internal_revenue_service number release date index number -------------------------------------------- ------------------------------------- ---------------------------------------------------- ------------------------------------------- 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 psi plr-120519-18 date date ------------------------------------------------- x -------------------------------------------------- ------------ state date ----------------- date ---------------------- year ------ dear --------------- this responds to a letter dated date submitted on behalf of x requesting an extension of time under sec_301_9100-3 of the procedure and administration regulations to make an election under sec_754 of the internal_revenue_code code the information submitted states that x is a state limited_partnership and has been classified as a partnership for federal_income_tax purposes since its organization on date in year interests in x were transferred to unrelated parties x’s tax_return was timely filed but a sec_754 election was not filed with the return x represents that it has acted reasonably and in good_faith and that granting relief will not prejudice the interest of the government sec_754 provides in part that if a partnership files an election in accordance with the regulations prescribed by the secretary the basis of the partnership property is adjusted in the case of a transfer of a partnership_interest in the manner provided in sec_743 such an election shall apply with respect to all distributions of property by the partnership and to all transfers of interests in the partnership during the taxable_year with respect to which the election was filed and all subsequent taxable years sec_1_754-1 of the income_tax regulations provides in part that an plr-120519-18 election under sec_754 to adjust the basis of partnership property under b with respect to a transfer of an interest in a partnership shall be made in a written_statement filed with the partnership return for the taxable_year during which the transfer occurs for the election to be valid the return must be filed not later than the time prescribed by sec_1 e including extensions thereof for filing the return for the taxable_year sec_301_9100-1 provides that the commissioner may grant a reasonable extension of time to make a regulatory election or a statutory election but no more than months except in the case of a taxpayer who is abroad under all subtitles of the code except subtitles e g h and i sec_301_9100-1 defines the term regulatory election as an election whose due_date is prescribed by a regulation published in the federal_register or a revenue_ruling revenue_procedure notice or announcement published in the internal_revenue_bulletin sec_301_9100-1 through provide the standards the commissioner will use to determine whether to grant an extension of time to make the election sec_301_9100-2 provides the rules governing automatic extensions of time for making certain elections sec_301_9100-3 provides the standards the commissioner will use to determine whether to grant an extension of time for regulatory elections that do not meet the requirements of sec_301_9100-2 under sec_301_9100-3 a request for relief will be granted when the taxpayer provides evidence including affidavits described in sec_301_9100-3 to establish to the satisfaction of the commissioner that the taxpayer acted reasonably and in good_faith and the grant of relief will not prejudice the interests of the government based solely on the information submitted and the representations made we conclude that the requirements of sec_301_9100-1 and sec_301_9100-3 have been satisfied as a result x is granted an extension of time of days from the date of this letter to make an election under sec_754 effective for its taxable_year ending on date and thereafter the election should be made in a written_statement filed with the appropriate service_center for association with x’s return for its taxable_year ending on date a copy of this letter should be attached to the election this ruling is contingent on x adjusting the basis of its properties to reflect any sec_734 or sec_743 adjustments that would have been made if the sec_754 election has been timely made these basis adjustments must reflect any additional_depreciation that would have been allowable if the sec_754 election had been timely made regardless of whether the statutory period of limitation on assessment or filing a claim_for_refund has expired for any year subject_to this grant of late relief any depreciation deduction allowable for an open_year is to be computed based upon the remaining useful_life and using property basis as adjusted by the greater of any depreciation deduction allowed_or_allowable in any prior year had the sec_754 election been timely made additionally the partners of x must adjust the basis of their interests in x to reflect what that basis would be if the sec_754 election had been timely made regardless of whether the statutory period of limitation on assessment or filing a claim_for_refund has expired for any year plr-120519-18 subject_to this grant of late relief specifically the partners of x must reduce the basis of their interests in x in the amount of any additional_depreciation that would have been allowable if the sec_754 election had been timely made except as specifically set forth above we express or imply no opinion concerning the federal tax consequences of the facts described above under any other provision of the internal_revenue_code and the regulations thereunder in addition sec_301_9100-1 provides that the granting of an extension of time for making an election is not a determination that the taxpayer is otherwise eligible to make the election this ruling is directed only to the taxpayer requesting it sec_6110 of the code provides that it may not be used or cited as precedent this ruling contained in this letter is 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 that not verified any of the material submitted in support of the ruling_request it is subject_to verification on examination in accordance with the power_of_attorney on file with this office we are sending a copy of this letter to x's authorized representative sincerely associate chief_counsel passthroughs and special industries by _______________ stacy l short senior technician reviewer branch office of associate chief_counsel passthroughs special industries enclosures copy of this letter copy for sec_6110 purposes


internal_revenue_service department of the treasury number release date index number u i l no washington dc person to contact telephone number refer reply to cc psi plr-114740-00 date date legend company state shareholder a b dear this letter responds to a letter dated date and subsequent correspondence requesting a ruling on behalf of company under sec_1362 of the internal_revenue_code the information submitted discloses that company was incorporated on a in state company has one shareholder shareholder it is represented that company has intended to be an s_corporation since b however company discovered that its s election had not been timely filed company requests a ruling that its sec_1362 election will be treated as timely made for its taxable_year that begins on b sec_1362 provides that a small_business_corporation may elect to be an s_corporation sec_1362 explains when an s election will be effective generally if an s election is made within the first two and one half months of a corporation's taxable_year then that corporation will be treated as an s_corporation for the year in which the election is made sec_1362 provides that if an s election is made after the first two and one half months of a corporation's taxable_year then that corporation will not be treated as an s_corporation until the taxable_year following the year in which the s plr-114740-00 election is made sec_1362 provides that if no sec_1362 election is made for any taxable_year and the secretary determines that there was reasonable_cause for the failure to timely make such election then the secretary may treat such an election as timely made for such taxable_year and sec_1362 shall not apply applying the relevant law to the facts submitted and representations made we rule that company's sec_1362 election will be treated as timely made for its taxable_year that begins on b however this ruling is contingent on company filing form_2553 election by a small_business_corporation with an effective date of b with the appropriate service_center within days from the date of this ruling a copy of this letter should be attached to the form_2553 except as specifically set forth above we express no opinion concerning the federal tax consequences of the foregoing facts specifically we express no opinion on whether company otherwise qualifies as an s_corporation 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 pursuant to a power_of_attorney on file with this office a copy of this letter is being sent to the taxpayer’s authorized representative this ruling is directed only to the taxpayer who requested it sec_6110 provides that it may not be used or cited as precedent sincerely yours robert honigman acting assistant to the chief branch office of the associate chief_counsel passthroughs and special industries enclosure copy for sec_6110 purposes


