Internal Revenue Bulletin:  2008-20 

May 19, 2008 

Announcement 2008-46

Correction to Revenue Ruling 2008-22, 2008-16 I.R.B. 796


This document contains a correction to Rev. Rul. 2008-22, 2008-16 I.R.B. 796, which was published in the Internal Revenue Bulletin on April 21, 2008.

BACKGROUND

The revenue ruling (Rev. Rul. 2008-22) that is the subject of this correction provided guidance regarding whether the corpus of an inter vivos trust is includible in the grantor’s gross estate under section 2036 or 2038 of the Code, if the grantor retained the power, exercisable in a nonfiduciary capacity, to acquire property held in the trust by substituting other property of equivalent value.

NEED FOR CORRECTION

As published, the revenue ruling (Rev. Rul. 2008-22) contains a misstated citation to the Restatement (Third) of Trusts.

CORRECTION OF PUBLICATION

Accordingly, the publication of the revenue ruling (Rev. Rul. 2008-22) is corrected as follows:

On page 797 of Bulletin No. 2008-16, column 3, in the paragraph starting with “In general, a trustee has a fiduciary duty,” fifteenth line of the paragraph, the language “Restatement (Third) of Trusts §§ 183 and 232 (2007);” is corrected to read “Restatement (Third) of Trusts § 79 (2007);”.

EFFECT ON OTHER DOCUMENTS

Rev. Rul. 2008-22, 2008-16 I.R.B. 796 is modified.

DRAFTING INFORMATION

The principal author of this announcement is Mayer Rubin Samuels of the Office of Associate Chief Counsel (Passthroughs & Special Industries). For further information regarding this announcement, contact Mayer Rubin Samuels at (202) 622-3090 (not a toll-free call).


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