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Private Letter Ruling No. 93-09023 (PLR 9309023)

Internal Revenue Service (I.R.S.)

Private Letter Ruling (PLR)

Issue: March 5, 1993

December 3, 1992

Section 671 — Trust Income, Deductions, and  Credits Attributable to Grantors and Others As Substantial Owners

Section 1014 — Basis of Property Acquired From a Decedent

Section 2056 — Bequests, etc., to Surviving Spouse (Marital Deduction v. No Marital Deduction)

Section 2056A — Qualified Domestic Trusts (Deductible v. Not Deductible)

Section 2523 — Gift to Spouse (Marital Deduction Allowed v. Not Allowed)

Legend:

Transferor =

Spouse =

Son =

Trust =

Revocable Trust =

 

Dear ***:

This is in response to your letter of January 27, 1992, in which you requested certain rulings on the federal income, estate, and gift tax consequences of the transaction described below.

On May 17, 1991, Transferor, who is not a United States citizen, established the Trust, an irrevocable inter vivos trust, to which she transferred a one-half interest in her solely-owned residence. Transferor's remaining share in the residence was transferred to a revocable inter vivos trust (Revocable Trust) on July 16, 1991.

During Spouse's life, the trustee of the Trust is to be Transferor. The Trust provides that, during the lifetime of Transferor's husband, Spouse, the trustee is to pay over the entire net income from the Trust to spouse in quarter-annual or more frequent installments. The trustee is also empowered to pay over to Spouse part or all of the principal of the Trust as the trustee deems necessary or desirable for any reason or cause that the trustee deems to be in the best interests of Spouse. Spouse shall have the noncumulative power to withdraw the amount of any transfer to the Trust within 30 days of any transfer. Spouse shall have the right to the use and occupancy of the residence until his death or until he notifies the trustee that he no longer desires to reside in the residence. The trustee has the right to purchase another residence in its absolute discretion. Spouse shall have the right to the use and occupancy of any new residence until his death or until he notifies the trustee that he no longer desires to reside in the new residence. Spouse has the power to require that the trustee convert the residence, or any new residence, into productive property within a reasonable time after notifying the trustee of his exercise of this power. Spouse also has the power to acquire any asset held by the Trust free of trust at any time by substituting other property of equal value.

Upon the death of Spouse, the trustee is to pay over the principal of the Trust, to Son, the issue of Son, or the spouse of Son, as Spouse may, by will, appoint. If Spouse fails to exercise this special power of appointment, upon Spouse's death, if Transferor is living, the principal of the Trust is to be held in further trust (the Trust) for the benefit of Transferor. From that time, Spouse's brother and Transferor's son will serve as co-trustees of the Trust.

Transferor proposes to elect to treat the transfer of the one-half interest in the residence to the Trust for the benefit of Spouse as qualified terminable interest property under section 2523(f) of the Code.

In the event that Transferor survives Spouse, and Spouse fails to exercise his special power of appointment, the trustees of the Trust are to pay the net income of the Trust to Transferor in quarter-annual or more frequent installments. In addition, the trustees may pay to Transferor such principal of the Trust as the trustees deem necessary or advisable. The Trust provides that at least one trustee of the Trust must be an individual citizen of the United States or a domestic corporation. The Trust also provides that no distribution (other than a distribution of income) may be made from the Trust unless a trustee who is an individual citizen of the United States or domestic corporation withholds from such distribution the tax imposed by section 2056A on such distribution. The trustees of the Trust are authorized to amend the provisions of the Trust in order to qualify it as a qualified domestic trust under section 2056A of the Code.

If the residence is held as an asset of the Trust, Transferor has the right to the use and occupancy of the residence until her death. Transferor has the right to direct the trustees to purchase a new residence if she does not desire to reside in the residence. Additionally, Transferor has the power to require the trustees to convert the residence or any new residence into productive property within a reasonable time after notifying them of her exercise of the power requiring them to do so. Upon the death of Transferor, the principal of the Trust is to be paid to Transferor's son, if he is living, or to his issue, in equal shares.