third party communication date of communication month dd yyyy cca_2013080813454917 id uilc number release date from --------------- sent thursday august pm to --------------------------------------------- cc ---------------------------------------------- bcc subject advice for the year tax_year cp the common parent of a consolidated_group filed a tentative refund request based on a two-year carryback of the cnols of the group for that year fiduciary made a five-year extended carryback election for those same losses the service_center issued a tentative refund to cp with respect to its request for the year tax_year cp made a five-year extended carryback election for the cnols of the group for that year fiduciary filed a document attempting to reverse its previous five-year extended carryback election for year and elect a five-year extended carryback for the year tax_year as well both fiduciary’s five-year extended carryback election for year and cp’s five-year extended carryback election for year were timely but only one can be accepted fiduciary has executed a form_870 agreeing to its initial five-year extended carryback election for year but the service has not executed the form_870 and the agreement is pending -------------------------------- the field has asked whether the service can exercise its broad discretion under sec_301_6402-7 to accept the filings by cp request for a two-year carryback of the cnols of the group for the year tax_year and the five-year extended carryback election of the cnols of the group for the year tax_year and not accept the filings by fiduciary its initial five-year extended carryback election of the cnols of the group for the year tax_year we advise that the service may do so


department of the treasury internal_revenue_service washington d c date cc pa cbs br2 gl-610806-99 uilc number release date memorandum for associate area_counsel sb_se area nashville from kathryn a zuba chief branch collection bankruptcy summonses subject determination of priority in bankruptcy cases pursuant to 219_f3d_580 6th cir this responds to your request for advice dated date this document is not to be cited as precedent issue in the sixth circuit can the service continue to claim taxes as priority on proofs of claim based on tolling of priority periods prior to a bankruptcy court determination pursuant to b c sec_105 conclusion yes taxes can be claimed as priority based on tolling so long as the service determines that tolling is justified on a case-by-case basis background four circuit courts have agreed with the government’s position that the priority periods of b c sec_507 ii are automatically tolled while the service could not collect during prior bankruptcy cases 109_f3d_489 8th cir cert_denied 522_us_823 81_f3d_20 3rd cir in re 5_f3d_423 965_f2d_554 7th cir three circuit courts on the other hand have declined to adopt this majority rule and have instead held that tolling is permitted on a case-by-case basis where it is equitable to do so under b c sec_105 219_f3d_580 6th cir in re 182_f3d_775 11th cir 19_f3d_163 5th cir in the most recent appellate case on this issue the sixth circuit in palmer held that priority periods are not automatically tolled during prior bankruptcy cases but can be equitably tolled by the bankruptcy court pursuant to sec_105 if the equities favor the service based on the facts of a given case the court affirmed the bankruptcy although the tenth circuit relied under on a for tolling in 994_f2d_763 10th cir the court strongly suggested that such tolling occurs automatically as a matter of law gl-610806-99 - court’s decision not to permit tolling where the service failed to show that the debtor was guilty of any misconduct or manipulation of the bankruptcy system you have requested our advice on how to file proofs of claim in the sixth circuit in light of palmer the past procedure in the tennessee districts was to list taxes as priority on proofs of claim based on the assumption that tolling during the pendency of the automatic_stay in prior bankruptcy cases was automatic you ask whether pursuant to palmer the service should change its procedures and cease claiming taxes on proofs of claim as priority prior to obtaining a court determination as to tolling you suggest a procedure where collection personnel in the service must first refer a case to counsel to file a motion with the court to determine priority if the court rules in the service's favor then the service can amend its claim to reclassify the taxes and seek appropriate modification of the chapter or plan discussion our position is that as a general matter in the sixth circuit it is not necessary that the service obtain a court determination as to tolling before claiming a tax as priority for purposes of filing a proof_of_claim the general_rule is that a claim is deemed allowed unless a party in interest objects b c sec_502 see also b r f properly filed proof_of_claim is prima facie evidence of the validity and amount of the claim see generally in re landmark equity corp 973_f2d_265 4th cir it is the debtor trustee or other party-in-interest who has the responsibility to object to the classification of a tax on a proof_of_claim although pursuant to palmer the government is not entitled to automatic tolling we nonetheless believe it is appropriate to require the debtor or other parties to object to a proof_of_claim to contest tolling in a particular case and bring the issue before the bankruptcy court we do not view this as any different than other situations where parties may contest the service’s proof_of_claim by for example disputing the valuation of the service’s secured claim or contesting the tax_liability on the merits the service is not prohibited from asserting its position regarding the amount of the secured tax claim or the amount of the tax_liability on the proof_of_claim even where the service’s position is subject_to dispute such as where the value of the collateral may be uncertain or where tax returns have not been filed and the tax is not yet assessed it is by an objection to the proof_of_claim that disputes over the proper amount and classification of claims are normally resolved since the standards in the circuits differ this advice only applies to claims filed with bankruptcy courts in the sixth circuit see eg 224_br_879 bankr n d ill reconsideration denied 237_br_672 bankr n d ill where the court rejected the debtor’s claim for injunctive relief under b c sec_105 against a lender of automobile loans to prohibit the lender from overvaluing its secured claim on proofs of claim the court held that such valuation issues should be resolved through the gl-610806-99 - we do not believe that this procedure is inconsistent with palmer rule f places the burden of coming forward with evidence to dispute a claim on the party who contests the claim a debtor or trustee fulfills this burden by objecting to the claim on the ground that the facts do not justify tolling once the objection is made the burden of production drops out and the service must establish that the facts justify tolling pursuant to sec_105 as required by palmer see 120_sct_1951 n landbank equity corp supra we accordingly conclude that if the service wishes to take the position that tolling should be applied in a particular case it can do so by claiming a tax as priority this will give the debtor trustee or another creditor if they disagree with the service’s classification the opportunity to file an objection to the classification of the claim if an objection is filed and the parties cannot reach an agreement as to the proper classification the bankruptcy court will then decide whether tolling is warranted pursuant to sec_105 however the service must ensure that it is filing a correct claim in good_faith pursuant to bankruptcy rule pursuant to rule b the filing of a paper represents to the court that to the best of the person’s knowledge information and belief formed after an inquiry reasonable under the circumstances -- objection to claim process the court stated code sec_502 and bankruptcy rule contemplate a process in which both debtor and creditor may be heard with respect to the amount and validity of a claim the submission of a proof_of_claim is only one step in the claims allowance process with unresolved issues