer in the ordinary course of the taxpayer’s operation no taxpayer is performing any services in connection with the master servicing fee adjustment as a result neither the receipt of the allocable share by a taxpayer nor the master servicing fee adjustment will be treated as a prohibited_transaction within the meaning of sec_860f or as a contribution subject_to tax under sec_860g conclusion we hereby rule as follows in the case of each taxpayer for which a timely valid and continuing remic election has been made in accordance with the applicable governing agreement none of i the execution of the settlement agreement ii the methodology for determining and the right to receive an allocable share of the settlement payment iii the receipt of an allocable share of the settlement payment or iv plr-113051-15 the reduction of unreimbursed advances owed to the master servicer attributable to any master servicing fee adjustment or in the case of taxpayer a and taxpayer b the receipt of any master servicing fee adjustment will cause the taxpayer to fail to meet the requirements of sec_860d in the case of each taxpayer for which a timely valid and continuing remic election has been made in accordance with the applicable governing agreement the receipt of an allocable share of the settlement payment will be treated as a payment received on qualified mortgages within the meaning of sec_1 860g- g ii in the case of each taxpayer for which a timely valid and continuing remic election has been made in accordance with the applicable governing agreement the distribution of an allocable share amount in accordance with the applicable governing agreement and the settlement agreement will not cause any regular_interest in such taxpayer to fail to qualify as a regular_interest as defined in sec_860g or the sole class of residual_interest in such taxpayer to fail to qualify as a residual_interest as defined in sec_860g in the case of each taxpayer for which a timely valid and continuing remic election has been made in accordance with the applicable governing agreement neither the receipt of an allocable share amount nor the reduction of unreimbursed advances owed to the master servicer attributable to any master servicing fee adjustment or in the case of taxpayer a and taxpayer b the receipt of any master servicing fee adjustment will be treated as a prohibited_transaction within the meaning of sec_860f or as a contribution that is subject_to the tax imposed under sec_860g this ruling's application is limited to the facts representations code sections and regulations cited herein except as specifically ruled upon above no opinion is expressed concerning any federal_income_tax consequences related to the facts herein under any other provisions of the code specifically we do not rule whether any taxpayer qualifies as a remic under sec_860a-860g or whether any mortgage loan qualifies as a qualified_mortgage as defined in sec_860g this ruling is directed only to the taxpayers that requested it sec_6110 provides that it may not be used or cited as precedent in accordance with the provisions of a power_of_attorney on file we are sending a copy of this ruling letter to your authorized representatives 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 not verified any of the material submitted in support of the request for rulings it is subject_to verification on examination plr-113051-15 sincerely julanne allen assistant to the branch chief branch office of associate chief_counsel financial institutions products cc ------------------------ ------------------------ ------------------------------- ---------------------------- ---------------------- ---------------------------------- ---------------------------------------- ------------------------- ---------------------------------- ---------------------------------- plr-113051-15 appendix a remic name ------------------------------------------------------------------ ----------------------------------------------------------------- ------------------------------------------------------------------------------ ------------------------------------------------------------------------------ ------------------------------------------------------------------------------ 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------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- plr-120585-15 plr-120590-15 plr-120599-15 plr-120600-15 plr-120601-15 plr-120602-15 plr-120603-15 plr-120604-15 plr-120605-15 plr-120606-15 plr-120607-15 plr-120608-15 plr-120609-15 plr-120610-15 plr-120612-15 plr-120614-15 plr-120615-15 plr-120041-15 plr-120616-15 plr-120617-15 plr-120618-15 plr-120619-15 plr-120623-15 plr-120624-15 plr-120630-15 plr-120634-15 plr-120635-15 plr-120636-15 plr-120637-15 plr-120638-15 plr-120639-15 plr-120639-15 plr-120640-15 plr-120517-15 plr-120525-15 plr-120526-15 plr-113051-15 --------------------------------------------------- ------------------------------------------------------- ----------------------------------------------------- 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internal_revenue_service number info release date date uil the honorable j robert kerrey united_states senate washington d c attention jennifer kelly dear senator kerrey this letter is in response to your inquiry of date on behalf of your constituent comments on proposed_regulations issued in date relating to tax-exempt organizations and income from corporate sponsorship he asks that you oppose these proposed_regulations in particular with respect to exclusive sponsorship arrangements letter we received many other comments regarding these in addition to proposed_regulations a public hearing was held on date we appreciate your concern for the and other nonprofit_organizations we have filed it as further regulations are drafted letter as a comment to the proposed_regulations and will consider i hope this information is helpful to you if you have additional questions or need further information please contact me or stephanie caden of my staff at sincerely mary oppenheimer assistant chief_counsel tax exempt government entities


significant index number department of the treasury internal_revenue_service washington d c tax_exempt_and_government_entities_division apr 201i tep rc az re taxpayer dear for the above-named plan which are described in sections this letter constitutes notice that approval has been granted for your request for a 5-year automatic_extension for amortizing the unfunded liabilities as of january b b and b of the internal_revenue_code code and sec_304 and sec_304 of the employee_retirement_income_security_act_of_1974 erisa this extension is effective with the plan_year beginning january bases established as of january this extension applies to the eligible amortization charge the extension of the amortization periods of the unfunded liabilities of the pian was granted in accordance with sec_431 of the code sec_431 of the code requires the secretary to extend the period of time required to amortize any unfunded_liability of a plan for a period of time not in excess of years if the plan submits an application meeting the criteria stated in sec_431 the plan has submitted the required information to meet the criteria in sec_431 including a certification from the plan’s actuary that i absent the extension under subparagraph a the plan would have an accumulated_funding_deficiency in the current plan_year or any of the succeeding plan years ii the plan_sponsor has adopted a plan to improve the plan's funding status iii the plan is projected to have sufficient assets to timely pay expected benefits and anticipated expenditures over the amortization period as extended and iv the notice required under paragraph a has been provided we have sent a copy of this letter to the and to the this ruling is directed only to the taxpayer that requested it sec_6110 of the internal_revenue_code provides that it may not be used or cited by others as precedent if you require further assistance in this matter please contact _ sincerely yours ms david m ziegler manager ep actuarial group