IRS TO STOP RULING ON COMMON TRUST FUND QUALIFICATION.

Rev. Proc. 92-50

SECTION 1. BACKGROUND

Rev. Proc. 92-51, this page, this Bulletin, provides guidance to banks that want to draft common trust fund plans that will meet the requirements of section 584 of the Internal Revenue Code.

Rev. Proc. 92-3, 1992-1 I.R.B. 55, sets forth areas of the Internal Revenue Code under the jurisdiction of the Associate Chief Counsel (Domestic) in which the Internal Revenue Service will not issue advance rulings or determination letters. Section 4 of Rev. Proc. 92-3 lists areas in which rulings or determination letters will not ordinarily be issued.

SEC. 2. PROCEDURE

Rev. Proc. 92-3 is amplified by adding to section 4 the following:

Section 584. -- Common Trust Funds. -- Whether a common trust fund plan meets the requirements of section 584 of the Internal Revenue Code. See Rev. Proc. 92-51, this page, this Bulletin, for guidelines for drafting common trust fund plans that meet the requirements of section 584.

SEC. 3. EFFECTIVE DATE

This revenue procedure will apply to all ruling requests received in the National Office after June 29, 1992, the date of publication of this revenue procedure.

SEC. 4. EFFECT ON OTHER REVENUE PROCEDURES

Rev. Proc. 92-3 is amplified.

DRAFTING INFORMATION

The principal author of this revenue procedure is James A. Quinn of the Office of Assistant Chief Counsel (Passthroughs and Special Industries.) For further information regarding this revenue procedure contact James A. Quinn on (202) 566-3158 (not a toll-free call).