ultimately determined at a evidentiary hearing br pincite similarly the seventh circuit in adair v sherman u s app lexis 7th cir date held that the district_court properly dismissed a debtor’s suit against a lender of an automobile loan brought under the fair debt collection practices act fdcpa the debtor accused the lender of overvaluing its secured claim in the debtor’s chapter case the court held that the fdcpa claim was barred because the debtor should have objected to the valuation of the claim in the bankruptcy case prior to confirmation of the plan but see in re offshore diving salvaging 242_br_897 bankr e d la aff’d u s dist lexis e d la in which the bankruptcy court noted that the correct way to request equitable_tolling under sec_105 is to file an adversary proceeding as discussed infra we believe this is the case only if the service is contemplating collection action gl-610806-99 - it is not being presented for any improper purpose such as to harass or to cause unnecessary delay or needless increase in the cost of litigation the claims defenses and other legal contentions therein are warranted by existing law or by a nonfrivolous argument for the extension modification or reversal of existing law or the establishment of new law the allegations and other factual contentions have evidentiary support or if specifically so identified are likely to have evidentiary support after a reasonable opportunity for further investigation or discovery b r b sanctions can be awarded for a violation of rule b b r c pursuant to rule b the service must make a reasonable inquiry prior to filing a proof_of_claim for taxes and must believe that the claim is well grounded in fact in re 104_br_525 bankr m d ga imposing sanctions against service for overstating taxes on claim 123_br_393 bankr d or oregon tax authority sanctioned for failing to make reasonable inquiry as to debtor’s tax_liability before filing claim see also in re 231_br_662 bankr n d ill the standard under rule to determine whether a party made a reasonable inquiry before filing a claim is the reasonableness of its conduct under the circumstances adair v sherman u s app lexis n 7th cir date rule b explicitly requires all filings with the court to present only facts which the party reasonably believes to have evidentiary support debtors facing fraudulent proofs of claim could seek sanctions under that section in order to comply with rule b we conclude that prior to listing a tax as priority on a proof_of_claim based on tolling the service should examine each case to identify one or more facts indicating that the equities favor the government such as evidence of misconduct by the debtor or abuse of the bankruptcy system under palmer the mere fact that the debtor filed a prior bankruptcy case which was dismissed and that the service could not collect the tax_liability during the prior bankruptcy case may be insufficient to establish that tolling is justified courts have found that the following facts favor the service under sec_105 the debtor filed a bankruptcy petition shortly after the service commenced collection efforts the service is the primary creditor of the debtor the debtor filed a new bankruptcy case soon after dismissal of the prior bankruptcy case the debtor filed more than two bankruptcy cases with little time lapsing between cases the debtor has a history of not filing timely tax returns or paying taxes on time the debtor did not pay his or her obligations under the chapter or plan in the prior case and the taxpayer continued to pyramid unpaid tax_liabilities during the pendency of the prior bankruptcy case see in re 240_br_247 bankr w d tex 216_br_556 bankr e d tex in re 199_br_631 gl-610806-99 - bankr s d tex in re 184_br_728 bankr n d tex we believe that the precise factors relied upon to select cases for which tolling will be claimed should be developed by your office based on local case law and other relevant considerations where the service’s claim of priority is based on tolling a notation should be added to the claim stating that the tax is being claimed as priority based on tolling of the priority periods during a prior bankruptcy or bankruptcies this will ensure that other parties and the court are put on notice that the service is relying on tolling in claiming a tax as priority and will establish that the service is filing the claim in good_faith pursuant to rule b although the court in palmer emphasized the behavior of the taxpayer courts have also examined the behavior of the service in weighing the equities under sec_105 in particular courts have found that the fact that the service engaged in normal collection activities during the periods when the automatic_stay was not in effect weigh in favor of the service see bair supra if on the other hand the service did not take any collection activity during a lengthy period between bankruptcy cases while it had the opportunity to do so this may weigh against the service where the service must rely on an additional six-month period pursuant to sec_6503 or h to obtain priority we also recommend that the notation on the proof_of_claim state that the additional six month period pursuant to sec_6503 or h is being relied upon however to decide under what circumstances relying on the additional six month period will be appropriate we leave it to your office you also ask whether pursuant to palmer the service has the obligation to review all proofs of claim filed in the last five years in open chapter cases to identify those cases where taxes were claimed as priority based on tolling we conclude that the service does not have this obligation prior to the sixth circuit’s decision in palmer it was appropriate for the service based on the case law in effect at that time to file claims with the presumption that tolling was automatic consistent with our discussion supra we believe that it is the obligation of the debtor trustee or other party-in-interest to object to the service’s claim to seek reconsideration of a previously allowed or disallowed claim or to seek modification of a plan gl-610806-99 - to summarize pursuant to palmer the service may continue to claim taxes as priority on proofs of claim based on tolling but only after performing an investigation identifying the existence of facts that justify equitable_tolling under sec_105 additionally such claims should contain a notation stating that the service is relying on tolling we believe that this procedure complies with the service’s responsibilities under rule b we finally note that our position has been that if pursuant to the law of the circuit tolling is not automatic but occurs on a case-by-case basis pursuant to sec_105 then the service should not take collection action based on the theory that a tax is nondischargeable due to tolling without first obtaining a determination as to dischargeability from the bankruptcy court otherwise the service risks being subject_to damages and attorney’s fees for violating the injunction against collecting discharged taxes see b c a additionally the fact that the service took unilateral collection action may influence a court to rule against the service in determining whether tolling is justified under sec_105 in the sixth circuit collection action should not be taken based on the assumption that priority periods will be tolled please contact this office at if you have any questions or comments concerning this memorandum cc deputy division counsel post-filing sb_se washington d c area_counsel sb_se area jacksonville area_counsel sb_se area chicago


department of the treasury internal_revenue_service washington d c jan uilc number release date memorandum for director internal_revenue_service center kansas city mo attn entity control from subject chief branch office of the associate chief_counsel employee_benefits and exempt_organizations cc ebeo - railroad retirement act tax status attached for your information and appropriate action is a copy of a letter from the railroad retirement board concerning the status under the railroad retirement act and the railroad unemployment insurance act of we have reviewed the opinion of the railroad retirement board and based solely upon the information submitted concur in the conclusion that is an employer under the railroad retirement act and the railroad unemployment insurance act effective harry beker cc