The Revocable Trust provides that during the lifetime of Transferor, the trustees shall pay over the entire net income from the Revocable Trust to Transferor or Spouse. The trustees are also empowered to pay over during Transferor's lifetime part or all of the principal to Transferor or Spouse. Upon the death of Transferor, if Spouse survives, the trustees shall divide the principal into two separate shares, Share A and Share B. Share A will consist of the exemption equivalent of the unified credit and will be held in a trust for the benefit of Spouse. Share B will consist of the remainder of the trust principal. Share B will also be held for the exclusive benefit of Spouse. The net income of Share B is to be paid to Spouse at least quarter annually. The trustees may, in their absolute discretion, also pay over or apply principal for Spouse's benefit. Upon the death of Spouse, the principal of the Share B trust will be paid over to certain named beneficiaries.

Issue 1

Section 671 of the Internal Revenue Code provides the general rule that, where the grantor or another person is treated as the owner of any portion of a trust, there shall be included in computing his or her taxable income and credits those items of income, deductions, and credits against tax of the trust that are attributable to that portion of the trust to the extent that such items would be taken into account in computing the taxable income or credits against the tax of an individual.

Section 673 through 677 of the Code specify the circumstances under which the grantor is regarded as the owner of a portion of a trust.

Section 677(a) of the Code provides, in part, that the grantor shall be treated as the owner of any portion of a trust, whether or not he is treated as such owner under section 674, whose income without the approval or consent of any adverse party is, or, in the discretion of the grantor or a nonadverse party, or both, may be distributed to the grantor of the grantor's spouse.

Section 678(a) of the Code treats a person other than the grantor as the owner of any portion of a trust with respect to which (1) the person has a power exercisable solely by himself or herself to vest corpus or income therefrom in himself or herself, or (2) the person has previously partially released or otherwise modified such a power and after the release or modification retains such control as would cause a grantor to be treated as the owner of such portion of the trust within the principles of sections 671 to 677, inclusive.

Section 678(b) of the Code provides that section 678(a) shall not apply with respect to a power over income, as originally granted or thereafter modified, if the grantor of the trust or a transferor (to whom section 679 applies) is otherwise treated as the owner under the provisions of subpart E other than this section.

The power granted to Spouse to withdraw amounts contributed to the Trust will result in Spouse being treated as the owner under section 678(a) of the Code of the portion of the Trust over which he has discretion to require the trustee to distribute said amounts, unless Transferor is treated as the owner under section 678(b).

Under the terms of the Trust, both income and corpus are payable to Spouse during his life. Accordingly, Transferor is treated as the owner of the Trust under section 677(a) of the Code. Because Transferor is treated as the owner of the Trust under section 677(a), Spouse is not the owner of the Trust under section 678(a). See section 678(b). Accordingly, there shall be included in computing the taxable income and credits of Transferor all items of income, deductions and credits against tax of the Trust.

If Transferor survives Spouse, and Spouse fails to exercise his special power of appointment, the trustees of the Trust are to pay the net income of the Trust to Transferor. The trustees may also pay to Transferor such principal of the Trust as the trustees deem necessary or advisable. Under these circumstances, Transferor will be treated as the owner of the Trust because Transferor is entitled to receive the distributions of principal and income of the Trust.

Issue 2 (withdrawn)

Issue 3 Basis

Section 1014(a) of the Code provides that, subject to certain exceptions, the basis of property in the hands of a person acquiring the property from a decedent or to whom the property passed from a decedent shall, if not sold, exchanged, or otherwise disposed of before the decedent's death by such person, be the fair market value of the property at the date of the decedent's death.

For purposes of section 1014(a), section 1014(b) provides, in relevant part, that the following property shall be considered to have been acquired from or to have passed from the decedent:

(10) Property includible in the gross estate of the decedent under section 2044 (relating to certain property for which a marital deduction was previously allowed).

In the present case, on May 17, 1991, Transferor established Trust and on the same day transferred to the Trust a one-half interest in the residence. Spouse has a qualified income interest for life in the Trust and Transferor intends to make an election under section 2523(f) of the Code to treat the transfer of the residence to the Trust as qualified terminable interest property. Assuming section 2519 does not apply, the Trust property subject to the election under section 2523(f) will be includible in Spouse's estate under section 2044 and will be treated under section 1014(b)(10) as property acquired from or having passed from the decedent. Accordingly, the basis of the Trust property includible in Spouse's estate under section 2044 will be the fair market value of the property at the date of Spouse's death.

Issues 5 and 6 (Since the taxpayer has withdrawn ruling request 12, we are unable to address ruling 14).

