Rev. Rul. 55-758

Advice has been requested whether the filing of information set forth under section 39.23(p)-2 of Regulations 118 is required each year of trustees of employees' trusts, which meet the requirements for qualification under section 165(a) of the Internal Revenue Code of 1939 and are established by tax-exempt organizations.

Organizations of the type which are exempt from Federal taxation under section 101 of the Code have established employees' pension trusts which meet the requirements for qualification under section 165(a) of the Code. The trustees of the pension trusts have filed the complete information required by section 39.23(p)-2 of Regulations 118 or similar provisions of earlier regulations.

P.S. No. 17, dated August 24, 1944, states that the information required to be furnished under section 29.23(p)-2 of Regulations 111 is to be submitted by a corporation which seeks to qualify its employees' plan under section 165(a) of the Code, even though it has no need for a deduction based on contributions to its employees' trust.

Section 39.165-1(c) of Regulations 118 specifies the information to be filed annually by trusts that meet the requirements of section 165(a) of the Code, which is that set forth in section 39.23(p)-2 of the Regulations, or in the alternative, if the employers have filed such information for a particular year, that information which is set out in section 39.165-1(c) of the Regulations. However, under paragraph (e) of section 39.23(p)-2 of the Regulations, the Commissioner is given the authority to waive the filing of any information which, in his opinion, is unnecessary in a particular case.

It is held that since organizations which are tax-exempt under section 101 of the Code have no occasion to claim deductions under section 23(p) of the Code, unless request is made by the Commissioner for additional information, the trustees of employees' trusts which are qualified under section 165(a) of the Code and are established by such tax-exempt organizations need file, for years subsequent to that for which the complete information required under section 39.23(p)-2 of the regulations has been filed, only the latest financial statement showing the assets, liabilities, receipts and disbursements of the trusts as specified in section 39.23(p)-2(a)(6) and the information required by section 39.23(p)-2(b) relating to any change in the plans or their operation upon which the data specified in section 39.23(p)-2(a)(1), (2) or (7) are based. P.S. No. 17, dated August 24, 1944, is hereby modified.

For taxable years to which the Internal Revenue Code of 1954 is applicable such information must be filed on Form 990-P, U.S. Return of Employees' Trust Described in Section 401(a) and Exempt Under Section 501(a) of the Internal Revenue Code of 1954, except to the extent that some of the information called for on that form may not be required under the regulations to be promulgated under section 6033 of the 1954 Code.