internal_revenue_service national_office technical_advice_memorandum date number release date index uil no case mis no tam-106302-99 cc dom it a b1 chief appeals_office taxpayer’s name taxpayer’s address taxpayer’s identification no years involved date of conference legend taxpayer a x dollar_figurea dollar_figureb dollar_figurec dollar_figured issue whether interest is allowed under sec_6611 of the internal_revenue_code on a refund of an overpayment of income_tax attributable to a carryback of a net_operating_loss when the service refunds the overpayment within days of the date on which a taxpayer files a claim_for_refund of the overpayment in a processible form tam-106302-99 conclusion interest is not allowed under sec_6611 when the service refunds an overpayment of income_tax attributable to a carryback of a net_operating_loss within days of the date on which a taxpayer files a claim_for_refund of the overpayment in processible form facts the service examined several income_tax returns of x an accrual basis s_corporation of which a was the sole shareholder including the year depreciation_adjustments to x’s tax_year resulted in an adjustment to the distributive_share of x’s income for the tax_year however the adjustments to x’s return did not result in an overassessment for taxpayer for the tax_year as reflected on the form ad the adjustments contributed to the taxpayer’s negative taxable_income of dollar_figurea for the tax_year on date taxpayer mailed a form 1040x for the tax_year carrying back the negative taxable_income figure of dollar_figurea as a net_operating_loss_deduction for the service contacted taxpayer in october of concerning the form 1040x and requested that the taxpayer submit a schedule a of form_1045 application_for tentative refund the taxpayer mailed a revised form 1040x with the schedule a to the service on date the schedule a computation of the net_operating_loss showed that the correct net_operating_loss for was dollar_figureb and not dollar_figurea as shown on the first form 1040x filed by taxpayer when the schedule a was submitted the taxpayer noted that the service had the information to determine the correct amount of the refund the service processed the revised form 1040x for using the correct net_operating_loss_deduction and mailed a refund check dated date the taxpayer’s transcript of account reflects that the refund was paid on date which was within days of the date mailing date of the revised form 1040x for the refund check was for dollar_figurec which included dollar_figured of interest the service subsequently determined that no interest was due on the refund the taxpayer filed a claim for overpayment interest on dollar_figurec computed from the due_date of the loss_year return to date the service denied the claim for the reason that interest is not allowed on refunds of overpayments attributable to net_operating_loss carrybacks if the refund is made within days of the date the claim is filed tam-106302-99 law and analysis applicable law and legislative_history sec_6611 states that interest shall be allowed and paid upon any overpayment in respect of an internal revenue tax at the overpayment rate established under sec_6621 sec_6611 provides that overpayment interest is allowed and paid in the case of a refund from the date of the overpayment to a date to be determined by the secretary preceding the date of the refund check by not more than days sec_6611 states that if any overpayment_of_tax imposed by title_26 is refunded within days after the last day prescribed for filing the return of such tax determined without regard to any extension of time for filing the return or in the case of a return filed after such last date is refunded within days after the date the return is filed no interest is allowed under sec_6611 on that overpayment sec_6611 states that if the taxpayer files a claim for a credit or refund for any overpayment_of_tax imposed by title_26 and the overpayment is refunded within days after the claim is filed then no interest is allowed on that overpayment from the date the claim is filed until the day the refund is made sec_6611 states that if an adjustment initiated by the secretary results in a refund_or_credit of an overpayment interest on the overpayment is computed by subtracting days from the number of days interest would otherwise be allowed on the overpayment prior to amendment by the omnibus_budget_reconciliation_act_of_1993 pub_l_no 107_stat_541 obra_1993 amendment former sec_6611 stated that if an overpayment_of_tax imposed by subtitle a is refunded within days after the last date prescribed for filing the return of such tax determined without regard to any extensions of time for filing the return or in case the return is filed after such last date is refunded within days after the date the return is filed no interest is allowed under sec_6611 on that overpayment the committee report on the obra_1993 amendment states under then present law that no interest is paid on a refund arising from an original income_tax return if the refund is issued by the 45th day after the later of the due_date of the return determined without regard to extensions or the date the return is filed there is no parallel rule for refunds of taxes other than income taxes ie employment excise and estate_and_gift_taxes for refunds of any type of tax arising from amended returns or for claims for refunds of any type of tax if a taxpayer files a timely original return with respect to any type of tax and later files an amended_return claiming a refund and if the irs determines that the taxpayer is due a refund on the basis of the amended_return then tam-106302-99 irs will pay the refund with interest computed from the original due_date of the return congress amended the law by extending the 45-day processing period to amended returns claims for refund and irs-initiated adjustments see h_r rep no 103d cong 1st sess sec_6611 provides rules for computing interest on refunds of income_tax caused by carryback or adjustment for certain unused deductions sec_6611 states that if any overpayment of income_tax results from a carryback of a net_operating_loss or net_capital_loss the overpayment is deemed not to have been made prior to the filing_date for the taxable_year in which such net_operating_loss or net_operating_loss arises sec_6611 provides that for purposes of sec_6611 the term filing_date means the last date prescribed for filing the return of tax imposes by subtitle a for the taxable_year determined without regard to extensions sec_6611 provides that for purposes of sec_6611 any overpayment described in sec_6611 or is treated as an overpayment for the loss_year sec_6611 provides that sec_6611 is applied to the overpayment by treating the return for the loss_year as not filed before claim for the overpayment is filed sec_6611 was added by the tax equity and fiscal responsibility act of pub_l_no sec_346 96_stat_637 tefra amendment the legislative_history of the tefra amendment explains that congress believed it was inappropriate to require the united_states to pay interest on amounts prior to the time it has notice that owes such an amount no interest is payable with respect to any overpayment until the secretary can determine that such overpayment exists by way of a notice of such overpayment being filed in processible form an overpayment due to a net_operating_loss or a net_capital_loss carryback or a credit_carryback is deemed not to arise before the application_for_tentative_carryback_adjustment is made or the claim for credit or refund is filed with respect to such overpayment thus interest is not payable on such carryback for any period prior to the time such application or claim is filed in processible form see s rep no 97th cong 2d sess see also joint_committee on taxation staff general explanation of the revenue provisions of the tax equity and fiscal responsibility act of 97th cong 2d sess which explains that if the claim_for_refund including an application_for tentative carryback or refund adjustment based on the carryback of the loss or credit from the loss_year is filed after the due_date of the return for the loss_year determined without regard to extensions interest on the refund is payable only if the refund is not made within days of the claim if the 45-day period expires interest runs from the due_date of the return for the loss_year sec_6611 provides that for purposes of sec_6611 a return is not treated as filed until it is filed in processible form a return is in a processible form if the return is on a permitted form and the return contains the taxpayer’s name address and identifying tam-106302-99 number and the required signature and sufficient required information whether on the return or on required statements to permit the mathematical verification of tax_liability shown on the return mathematical verifiability requires sufficient information to permit the service to calculate and corroborate the mathematics and data reported by the taxpayer under sec_6611 a taxpayer must submit enough underlying data for the service to verify and calculate the tax_liability without undue burden see 70_f3d_1244 fed cir analysis in general interest on a refund is allowed and paid under sec_6611 at the overpayment rate established