Section 121 of the Code provides a one-time exclusion from gross income of gain from the sale or exchange of property if the taxpayer has attained the age of 55 before the date of the sale or exchange and the taxpayer has owned and used the property as the taxpayer's principal residence for 3 of the last 5 years ending on the date of the sale or exchange. The maximum amount of gain that may be excluded under section 121 is limited to $125,000 per taxpayer or married couple.

Section 1034(a) of the Code provides that if property ("old residence") used by the taxpayer as his principal residence is sold by him and, within a period beginning 2 years before the date of such sale and ending 2 years after such date, property ("new residence") is purchased and used by the taxpayer as his principal residence, gain (if any) from such sale is recognized only to the extent that the taxpayer's adjusted sales price (as defined in subsection (b)) of the old residence exceeds the taxpayer's cost of purchasing the new residence.

Section 671 of the Code provides that if a grantor or other person is treated as the owner of any portion of a trust, then those items of income, deductions, and credits against tax of the trust that are attributable to that portion of the trust must be included in computing the taxable income and credits of the grantor or such other person.

Rev. Rul. 66-159, 1966-1 C.B. 162, states that where the grantor is treated as the owner of an entire trust under sections 676 and 671 of the Code, a sale by the trust will be treated as if made by the grantor. If all requirements are satisfied under section 1034, gain is not recognized where the trust sells property used by the grantor as his principal residence and purchases property at a price equal to or in excess of the selling price of the old property and the grantor uses it as her principal residence.

Rev. Rul. 85-45, 1985-1 C.B. 183, states that, if the grantor is treated as the owner of an entire trust, then section 121 of the Code may be utilized if all requirements of that section are met.

Rev. Rul. 84-43, 1984-1 C.B. 27, provides for an exclusion under  section 121 of the Code only where the taxpayer sells his or her entire interest in such principal residence.

In the instant case, it has been determined that, during her life, Transferor will be treated as the owner for federal income tax purposes of the ordinary income and corpus interests of both the Trust and the Revocable Trust.

Accordingly, we conclude that, while Transferor is alive, the gain on the sale by the Trust and the Revocable Trust of Transferor's entire interest in the Residence, if used by Transferor as her principal residence, will be eligible for exclusion under section 121(a) of the Code and nonrecognition under section 1034(a) to the same extent as if the interest had been owned by Transferor outright, regardless of whether the interest in the new principal residence is purchased by Transferor, the Trust, the Revocable Trust (or, if the spouses properly elect to have section 1034(g) apply and both the old residence and the new residence are used by Spouse and Transferor as their principal residence, the husband), or by both of them jointly.

Issue 10 Gift Tax

Section 2501 of the Code imposes a tax for each calendar year on the transfer of property by gift during such calendar year by any individual, resident or nonresident. Section 2511 provides that, subject to certain limitations, the gift tax applies whether the transfer is in trust or otherwise, direct or indirect, and whether the property transferred is real or personal, tangible or intangible.

Section 2523(a) of the Code provides that, where a donor transfers during the calendar year by gift an interest in property to a donee who at the time of the gift is the donor's spouse, except as limited by section 2523(b), there shall be allowed as a deduction in computing taxable gifts for the calendar year an amount with respect to such interest equal to its value.

Section 2523(b) of the Code provides the general rule that no deduction shall be allowed for an interest transferred to the spouse if, on the lapse of time, on the occurrence of an event or contingency, or on the failure of an event or contingency to occur, the interest will terminate or fail if the donor retains or transfers to any person other than the donee spouse an interest in the transferred property.

Section 2523(f) of the Code provides that, in the case of qualified terminable interest property, for purposes of section 2523(b), no part of the property will be considered as retained by the donor or transferred to any person other than the donee spouse. For purposes of this section qualified terminable interest property is property which is transferred by the donor spouse, in which the donee spouse has a qualifying income interest for life, and to which an election under this section applies. The donee spouse has a qualifying income interest for life if: (1) the donee spouse is entitled to all the income from the property, payable annually or at more frequent intervals, and (2) no person has a power to appoint any part of the property to any person other than the surviving spouse.

