Rev. Proc. 83-60

SECTION 1. BACKGROUND

Rev. Proc. 83-22, 1983-1 C.B. 680, sets forth areas in which advance rulings or determination letters will not be issued by the Internal Revenue Service. Section 5 of Rev. Proc. 83-22 is entitled, Areas Under Extensive Study in Which Rulings or Determination Letters Will Not Be Issued Until the Service Resolves the Issue Through Publication of a Revenue Ruling, Revenue Procedure, Regulations or Otherwise.

SEC. 2. PROCEDURE

Section 255(a), 1982-2, C.B. 462, 526, of the Tax Equity and Fiscal Responsibility Act of 1982, repealed section 820 of the Internal Revenue Code for tax years after December 31, 1981. Therefore, Rev. Proc. 83-22 is hereby modified by deleting section 5.18, which provides as follows:

Section 820. Optional Treatment of Policies Reinsured Under Modified Coinsurance Contracts.-The tax consequences of modified coinsurance contracts to which section 820 of the Code may apply, including whether taxpayers who have entered into a modified coinsurance contract may allocate between the reinsured and the reinsurer certain items to which section 820(c) applies.

SEC. 3. EFFECTIVE DATE

The revision set forth in this revenue procedure is effective as of August 15, 1983, the date of publication in the Internal Revenue Bulletin.

SEC. 4. EFFECT ON OTHER REVENUE PROCEDURES

Rev. Proc. 83-22 is modified.