under sec_6621 from the date of the overpayment to a date to be determined by the secretary preceding the date of the refund check by not more than days it is well settled that the government may pay interest only if authorized to do so by a specific statutory provision u s ex rel angarica v bayard 127_us_251 in the case of overpayments attributable to carrybacks of net operating losses the law provides specific rules with respect to how interest is to be computed on overpayments arising from the carryback of the net_operating_loss sec_6611 provides that for purposes of sec_6611 the overpayment attributable to the carryback of the net_operating_loss is treated as an overpayment for the loss_year in addition sec_6611 provides that sec_6611 is applied with respect to that overpayment by treating the return for the loss_year as not filed before claim for such overpayment is filed former sec_6611 in effect at the time that sec_6611 was enacted provided that if an overpayment of income_tax is refunded within days after the last date prescribed for filing the return of such tax determined without regard to any extensions of time for filing the return or in case the return is filed after such last date is refunded within days after the date the return is filed no interest shall be allowed under sec_6611 on such overpayment sec_6611 provides that in applying sec_6611 the return for the loss_year is treated as not filed before the claim for the overpayment attributable to the net_operating_loss is filed if the service pays a claim relating to the carryback of the net_operating_loss within days of the date of the claim then the refund is deemed by sec_6611 to be paid within days of the date the return is filed under these circumstances sec_6611 prohibits payment of interest on the refund attributable to the net_operating_loss_carryback this result is consistent with the legislative_history of sec_6611 and the joint committee’s explanation of tefra the amendment to sec_6611 by obra_1993 extended the day rule to amended returns and irs-adjustments but did not change the rule contained in sec_6611 sec_6611 applies sec_6611 to overpayments tam-106302-99 attributable to the carryback of a net_operating_loss by treating the return for the loss_year as not filed before the claim for that overpayment is filed obra_1993 amended sec_6611 to provide a parallel rule for overpayments shown on amended returns claims for refund and irs-initiated adjustments however the relevant provision under sec_6611 relating to refunds made within days of the date the return is filed is the same pre-obra sec_6611 and post-obra sec_6611 sec_6611 was broadened to cover all taxes and not just income taxes under pre- and post-obra law sec_6611 treats the return for the loss_year as not filed before the claim with respect to the overpayment is filed and accordingly allows the service days to pay the refund without paying interest the fact that neither sec_6611 nor sec_6611 refer to a return filing_date provides additional support for the applying the rule_of sec_6611 which does refer to the date the return is filed the dollar_figurec refund of taxpayer’s overpayment is attributable to taxpayer’s claim for the carryback of the net_operating_loss from to that claim when filed in processible form is the notice that began the day period for payment of the refund the form 1040x mailed on date was not filed in processible form because it lacked the information required by the service to recalculate and corroborate the mathematical accuracy of the net_operating_loss claimed by the taxpayer the request for schedule a of form_1045 which is used to compute the amount of the net_operating_loss enabled the service to verify the accuracy of the taxpayer’s math without undue burden the request for additional information was proper as evidenced by the taxpayer’s incorrect computation of the net_operating_loss shown on the form 1040x mailed date accordingly the dollar_figuree refund was made within days of when the claim was filed in processible form on date and no interest is payable to the taxpayer on that refund caveat s a copy of this technical_advice_memorandum is to be given to the taxpayer s sec_6110 of the code provides that it may not be used or cited as precedent


c h i e f c o u n s e l department of the treasury i n t e r n a l r e v e n u e s e r v i c e w a s h i n g t o n d c date -------------------- about his concern that payroll service provider number release date conex-118976-16 uil 4980h 5000a the honorable kirsten gillibrand united_states senator third avenue suite new york ny attention dear senator gillibrand i am responding to your letter dated date on behalf of your constituent --------- ----------------- may not have filed all information returns required under the affordable_care_act aca specifically about employees and expressed concerns that this failure_to_file may subject his employees to irs penalties the department of labor forwarded your letter to me because the filing_requirements raised in the letter are under irs jurisdiction sec_6056 of the internal_revenue_code the code as added by the aca requires applicable large employers to file forms 1094-c and 1095-c with the irs and to furnish a copy of form 1095-c or an alternative statement to full-time employees the information on forms 1094-c and 1095-c relates to offers of health coverage to full- time employees this information is relevant to the employer shared responsibility provisions under sec_4980h of the code and to the eligibility of employees and their spouses and dependents for the premium_tax_credit under sec_36b of the code we cannot determine whether the filing deadline for returns is date for taxpayers filing electronically in addition sec_6056 does not require filing form 1095-c for all employees in general form 1095-c is only required to be filed for an employee who satisfied the applicable definition of full-time_employee or more hours_of_service per week for one or more months of the year no form 1095-c is required to be filed for part-time ----------------- failure_to_file the required data for over one third of his has failed to file any returns required under section may file all required returns before the deadline wrote -------- ------- ------- ------ ------- ------- ----------------- ------------------- has reason to believe failed to file form 1095-c for any specific employees would not be subject_to tax penalties in has all the necessary information about the employee such as conex-118976-16 employees or for certain employees in a permissible waiting or measurement_period if employee who was a full-time_employee for one or more months of the year he should confirm that records of hours worked i assure you connection with any failure_to_file form 1095-c if penalties for non-filing are applicable the employer with filing responsibility under sec_6056 would owe the penalty not the individual employee also while an employee may owe a payment if he or she fails to maintain minimum_essential_coverage or does not qualify for an exemption as required under the individual shared responsibility provisions of code sec_5000a the filing or non-filing of form 1095-c does not affect this payment to show compliance with the individual shared responsibility provision an employee with full year coverage checks the appropriate box on his or her individual tax_return if the employee maintained the necessary coverage he or she can check this box whether or not the employee received a form 1095-b or form 1095-c indicating enrollment i hope this information is helpful if you have any questions please call me at -------------------- ---------------------- -------------------- sincerely or at christine ellison acting chief health and welfare branch office of associate chief_counsel tax exempt and government entities


