Internal Revenue Bulletin: 2008-20
May 19, 2008
Table of Contents
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.
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.
As published, the revenue ruling (Rev. Rul. 2008-22) contains a misstated citation to the Restatement (Third) of Trusts.
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);”.
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