PLR 9935064: IRS declines advance ruling on proposed section 355 transaction

Number

9935064

Outcome

Other outcome

Document type

Private Letter Ruling

IRS subject

Spin-Off

Topics

Corporate transactions and reorganizations

Code sections

§ 355

Ruling dated

May 12, 1999

Publicly released

September 3, 1999

Source

View Official PDF

Apply this to your situation

This page covers one taxpayer's ruling, issued in 1999, which can't be cited as precedent. Ask about your situation and see what the current Code and IRS guidance say, with citations.

Not precedent. Under 26 U.S.C. § 6110(k)(3), this written determination may not be used or cited as precedent. It resolved one taxpayer's situation on its specific facts, 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.

Transcribed from a scanned original: the IRS released this determination as an image-only PDF. The full text below is a machine transcription, proofread against the scan. Check the original PDF before quoting exact language.

View official IRS release (PDF)

Plain-English summary

A taxpayer sought an advance ruling on a proposed transaction under section 355. The IRS decided that an advance ruling should not be issued in the interest of sound tax administration and closed the case. It said no further action would be taken if the taxpayer submitted a written statement within 30 days that the transaction had been abandoned. The letter gives no facts about the transaction or ruling on its tax treatment.

Ruling snapshot

Question: Would the IRS issue an advance ruling on the proposed section 355 transaction?
Outcome: The IRS declined to issue a ruling and closed the case.
Key authorities: IRC § 355; Rev. Proc. 99-1, § 8.07(2)(b)

Full text (IRS public release)

199935064

Internal Revenue Service Department of the Treasury

Index Number: 0355.01-00 Washington, DC 20224

Person to Contact:
Telephone Number:

Refer Reply To:

CC:DOM:CORP:5-PLR-120105-98
Date:

May 12, 1999

Dear

This is in reference to a letter dated October 22, 1998, requesting rulings pursuant to § 355 of the Internal Revenue Code with respect to a proposed transaction.

Although it is the policy of the Internal Revenue Service to answer inquiries of individuals and organizations concerning the federal income tax consequences of their transactions prior to the date such transactions must be included in timely filed tax returns or other reports required by the revenue laws, the Service may decline to rule on a proposed transaction in the interest of sound administration of the tax laws.

The instant transaction has been carefully considered by this office and the conclusion has been reached that an advance ruling should not be issued with respect to this transaction. Accordingly, the case is hereby closed. Provided the taxpayer submits within 30 days a written statement that the transaction described in the ruling request has been abandoned, no further action will be taken with respect thereto. See section 8.07(2)(b) of Rev. Proc. 99-1, 1999-1 I.R.B. 6, 34 (January 4, 1999).

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

Sincerely yours,

Assistant Chief Counsel (Corporate)

By
Debra Carlisle

337

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