internal_revenue_service department of the treasury plr-105294-99 washington dc person to contact telephone number refer reply to cc dom p si date dec index number r taxpayer parent u o o w district facility government agency complex site city plant state i o l s i t t e t b sec_1 o l o f q j i a i ' u o a m o n o h t t o t w o b t w w w n o h t w o h n o h yk plr-105294-99 e i s j x i o o o o this letter responds to a letter dated date and subsequent correspondence submitted on behalf of taxpayer requesting a letter_ruling on the classification of the facility for purposes of sec_168 of the internal_revenue_code taxpayer represents that the facts relating to its request are as follows taxpayer belongs to a consolidated_group of corporations under parent and uses the accrual_method of accounting taxpayer is under the examination jurisdiction of the district_office of the internal_revenue_service taxpayer is currently planning the construction and operation of the facility which is designed to process a waste the facility is a result of a contract awarded to taxpayer by the government agency the facility will be located in complex which is part of site and is approximately b miles west of city complex is wholly dedicated to the environmentally safe storage and disposal of a waste site's land is owned by the c and is under the government agency's stewardship all of the activities on site are controlled and regulated by d over an approximate e year operating period the facility will process a waste waste product suitable for transportation long-term storage at an off-site repository and ultimate disposal approximately f cubic meters of a waste located at complex will be processed specifically the facility will process g waste and h waste the waste consists of items such as clothing rags equipment tools and sludge that were contaminated with i during the manufacture of j components into a safe stable the initial step in production is the retrieval and characterization of the waste then the waste is processed taxpayer plans to use the following types of waste treatment plr-105294-99 types of waste treatment are housed in the facility significant areas of the waste treatment process are fully automated finally taxpayer will package the waste for shipment to the plant in state all of the equipment required for the various the construction of the facility structure and the installation of the major for example construction of the structure equipment have to be completed in parallel could be partially completed to enable provision for equipment installation large equipment pieces may be installed early in the construction schedule and the necessary portions of the structure would be erected around it the a waste to be processed at the facility it contains specialized features to ensure that all k is contained within the facility during the processing of the wastes and that no release of material is made to the environment these features include in addition because of processing equipment to provide shielding from the effects of m and that essentially wrap around the that ensure the total containment of the a material employee activity will be either based within the facility itself or at office locations at some distance from the facility the employees based in the offices away from the facility will generally undertake the administrative functional and support duties for example accounting technical support secretarial etc within the facility only the main operations and required on-site safety and maintenance will be based there will be n alternative shift teams of about o employees each with no more than one shift team deployed at a given time coupled with approximately a p day-only staff because of the automated nature of the waste processing treatment process the extent of employee involvement often consists of monitoring activities most employee activity is principally limited to the central control room area and workstation areas the responsibilities of the operators and management in the central contro room area include the employees who will occupy the stations at the box lines and drum lines will other employees within the facility wilt perform repair and maintenance tasks incidental duties of cleaning monitoring equipment condition inspections and other manual operation tasks as a result of portions of the interior of the facility becoming taxpayer is required pursuant to its contract with the government agency to close g and r the facility at the completion of the operations period at that time taxpayer will contemporaneously retire the facility and equipment by entering into a two-stage closure in the first stage taxpayer will gq and the facility and equipment according to fsd plr-105294-99 procedures defined by the act the goal of the first stage is to contro and prevent escape of materials in order to protect human health and the environment the second stage involves the demolition of the facility and equipment as well as the disposal of the debris in a safe repository the goal of the second stage is to restore site to a greenfield space there is no feasible alternative use for the facility the facility is designed to process a specific type of waste form using specific types of technologies and processing stages continued use of the facility for waste treatment would involve treating other a waste compatible with the facility waste acceptance criteria studies show that insignificant amounts of waste that fit the acceptance criteria are located at site but not on complex further significant d regulatory complexities would severely hamper transportation of a waste from other locations and the cost associated with safely transporting large volumes of such waste would be enormous moreover under taxpayer's contract with the government agency taxpayer cannot use the facility for any purpose other than the treatment of the government agency's a waste in addition significant practical barriers exist to alternative uses the facility will be located on a parcel of land inside the complex which is partitioned into two site areas the s and the t the whole site is currently classified as a u site under the act2 the facility is physically located inside the t and hence inside the fence controlling the u site due to the likely k of t land attributable to v from the s as well as the longer w horizon of the s planned to be under long-term institutional contro and government agency regulation it is extremely unlikely that the fence would be rerouted when the facility is dismantled moreover the cost of adapting the facility for alternative uses would be prohibitively expensive the operating areas of the facility would have to be x sufficiently to the level necessary to allow free and unrestricted access and to undertake alternative operations therein further the land on which the facility is located would have to be x to enable unrestricted commercial construction activities taxpayer believes the costs to do either would be prohibitive unrelated but relatively less government agency sites have shown a history of non-reuse of facilities end of its useful_life for alternative uses for the site there is no intention to reclaim the a facility at the rulings requested taxpayer requests rulings that for purposes of sec_168 the facility exclusive of the equipment contained therein is not a building within the meaning of sec_1_48-1 of the income_tax regulations and is included in asset cla sec_49 waste reduction and resource recovery plants of revproc_87_56 1987_2_cb_674 and is classified as 7-year_property under sec_168 ofs aa plr-105294-99 issue law and analysis sec_167 provides that there is allowed as a depreciation deduction a reasonable allowance for the exhaustion wear_and_tear including a reasonable allowance for obsolescence of property_used_in_the_trade_or_business or of property_held_for_the_production_of_income sec_168 provides that for depreciable tangible_property placed_in_service after the depreciation deduction provided by sec_167 generally is determined by using the applicable_depreciation_method recovery_period and convention the classification of property for purposes of sec_168 is determined under sec_168 sec_168 defines nonresidential_real_property as meaning sec_1250 property that is not residential_rental_property or property with a class_life of less than years sec_168 defines the term sec_1250 property as having the meaning given such term by sec_1250 pursuant to sec_1250 sec_1250 property is any real_property other than sec_1245 property as defined in sec_1245 that is or has been property of a character subject_to the allowance for depreciation provided in sec_167 sec_1245 and sec_1_1245-3 provide that sec_1245 property does not include a building or its structural_components as defined in sec_1_48-1 sec_1_48-1 provides that the term building generally means any structure or edifice enclosing a space within its walls and usually covered by a roof the purpose of which is for example to provide shelter or housing or to provide working office parking display or sales space such term does not include i a structure which is essentially an item of machinery or equipment or ii a structure which houses property used as an integral part of an activity specified in former sec_48 if the use of the structure is so closely related to the use of such property that the structure clearly can be expected to be replaced when the property it initially houses is replaced factors which indicate that a structure is closely related to the use of the property it houses include the fact that the structure is specifically designed to provide for the stress and other demands of such property and the fact that the structure could not be economically used for other purposes in this regard