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Part IV.

Items of General Interest

Elimination of Schedule P of which the plan has been a party to an abu­ of announcement in the Internal Revenue
Form 5500 Series sive tax avoidance transaction, as defined Bulletin that an organization no longer
in section 4.13(2) of Rev. Proc. 2006–27, qualifies. However, the Service is not
Announcement 2007–63 2006–1 C.B. 945, or any successor thereto, precluded from disallowing a deduction
the period during which the Service may for any contributions made after an or­
On July 21, 2006, the Department of assess income taxes with respect to the ganization ceases to qualify under section
Labor announced rules mandating elec­ plan’s employee benefit trust shall expire 170(c)(2) if the organization has not timely
tronic filings of the Form 5500, Annual 6 years from the date the plan administra­ filed a suit for declaratory judgment under
Return/Report of Employee Benefit Plan, tor or employer files a complete and accu­ section 7428 and if the contributor (1) had
under Title I of the Employee Retirement rate Form 5500 series (including all related knowledge of the revocation of the ruling
Income Security Act of 1974 (ERISA), schedules). or determination letter, (2) was aware that
71 Fed. Reg. 41359 (Jul. 21, 2006). To such revocation was imminent, or (3) was
reduce administrative burdens of employ­ Drafting Information in part responsible for or was aware of the
ers, plans, their administrators and trustees activities or omissions of the organization
The principal authors of this announce­
and custodians, and in anticipation of the that brought about this revocation.
ment are Michael Rubin of the Employee
transition to a wholly electronic filing If on the other hand a suit for declara­
Plans, Tax Exempt and Government En­
environment under the ERISA Filing Ac­ tory judgment has been timely filed, con­
tities Division, and William D. Gibbs
ceptance System (EFAST), the Service tributions from individuals and organiza­
and Dana A. Barry of the Office of the
has determined that the continued use of tions described in section 170(c)(2) that
Division Counsel/Associate Chief Coun­
a Schedule P, Annual Return of Fiduciary are otherwise allowable will continue to
sel (Tax Exempt and Government En­
of Employee Benefit Trust, in connection be deductible. Protection under section
tities). For further information regard­
with the filing of a plan’s Form 5500 is no 7428(c) would begin on July 23, 2007, and
ing this announcement, please contact
longer necessary for the efficient adminis­ would end on the date the court first deter­
the Employee Plans taxpayer assistance
tration of the Internal Revenue laws. mines that the organization is not described
answering service at 1–877–829–5500
Pursuant to the authority contained in in section 170(c)(2) as more particularly
(a toll-free call) between the hours of
§ 6033(a) of the Internal Revenue Code, set forth in section 7428(c)(1). For indi­
8:30 a.m. and 4:30 p.m. Eastern time
the Schedule P, which may be completed vidual contributors, the maximum deduc­
Monday through Friday or Mr. Rubin
by a trustee of an employee benefit trust tion protected is $1,000, with a husband
at RetirementPlanQuestions@irs.gov.
as the annual return of that trust, is being and wife treated as one contributor. This
Mr. Gibbs and Ms. Barry can be reached
eliminated. The elimination of Schedule benefit is not extended to any individual, in
at 202–622–6060 (not a toll-free call).
P is effective for the 2005 and later plan whole or in part, for the acts or omissions
years for Form 5500–EZ filers. For all of the organization that were the basis for
other Form 5500 series filers, the elimina­ revocation.
Deletions From Cumulative
tion of Schedule P is effective for the 2006
and later plan years. List of Organizations Eagle A C, Inc.
For plan years in which the Schedule Contributions to Which Louisville, KY
P is eliminated, the Service will treat the are Deductible Under Section
plan’s filing of a return from the applica­ Annie T. Smith Mercy Fund
170 of the Code
ble Form 5500 series as if the filing consti­ Randolf, VT
tutes a return of the plan’s employee bene­ Announcement 2007–65
fit trust for purposes of § 6501(g)(2). Thus,
the Service will not assess income taxes The names of organizations that no
with respect to an employee benefit trust longer qualify as organizations described
later than the limitations periods specified in section 170(c)(2) of the Internal Rev­
in section 6501 for the assessment of tax enue Code of 1986 are listed below.
related to the Form 5500 filed by the plan Generally, the Service will not disallow
to which the trust relates. Notwithstand­ deductions for contributions made to a
ing the preceding sentence, in any case in listed organization on or before the date

2007–30 I.R.B. 236 July 23, 2007

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