In general, the principles in section 25.2523(e)-1(f) of the Gift Tax Regulations, relating to whether the spouse is entitled for life to all the income from the entire interest or a specific portion of the interest, are applicable in determining whether the donee spouse is entitled for life to all of the income from the property, regardless of whether the interest passing to the donee spouse is in trust. Section 25.2523(e)-1(f)(4) provides, in part, that the power of the trustee to retain a residence for the spouse or other property for the personal use of the spouse will not disqualify the interest transferred in trust.

In this case, the trustee of the Trust is required to pay the income of the Trust to Spouse quarter-annually or more frequently. Spouse is entitled to use and occupancy of the residence. Spouse has the power to require the trustees to convert the residence or any new residence into productive property. Thus, Spouse has the right to receive all the income from the Trust for life. In addition, no person has a power to appoint, during Spouse's lifetime, any part of the property to any person other than Spouse. Therefore, Spouse has a qualifying income interest for life in the Trust, and an election under section 2523(f) of the Code may be made with respect to the property transferred by Transferor to the Trust.

Issue 7 Spouse's Estate Tax

Section 2056(a) of the Code provides that, for purposes of the tax imposed by section 2001, the value of the taxable estate is to be determined, except as limited by section 2056(b), by deducting from the value of the gross estate an amount equal to the value of any interest in property that passes or has passed from the decedent to his surviving spouse but only to the extent that such property is included in determining the value of the gross estate.

Section 2056(b)(1) of the Code provides the general rule that no deduction shall be allowed for an interest passing to the surviving spouse if, on the lapse of time, on the occurrence of an event or contingency, or on the failure of an event or contingency to occur, the interest will terminate or fail.

Section 2056(b)(7)(A) of the Code provides that, in the case of qualified terminable interest property, the property shall be treated as passing to the surviving spouse for purposes of 2056(a) and no part of the property shall be treated as passing to any person other than the surviving spouse.

Section 2056(b)(7)(B)(i) of the Code defines "qualified terminable interest property" as property: (1) which passed from the decedent, (2) in which the surviving spouse has a qualifying income interest for life, and (3) to which an election under section 2056(b)(7)(B)(v) applies.

Section 2056(b)(7)(B)(ii) of the Code provides that the surviving spouse will be considered to have a qualifying income interest for life if the surviving spouse is entitled to all of the income from the property payable annually or at more frequent intervals, and no other person has a power to appoint any part of the property to any person other than the surviving spouse.

Section 2056(b)(7)(B)(v) of the Code provides that an election under  section 2056(b)(7) with respect to any property shall be made by the executor on the return of tax imposed by section 2001. Such an election, once made, shall be irrevocable.

In general, the principles of section 20.2056(b)-5(f) of the Estate Tax Regulations, relating to whether the spouse is entitled for life to all of the income from the entire interest or a specific portion of the interest, are applicable in determining whether the surviving spouse is entitled for life to all the income from the property, regardless of whether the interest passing to the donee spouse is in trust. Section 20.2056(b)-5(f)(4) provides, in part, that the power of the trustee to retain a residence for the spouse or other property for the personal use of the spouse will not disqualify the interest passing in trust.

In the present case, assuming that Transferor survives Spouse and Spouse does not exercise his special power of appointment with respect to the Trust, upon the death of Spouse, Transferor will be entitled to all the income from the Trust, payable at least quarter-annually. Transferor will be entitled to the use and occupancy of the residence until her death. Transferor may direct the trustees to purchase another residence, and she may require the trustees to convert the residence, or any new residence into productive property within a reasonable time. Thus, Transferor has the right to receive all income from the Trust for life. In addition, no person has a power to appoint, during Transferor's lifetime, any part of the property to any person other than Transferor. Therefore, Transferor will have a qualifying income interest for life, and an election under section 2056(b)(7) of the Code is allowable with respect to the property that would, for purposes of section 2044, be treated as passing upon Spouse's death to or for the benefit of Transferor.

Issue 8 Qualified Domestic Trust

Section 2056(d) of the Code provides that, in the case of decedents dying after November 10, 1988, where the surviving spouse is not a United States citizen, the federal estate tax marital deduction is allowed if property passes to or is timely transferred to a qualified domestic trust.