note also section dollar_figure of revproc_87_56 for similar language regarding asset class land improvements which is discussed below the activities specified in former sec_48 include among other things manufacturing production and extraction sec_1_48-1 provides that the terms manufacturing production and extraction include the construction reconstruction or making of property out of scrap salvage or junk material as well as from new or raw material by processing manipulating refining or changing the form of an article or by combining or assembling two or more articles of sec_2 plr-105294-99 it meets one of the two exceptions provided in sec_1_48-1 the first the facility is a structure enclosing a space within its walls covered by a roof and provides shelter and work space however even though a structure meets the appearance and function tests in sec_1_48-1 the structure may not be classified as a building if exception to the definition of a building is that it is a structure which is essentially an item of machinery or equipment taxpayer asserts that the facility is essentially an item of equipment because the function of the facility is so closely related to the function of the equipment that the two are unitary taxpayer relies on 62_tc_446 for its reasoning weirick involved the issue of whether the cable-support and hoiddown towers located between the terminal towers of a chair-type ski lift constituted tangible_personal_property under sec_1_48-1 the court found that the line towers were virtually inseparable from the sheave assemblies so that they acted as a unitary mechanism they were so closely related in design construction and function that they cannot be treated realistically as two separate groups of assets the court in illinois cereal mills inc v commissioner t c memo t c m cch in dealing with structures housing certain industrial processes stated that for a structure to be excluded from the definition of a building due to the first exception listed in sec_1_48-1 the structure itself must be a part of that industrial process in this way the structures themselves would function as machinery or equipment ‘in the present case the perimeter wall of the facility serves to provide shelter for the equipment and employees therein the perimeter wall does not itself aid in the processing of a waste and does not act as a unitary mechanism with the equipment it houses thus the facility is not essentially an item of machinery or equipment the second exception to the definition of a building is that it is a structure which houses property used as an integral part of an activity specified in former sec_48 including production if the use of the structure is so closely related to the use of such property that the structure clearly can be expected to be replaced when the property it initially houses is replaced factors which indicate that a structure is closely related to the use of the property it houses include the fact that the structure is specifically designed to provide for the stress and other demands of such property and the fact that the structure could not be economically used for other purposes in the present case taxpayer represents that the facility will process a waste waste product suitable for transportation long-term storage at an off-site repository and ultimate disposal taxpayer further represents that the equipment used in this processing activity is housed in the facility into a safe stable oo sec_3 plr-105294-99 aiso the characteristics of the waste to be processed at the facility prevent it from being used for other reasonable purposes taxpayer represents that because portions of the facility will become taxpayer is required pursuant to its contract with the government agency to close g and r the facility upon completion of the operations period at that time taxpayer will contemporaneously retire the facility and equipment by entering into a two-stage closure in the first stage taxpayer will q and r the facility and equipment according to procedures defined by the act1 the second stage involves the demolition of the facility and equipment as well as the disposal of the debris in a safe repository in addition taxpayer represents that the facility is designed to process a specific type of waste form using specific types of technologies and processing stages continued use of the facility for waste treatment would involve treating other a waste compatible with the facility waste acceptance criteria studies show that insignificant amounts of waste that fit the acceptance criteria are located at site but not on complex further significant d regulatory complexities would severely hamper transportation of a waste from other locations and the cost associated with safely transporting large volumes of such waste would be enormous moreover under taxpayer's contract with the government agency taxpayer cannot use the facility for any purpose other than the treatment of the government agency’s a waste even if the contract with the government agency permitted taxpayer to use the facility for other purposes taxpayer represents that the cost of adapting the facility for alternative uses would be prohibitively expensive the operating areas of the facility would have to be x sufficiently to the level necessary to allow free and unrestricted access and to undertake alternative operations therein further the land on which the facility is located would have to be x to enable unrestricted commercial construction activities moreover taxpayer represents that significant practical barriers exist to alternative uses because the facility is physically located inside the t it is inside the fence controlling the u site due to the likely k of t land attributable to v from the s as well as the longer w horizon of the s it is extremely unlikely that the fence would be rerouted when the facility is dismantled because the facility houses equipment that is used as an integral part of production and the facility itself is so closely related to the use of this equipment that the facility clearly can be expected to be replaced when the equipment is replaced the facility falls within the second exception to the definition of a building under sec_1_48-1 e therefore the facility is not a building within the meaning of sec_1_48-1 plr-105294-99 issue law and analysis for purposes of sec_168 sec_168 provides that 7-year_property is property with a class_life of or more years but less than years sec_168 defines the term class_life as meaning the class_life if any that would be applicable with respect to any property as of date under former sec_167 as if that section was in effect on the day before the date of enactment of the revenue reconciliation act of and as if the taxpayer had made an election under former sec_167 former sec_167 provided an election to compute the depreciation allowance by use of class lives established by the secretary the manner of determining a class_life is set out in sec_1_167_a_-11 and sec_1_167_a_-11 those sections provide that property is included in the asset class established and periodically published in revenue procedures rev_proc which is in effect for sec_168 is discussed below property is included in the asset class for the activity in which the property is primarily used the asset classes and class lives for property subject_to depreciation under sec_168 are set forth in revproc_87_56 this revenue_procedure divides assets into two broad categories asset classes dollar_figure through that consist of specific depreciable assets used in all business activities and asset classes through that consist of depreciable assets used in specific business activities asset cla sec_49 waste reduction and resource recovery plants of revproc_87_56 includes material recovery and support assets used in refuse solid refuse or solid_waste receiving collecting handling sorting shredding classifying and separation systems property included in asset cla sec_49 has a class_life of years and consequently is classified as 7-year_property under sec_168 section dollar_figure of revproc_87_56 states that asset_guideline_class land improvements includes other tangible_property that qualifies under sec_1_48-1 however a structure that is essentially an item of machinery or equipment or a structure that houses property used as an integral part of an activity specified in former sec_48 including production if the use of the structure is so closely related to the use of such property that the structure clearly can be expected to be replaced when the property it initially houses is replaced is included in the asset_guideline_class appropriate to the equipment to which it is related e for similar language regarding exceptions to the definition of building which was discussed earlier in this regard note also sec_1 oo st plr-105294-99 eo as