SERVICE TO NO LONGER RULE ON QUALIFICATION OF POOLED INCOME FUNDS; CITES PUBLICATION OF SAFE HARBOR DECLARATION.

Rev. Proc. 88-54

SECTION 1. BACKGROUND

Rev. Proc. 88-53, page 13, this Bulletin, makes available a sample declaration of trust and instruments of transfer that meet the applicable requirements under section 642(c)(5) of the Internal Revenue Code for a pooled income fund.

Rev. Proc. 88-3, 1988-1 I.R.B. 29, sets forth areas of the Internal Revenue Code under the jurisdiction of the Associate Chief Counsel (Technical and International) in which the Internal Revenue Service will not issue advance rulings or determination letters. Section 4 of Rev. Proc. 88-3 lists areas in which rulings or determination letters will not ordinarily be issued.

SEC. 2. PROCEDURE

Rev. Proc. 88-3 is amplified by adding to section 4 the following:

Section 170 -- Charitable, Etc., Contributions and Gifts. -- Whether a transfer to a pooled income fund described in section 642(c)(5) of the Code qualifies for a charitable deduction under section 170(f)(2)(A).

Section 642 -- Pooled Income Funds. -- Whether a pooled income fund satisfies the requirements described in section 642(c)(5) of the Code.

Section 2055 -- Transfers for Public, Charitable and Religious Uses. -- Whether a transfer to a pooled income fund described in section 642(c)(5) of the Code qualifies for a charitable deduction under section 2055(e)(2)(A).

Section 2522 -- Charitable and Similar Gifts. -- Whether a transfer to a pooled income fund described in section 642(c)(5) of the Code qualifies for a charitable deduction under section 2522(c)(2)(A).

SEC. 3. EFFECTIVE DATE

This revenue procedure will apply to all ruling requests received in the National Office after November 28, 1988, the date of publication of this revenue procedure.

SEC. 4. EFFECT ON OTHER REVENUE PROCEDURES

Rev. Proc. 88-3 is amplified.

DRAFTING INFORMATION

The principal author of this revenue procedure is John McQuillan of the Office of Passthroughs and Special Industries. For further information regarding this revenue procedure, contact John McQuillan on (202) 535-9540 (not a toll-free call).