Announcement 2009-91

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Announcement 2009-91 Powered By Docstoc
					of its written plan satisfies the require-      Deletions From Cumulative                      Treatment of Services Under
ments of § 403(b) and the regulations, pro-     List of Organizations                          Section 482; Allocation of
vided that, during the remedial amendment       Contributions to Which                         Income and Deductions
period, the pre-approved plan is adopted
retroactive to January 1, 2010 or the plan is   are Deductible Under Section                   From Intangible Property;
amended to correct any defects in the form      170 of the Code                                Apportionment of Stewardship
of the plan retroactive to January 1, 2010.                                                    Expense; Correction
    An employer that first establishes a        Announcement 2009–90
§ 403(b) plan after December 31, 2009, by                                                      Announcement 2009–91
                                                    The Internal Revenue Service has re-
adopting a written plan intended to satisfy
                                                voked its determination that the organi-       AGENCY: Internal Revenue Service
the requirements of § 403(b) and the reg-
                                                zations listed below qualify as organiza-      (IRS), Treasury.
ulations will also have reliance beginning
                                                tions described in sections 501(c)(3) and
on the effective date of the plan, provided
                                                170(c)(2) of the Internal Revenue Code of      ACTION: Correcting amendments.
the employer either adopts a pre-approved
                                                1986.
plan with a favorable opinion letter or ap-                                                    SUMMARY: This document contains cor-
                                                    Generally, the Service will not disallow
plies for an individual determination letter                                                   rections to final regulations (T.D. 9456,
                                                deductions for contributions made to a
and corrects any defects in the form of                                                        2009–33 I.R.B. 188) that were published in
                                                listed organization on or before the date
the plan retroactive to the plan’s effective                                                   the Federal Register on Tuesday, August
                                                of announcement in the Internal Revenue
date.                                                                                          4, 2009 (74 FR 38830) providing guidance
                                                Bulletin that an organization no longer
    The upcoming revenue procedures will                                                       regarding the treatment of controlled ser-
                                                qualifies. However, the Service is not
include this remedial amendment provi-                                                         vices transactions under section 482 and
                                                precluded from disallowing a deduction
sion and will address the time-frames for                                                      the allocation of income from intangible
                                                for any contributions made after an or-
adopting a pre-approved plan or applying                                                       property, in particular with respect to con-
                                                ganization ceases to qualify under section
for a determination letter and other details                                                   tributions by a controlled party to the value
                                                170(c)(2) if the organization has not timely
regarding the remedial amendment period.                                                       of intangible property owned by another
                                                filed a suit for declaratory judgment under
    Rev. Proc. 2007–71, 2007–2 C.B.                                                            controlled party. These final regulations
                                                section 7428 and if the contributor (1) had
1184, provided model plan language for                                                         modify regulations under section 861 con-
                                                knowledge of the revocation of the ruling
use by public schools and other employ-                                                        cerning stewardship expenses to be consis-
                                                or determination letter, (2) was aware that
ers in complying with the requirements of                                                      tent with the changes made to the guidance
                                                such revocation was imminent, or (3) was
§ 403(b) and the regulations. Employers                                                        under section 482.
                                      
				
DOCUMENT INFO
Description: Announcement 2009-91 contains corrections to T.D. 9456 providing guidance regarding the treatment of controlled services transactions under Section 482 and the allocation of income from intangible property, in particular with respect to contributions by a controlled party to the value of intangible property owned by another controlled party. These final regulations modify regulations under Section 861 concerning stewardship expenses to be consistent with the changes made to the guidance under Section 482.
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