Under section 2056A(a), a qualified domestic trust is defined as any trust if:

(1) the trust instrument-

(A) requires that at least one trustee of the trust be an individual citizen of the United States or domestic corporation, and

(B) no distribution (other than a distribution of income) may be made from the trust unless a trustee who is an individual citizen of the United States or a domestic corporation has the right to withhold from the distribution the tax imposed on the distribution;

(2) the trust meets such requirements as the Secretary may by regulations prescribe to ensure the collection of any tax imposed by section 2056A(b); and

(3) an election by the executor of the decedent applies to the trust.

In the present case the Trust provides that, if the Trust property is to be held, after Spouse's death, in further trust for the benefit of Transferor, that at least one trustee of the Trust must be an individual citizen of the United States or a United States domestic corporation. No distribution (other than a distribution of income) may be made from the Trust unless a trustee who is an individual citizen of the United States or a domestic corporation withholds form such distribution the tax imposed by section 2056A on such distribution. The trustees are authorized to amend the provisions of the Trust in order to qualify it as a qualified domestic trust, as defined in section 2056A, and as the Secretary of the United States Treasury may by regulations prescribe. Additionally, the Trust meets the requirements of section 2056(b)(7) in order to be treated as qualified terminable interest property. Accordingly, assuming that the election under section 2056A(3) is made, Spouse's executor may treat all of the property in the Trust as a qualified domestic trust.

Issues 9 and 22 Transferor's Estate Tax

Section 2523(f)(5)(A) provides that, in the case of any qualified terminable interest property, such property shall not be includible in the gross estate of the donor spouse, and any subsequent transfer by the donor spouse of an interest in such property shall not be treated as a transfer for gift tax purposes.

Section 2523(f)(5)(B) provides that section 2523(f)(5)(A) shall not apply with respect to any property after the donee spouse is treated as having transferred such property under section 2519, or such property is includible in the donee spouse's estate under section 2044.

Section 2044(a) of the Code provides that the value of the gross estate shall include the value of any property to which section 2044 applies in which the decedent had a qualifying income interest for life.

Section 2044(b) provides that section 2044 applies to any property if a deduction was allowed with respect to the transfer of such property to the decedent under section 2056(b)(7) or section 2523(f) and section 2519 did not apply with respect to a disposition by the decedent of part or all of such property.

Section 2044(c) provides that, for purposes of the estate tax chapter and the generation-skipping transfer tax chapter, property includible in the gross estate of the decedent under section 2044(a) shall be treated for purposes of the estate tax chapter of the Code as property passing from the decedent.

In the present case, Transferor proposes to make a qualified terminable interest property election under section 2523(f) with respect to the property transferred to the Trust for the benefit of Spouse. Assuming that section 2519 does not apply, the Trust property will be includible in Spouse's estate under section 2044(a) upon Spouse's death. In the event that Spouse fails to exercise his special testamentary power of appointment over the Trust property, the property passing to the Trust for the benefit of Transferor will be treated under section 2044(c) as passing from Spouse to Transferor. To the extent that Spouse's executor makes a qualified terminable interest property election under section 2056(b)(7) the property in the Trust will be includible in Transferor's estate upon her death, under section 2044. If Spouse's executor does not make an election under section 2056(b)(7) with respect to all of the Trust, Transferor will still be entitled to the income from the Trust. Because this property is treated under section 2044(c) as passing from Spouse to Transferor, however, Transferor cannot be treated as transferor of this property for purposes of section 2036(a). Therefore, if a qualified terminable interest property election is not made with respect to the property in the Trust at the death of Spouse, the property will not be includible in Transferor's estate under either section 2044 or section 2036.

In regard to issue 12, Transferor has transferred property to Trust for which she intends to make a qualified terminable interest property election under section 2523(f) of the Code. Transferor as trustee of the Trust has the power to pay to Spouse at any time and from time to time during Spouse's lifetime, part or all of the principal of the Trust in the trustee's absolute discretion as the trustee deems necessary and advisable for any reason or cause whatever. Under section 2523(f)(5)(A) any subsequent transfer by the donor spouse of an interest in the qualified terminable interest property is not treated as a transfer for gift tax purposes. Accordingly, since Transferor is the donor with respect to the qualified terminable interest property in the Trust, although Transferor has the discretionary power as trustee to distribute principal from the Trust to Spouse, the exercise of this power will not be considered a transfer for gift tax purposes pursuant to section 2523(f)(5)(A).

Issue 11  Spouse's Gift Tax and Estate Tax

Section 2514(b) of the Code provides that the exercise or release of a general power of appointment created after October 21, 1942, shall be deemed a transfer that is treated as a gift for federal gift tax purposes.