discussed earlier the facility houses equipment that is used as an integral part of production and the use of the facility is so closely related to the use of this equipment that the facility clearly can be expected to be replaced when the equipment is replaced thus the facility is included in the asset class appropriate to the equipment to which it is related such asset class is asset cla sec_49 of revproc_87_56 accordingly the facility has a class_life of years and as a result is classified as 7-year_property under sec_168 conclusions based solely on the representations and relevant law and analysis as set forth above we conclude that for purposes of sec_168 the facility exclusive of the equipment contained therein is not a building within the meaning of sec_1_48-1 and the facility exclusive of the equipment contained therein is included in asset cla sec_49 of revproc_87_56 and as a result is classified as 7-year_property under sec_168 accordingly if the facility is depreciated in accordance with the general depreciation system of sec_168 the applicable_recovery_period is years under sec_168 except as specifically ruled upon above no opinion is expressed or implied regarding the application of any other provisions of the code or regulations this letter ruting is directed only to the taxpayer who requested it sec_6110 provides that this ruling may not be used or cited as precedent temporary or final regulations pertaining to one or more of the issues addressed in this ruling have not yet been adopted therefore this ruling may be revoked or modified by the adoption of temporary or final regulations to the extent the regulations are inconsistent with any conclusion in this ruling see section dollar_figure of revproc_99_1 1999_1_irb_6 however when criteria in section dollar_figure of revproc_99_1 are satisfied a ruling is not revoked or modified retroactively except in rare or unusual circumstances taxpayer must attach a copy of this letter_ruling to any federal tax_return to which it is relevant we enclose a copy for that purpose plr-105294-99 pursuant to the power_of_attorney on file with this office a copy of this letter_ruling is being sent to the authorized legal representatives sincerely yours rane kathleen reed senior technician reviewer branch office of the assistant chief_counsel passthroughs and special industries enclosures copy copy of ruling lst


department of the treasury internal_revenue_service washington d c e149 iow k tax_exempt_and_government_entities_division may uniform issue list se t ep rat taxpayer a ira b financial_institution c financial advisor d company e amount amount amount dear this letter is in response to a letter dated date as supplemented by correspondence dated date and delivered via facsimile on date and your correspondence dated date submitted on your behalf by your authorized representative in which you request a waiver of the 60-day rollover requirement contained in sec_408 of the internal_revenue_code code the following facts and representations have been submitted under penalties of perjury in support of your request taxpayer a represents that she received a distribution from ira b totaling amount taxpayer a asserts that her failure to accomplish a rollover within the 60-day period prescribed by sec_408 of the code was due to her reliance on the inaccurate information provided by financial advisor d a financial advisor with financial_institution c concerning the rollover period taxpayer a maintained ira b with financial_institution c on march _ taxpayer a requested a total_distribution of ira b with instructions to wire the proceeds to a non-ira investment with company e amount was transferred on that day and after a settlement of investment trades amount was transferred the next day taxpayer a states that she withdrew amount from ira b based on financial advisor d’s recommendation and that she was told she had more than days to complete a rollover taxpayer a attempted to redeposit the funds into the original ira but on june was told the 60-day rollover period had expired instead taxpayer a deposited the funds in a non-ira account with financial_institution c where they remain a statement from financial advisor d is included that admits his error of advising taxpayer a incorrectly about the period required for a valid rollover based upon the foregoing facts and representations you request that the service waive the 60-day rollover requirement with respect to the distribution of amount from ira b sec_408 of the code provides that except as otherwise provided in sec_408 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 sec_72 of the code sec_408 of the code defines and provides the rules applicable to ira_rollovers sec_408 of the code provides that sec_408 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 ii the entire amount received including money and any other_property i is paid into an ira for the benefit of such individual not later than the day after the day on which the individual receives the payment or distribution or the entire amount received including money and any other_property is paid into an eligible_retirement_plan o other than an jra for the benefit of such individual not later than the 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 sec_408 of the code sec_408 of the code provides that sec_408 does not apply to any amount described in sec_408 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 sec_408 from an ira which was not includible in gross_income because of the application of sec_408 sec_408 of the code provides a similar 60-day rollover period for partial rollovers sec_408 of the code provides that the rollover provisions of sec_408 do not apply to any amount required to be distributed under sec_408 sec_408 of the code provides that the secretary may waive the 60-day requirement under sec_408 3a and d d 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 date are eligible for the waiver under sec_408 of the code revproc_2003_16 2003_4_irb_359 date provides that in determining whether to grant a waiver of the 60-day rollover requirement pursuant to sec_408 the service will consider all relevant facts and circumstances including errors committed by a financial_institution inability to complete a rollover due to death disability hospitalization incarceration restrictions imposed by a foreign_country or postal error the use of amount distributed for example in the case of payment by check whether the check was cashed and the time elapsed since the distribution occurred the information presented and documentation submitted by taxpayer a is consistent with her assertion that her failure to accomplish a timely roliover of amount was caused by her reliance on the erroneous advice she received from financial advisor d concerning the 60-day rollover period therefore pursuant to sec_408 of the code the service hereby waives the 60-day rollover requirement with respect to the distribution of amount and amount from ira b taxpayer a is granted a period of days from the issuance of this letter_ruling to contribute no more than amount into a rollover ira provided all other requirements of code sec_408 except the 60-day requirement are met such contribution will be considered a valid rollover_contribution within the meaning of sec_408 of the code no opinion is expressed as to the tax treatment of the transactions described herein under the provisions of any other section of either the code or regulations which may be applicable thereto a copy of this letter is being sent to your authorized representative in accordance with a power_of_attorney form on file with this office 2vu133 this ruling is directed only to the taxpayer that requested it sec_6110 of the code provides that it may not be used or cited by others as precedent if you have any questions please contact phone at se t ep ra t1 or fax at l d by please address all correspondence to enclosures deleted copy of ruling letter notice of intention to disclose cc sincerely yours ca a wahoo cariton a watkins manager employee_plans technical group


cca-517900-13 id ------------- office uilc number release date from ------------------- sent friday date am to -------------- cc ------------------- subject re question about code sec_1033 now i see why you guys are confused the paragraph below from pub is inaccurate reason you sell has to be because of weather-related conditions sec_1033 says the reason you can't replace the converted property with similar or related-use property is because of weather-related conditions sec_1033 looks at why you sold the livestock sec_1033 looks at why you can't replace it with property similar or related in use also couldn't you not be able to replace converted livestock because of environmental contamination i don't think the pub mentions that it says that the