Ezel / IRS Rulings / 201017046

CCA 201017046: DOL opinions address fiduciary status of vendors and counsel

Number
201017046
Outcome
Advice
Document type
Chief Counsel Advice
IRS subject
Disqualified Person
Topics
Excise taxes
Code sections
§ 4975
Ruling dated
March 31, 2010
Publicly released
April 30, 2010
Source
View Official PDF

Apply this to your situation

This page covers legal advice the IRS Office of Chief Counsel wrote for IRS staff, issued in 2010, which can't be cited as precedent. Ask about your situation and see what the current Code and IRS guidance say, with citations.

Currency note: this determination was released in 2010
Statutory amendments, regulation changes, court decisions, or later IRS guidance may have changed the analysis since then. Treat this page as historical context, not current tax advice. Verify current law before relying on any specific rule, threshold, or position mentioned here.
Not precedent. Under 26 U.S.C. § 6110(k)(3), this written determination may not be used or cited as precedent. It is advice from the IRS Office of Chief Counsel to IRS personnel on the facts they presented, and identifying details were redacted by the IRS before release. The official IRS release (linked on this page as a PDF) is the authoritative source.
About this page: The plain-English summary and ruling snapshot below were written by Ezel based on the official IRS release. The full text is the IRS's own document.
View official IRS release (PDF)

Plain-English summary

Chief Counsel referred the recipient to Department of Labor Advisory Opinions 2005-23A and 2005-10A regarding what constitutes a fiduciary in connection with vendors, a law firm, and a promoter. The message specifically called attention to Question 3 of Advisory Opinion 2005-23A and also referenced the DOL interpretive bulletin on participant investment education. It recommended reviewing those materials before discussing the matter further.

Ruling snapshot

  • Question: Which materials address fiduciary status for vendors, counsel, and a promoter?
  • Outcome: advice given
  • Key authorities: IRC § 4975; DOL Advisory Opinions 2005-23A and 2005-10A; 29 C.F.R. § 2509.96-1

Full text (IRS public release)

ID: CCA_2010033115403850 Number: 201017046
Release Date: 4/30/2010
Office: -------------------------
UILC: 4975.05-02

From: --------------------
Sent: Wednesday, March 31, 2010 3:40:43 PM
To: -----------------
Cc:
Subject: RE: Memo in Robs

Attached is Department of Labor (DOL) Advisory Opinion 2005-23A (December 7, 2005) that I think answers your question concerning what constitutes a fiduciary concerning the vendors and the law firm.
In particular I call your attention to Question 3.

Also, see DOL Advisory Opinion 2005-10A (May11, 2005) that further elaborates and I think would apply to your promoter. Also, take a look at the following DOL website that cites 29 CFR 2509.96-1 (Interpretive Bulletin 96-1 (Interpretive Bulletin relating to participant investment education.): http://www.dol.gov/dol/allcfr/title_29/part_2509/29CFR2509.96-1.htm . (Just click the underlined cite and it will take you to the Interpretive Bulletin on the DOL website.)

If after look at the above, you want to discuss you can call me.

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