Section 2514(c) of the Code defines a general power of appointment as a power which is exercisable in favor of the individual possessing the power, his estate, his creditors or the creditors of his estate.

Section 2514(e) of the Code provides that the lapse of a power of appointment created after October 21, 1942, during the life of the individual possessing the power shall be considered a release of the power. The rule of the preceding sentence shall apply with respect to the lapse of powers during any calendar year only to the extent the property which could have been appointed by exercise of such lapsed powers exceeds in value the greater of the following amounts: (1) $5,000 or  (2) 5 percent of the aggregate value of the assets out of which,  or the proceeds of which, the exercise of the lapsed powers could have.been satisfied.

Section 25.2514-3(c)(1) of the regulations provides that the general principles set forth in section 25.2511-2 for determining whether a donor of property (or of a property right or interest) has divested himself of all or any portion of his interest therein to the extent necessary to effect a completed gift are applicable in determining whether a partial release of a power of appointment constitutes a taxable gift. Thus, if a general power of appointment is partially released so that thereafter the donor may still appoint among a limited class of persons not including himself the partial release does not effect a completed gift since the possessor of the power has retained the right to designate the ultimate beneficiaries of the property over which he holds the power and since it is only the termination of such control which completes a gift.

In the present case, under the terms of the Trust, Spouse has been given a temporary power to withdraw any amount contributed to the Trust within thirty days of such contribution. To the extent such withdrawal right has not been exercised by the end of the thirty day period, the right of withdrawal will lapse. At any time during the term of the Trust if a lapse of Spouse's power of withdrawal occurs, Spouse still possesses the right to the income from the Trust and a testamentary power to appoint the Trust property among Son, Son's issue or Son's spouse. Consequently, although the lapse of the general power of appointment thirty days after any transfer to the Trust is a release for purposes of section 2514, Spouse, through his income interest and testamentary power of appointment, has sufficient interest in and power over the Trust that the lapse of the general power of appointment is not a completed gift for purposes of section 2511. Accordingly, the lapse of Spouse's general power of appointment over any property transferred to the Trust will not be deemed a gift for purposes of section 2514.

Section 2041(a) of the Code provides that the value of a decedent's gross estate includes the value of all property to the extent of any property with respect to which the decedent has at the time of death a general power of appointment created after October 21, 1942, or with respect to which the decedent has at any time exercised or released such a power of appointment by a disposition which is of such nature that if it were a transfer of property owned by the decedent, such property would be includible in the decedent's gross estate under section 2035 to 2038, inclusive.

Section 2041(b)(1) provides that the term "general power of appointment" means, with certain exceptions, a power that is exercisable in favor of the decedent, his estate, his creditors, or the creditors of his estate.

Section 2041(b)(2) provides that the lapse of a power of appointment created after October 21, 1942, during the life of the individual possessing the power shall be considered a release of such power.

Accordingly, we conclude that to the extent Spouse's withdrawal right has not been exercised by the end of the thirty day period following any contribution to the Trust, there will be a lapse of a general power of appointment that is deemed to be a release of such a power under section 2041. The combination of the release with the retention by Spouse of a life income interest and a special testamentary power to appoint the Trust property will result, upon Spouse's death, in an inclusion of the Trust property in Spouse's gross estate under section 2041.

Except as we have specifically ruled herein, we express no opinion as to the consequences of this transaction under the cited provisions or under any other provisions of the Code.

This ruling is directed only to the taxpayer who requested it. Section 6110(j)(3) of the Code provides that it 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 will be modified or revoked by adoption of temporary or final regulations to the extent the regulations are inconsistent with any conclusion in the ruling. See section 11.04 of Rev. Proc. 92-1, 1992-1 I.R.B. 9, 30 (or its successor). However, when the criteria in section 11.05 of Rev. Proc. 92-1 are satisfied, a ruling is not revoked or modified retroactively except in rare or unusual circumstances.

In accordance with the power of attorney and declaration of representative currently on file with this office, a copy of this letter is being sent to the taxpayer.

 

Sincerely,

Assistant Chief Counsel

(Passthroughs and Special Industries)

 

Richard Grosgebauer

Chief, Branch 4

This document may not be used or cited as precedent.

END OF DOCUMENT

 

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