Ezel / IRS Rulings / 9941054

CCA 9941054: Counsel suspends earlier film participation advice pending review

Number
9941054
Outcome
Advice
Document type
Chief Counsel Advice
IRS subject
Non-Exempt Funds or Plans
Topics
Retirement plans, IRAs, and annuities
Code sections
§ 404
Ruling dated
October 5, 1999
Publicly released
October 15, 1999
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 1999, 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 1999
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 told IRS staff to refrain from acting on an earlier advice memorandum about film participations and section 404. Counsel said those issues needed further consideration and that it was reviewing the earlier memorandum. It expected to issue another advice memorandum after the review. This letter gives no substantive conclusion about the tax treatment of film participations.

Ruling snapshot

  • Question: Should staff act on the earlier section 404 film participation advice while it is under review?
  • Outcome: Advice given: Counsel directed staff to wait for further advice.
  • Key authorities: IRC § 404; prior CCA 199936044.

Full text (IRS public release)

DEPARTMENT OF THE TREASURY
I N T E R N AL R E V E N U E S E R V I C E WASHINGTON, D.C. 20224
October 5, 1999

Number: 199941054
Release Date: 10/15/99
CC:EBEO:4
WTA-N-115872-99

UILC: 404.04-00

INTERNAL REVENUE SERVICE NATIONAL OFFICE CHIEF COUNSEL ADVICE

MEMORANDUM FOR

FROM: Assistant Chief Counsel (Employee Benefits and Exempt
Organizations) CC:EBEO

SUBJECT: Film Participations and Section 404

On July 16, 1999, we issued Chief Counsel Advice (CCA)(199936044) to you on the above-referenced subject. This is to inform you that we have decided that the issues addressed in that CCA require further consideration and that we are undertaking to review the CCA. Accordingly, you should not take any action based upon the July 16, 1999, CCA until our review is complete. Upon completion of that review, we anticipate that we will issue another CCA to you on this subject. We hope to complete this process within the next 90 days.

We will be contacting you shortly in order to facilitate your involvement in the review process. Meanwhile, if you have any questions, please call (202) 622-6060.

MARY E. OPPENHEIMER
Assistant Chief Counsel

By: Mark Schwimmer
MARK SCHWIMMER
Chief, Branch 4
Office of the Associate Chief Counsel
(Employee Benefits and Exempt
Organizations)

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