PART II CIRCLE SECTION

Does the Plan limit transfers to “Excess Assets” as defined in § 420(e)(2)? Yes No ___
Does the Plan provide that only one transfer may be made in a taxable year? Yes No ___
Does the Plan provide that the amount transferred shall not exceed the amount reasonably estimated Yes No ___ to be paid for qualified current retiree liabilities?
Does the Plan provide that no transfer will be made after December 31, 2025? Yes No ___
Does the Plan provide that transferred assets and income attributable to such assets shall be used Yes No ___ only to pay qualified current retiree liabilities for the taxable year of transfer?
Does the Plan provide that any amounts transferred (plus income) that are not used to pay qualified Yes No ___ current retiree liabilities shall be transferred back to the defined benefit portion of the Plan?
Does the Plan provide that amounts paid out of a health benefits account or an applicable life insurance account will be treated as paid first out of transferred assets and income attributable to those assets?
Does the Plan provide that participants’ accrued benefits become nonforfeitable on a termination basis (i) immediately prior to transfer, or (ii) in the case of a participant who separated within 1 year before the transfer, immediately before such separation?
In the case of transfers described in § 420(b)(4) relating to 1990, does the Plan provide that benefits will be recomputed and become nonforfeitable for participants who separated from service in such prior year as described in § 420(c)(2)?

Yes No ___

Bulletin No. 2023–1 257 January 3, 2023

Does the Plan provide that transfers will be permitted only if each group health plan or arrangement or group-term life insurance plan, as applicable contains provisions satisfying § 420(c)(3), as amended?

Yes No ___

Does the Plan define “applicable employer cost”, “cost maintenance period” and “benefit mainteYes No ___ nance period”, as needed, consistently with § 420(c)(3), as amended?
Does the Plan provide that transferred assets cannot be used for key employees? Yes No ___

January 3, 2023 258 Bulletin No. 2023–1

APPENDIX D

SAMPLE FORMAT FOR A LETTER RULING REQUEST FROM EMPLOYEE PLANS RULINGS AND AGREEMENTS

( Insert the date of request )

[for Employee Plans]

Internal Revenue Service

Attention: EP Letter Rulings

P.O. Box 12192

TE/GE Stop 31A Team 105

Covington, KY 41012-0192

Dear Sir or Madam:

( Insert the name of the taxpayer ) (the “Taxpayer”) requests a ruling on the proper treatment of ( insert the subject matter of the letter ruling request ) under § ( insert the number ) of the Internal Revenue Code.

[ If the taxpayer is requesting expedited handling, the letter ruling request must contain a statement to that effect. This statement must explain the need for expedited handling. See section 6.03(3) of this revenue procedure. ]

A. STATEMENT OF FACTS

Taxpayer Information

[Provide the statements required by sections 6.02(1)(a), (b), and (c) of Rev. Proc. 2023-4, 2023-1 IRB 162. Hereafter, all references are to Rev. Proc. 2023-4, unless otherwise noted.)]

For example, a taxpayer that maintains a qualified employee retirement plan and files an annual Form 5500 series of returns may include the following statement to satisfy sections 6.02(1)(a), (b), and (c):

The Taxpayer is a construction company with principal offices located at 100 Whatever Drive, Wherever, Maryland 12345, and its telephone number is (123) 456-7890. The Taxpayer’s federal employer identification number is 00-1234567. The Taxpayer uses the Form 5500 series of returns on a calendar year basis to report its qualified employee retirement plan and trust.

Detailed Description of the Transaction.

[The ruling request must contain a complete statement of the facts relating to the transaction that is the subject of the letter ruling request. This statement must include a detailed description of the transaction, including material facts in any accompanying documents, and the business reasons for the transaction. See sections 6.02(1)(b), 6.02(1)(c), and 6.02(2).]

B. RULING REQUESTED

[The ruling request should contain a concise statement of the ruling requested by the taxpayer.]

C. STATEMENT OF LAW

[The ruling request must contain a statement of the law in support of the taxpayer’s views or conclusion, including any authorities believed to be contrary to the position advanced in the ruling request. This statement must also identify any pending legislation that may affect the proposed transaction. See sections 6.02(6), 6.02(7), and 6.02(8).]

D. ANALYSIS

[The ruling request must contain a discussion of the facts and an analysis of the law. See sections 6.02(3), 6.02(6), 6.02(7), and 6.02(8).]

Bulletin No. 2023–1 259 January 3, 2023

E. CONCLUSION

[The ruling request should contain a statement of the taxpayer’s conclusion on the ruling requested.]

F. PROCEDURAL MATTERS

Rev. Proc. 2023–4 statements

a. [The statement required by section 6.02(4).]

b. [The statement required by section 6.02(5).]

c. [The statement required by section 6.02(6) regarding whether the law in connection with the letter ruling request is uncertain and whether the issue is adequately addressed by relevant authorities.]

d. [The statement required by section 6.02(7) if the taxpayer determines that there are no contrary authorities.]

e. [If the taxpayer wants to have a conference on the issues involved in the letter ruling request, the ruling request should contain a statement to that effect. See section 6.03(5).]

f. [If the taxpayer is requesting the letter ruling to be issued by fax, the ruling request should contain a statement to that effect. See section 6.03(4).]

g. [If the taxpayer is requesting separate letter rulings on multiple issues, the letter ruling request should contain a statement to that effect. See section 6.03(1).]

Administrative

a. A Power of Attorney is enclosed. [See sections 6.02(12) and 6.03(2).]

b. The deletions statement and checklist required by Rev. Proc. 2023–4 are enclosed. [See sections 6.02(9), (16), and (18).]

c. The required user fee is enclosed. [See section 6.02(15).]

Very truly yours,

( Insert the name of the taxpayer or the taxpayer’s authorized representative )

By:

_____ _____ Signature Date

Typed or printed name of person signing request DECLARATION: [See section 6.02(14).] Under penalties of perjury, I declare that I have examined this request, including accompanying documents, and, to the best of my knowledge and belief, the request contains all the relevant facts relating to the request and such facts are true, correct, and complete.

( Insert the name of the taxpayer )

By:

Signature Title Date

Typed or printed name of person signing declaration

January 3, 2023 260 Bulletin No. 2023–1

APPENDIX E

CHECKLIST FOR LETTER RULINGS FROM EMPLOYEE PLANS RULINGS AND AGREEMENTS

IS YOUR RULING REQUEST COMPLETE?

INSTRUCTIONS

The Service will be able to respond more quickly to your letter ruling request if it is carefully prepared and complete. To ensure that your request is in order, use this checklist. Complete the four items of information requested before the checklist. Answer each question by circling “Yes,” “No,” or “N/A.” If a question contains a place for a page number, insert the page number (or numbers) of the request that gives the information called for by a yes answer to a question. Sign and date the checklist (as taxpayer or autho- rized representative) and place it on top of your request.

If you are an authorized representative submitting a request for a taxpayer, you must include a completed checklist with the request or the request will either be returned to you or substantive consideration of it will be deferred until a completed checklist is submitted. If you are a taxpayer preparing your own request without professional assistance, an incomplete checklist will not be cause for returning your request or deferring substantive consideration of the request. However, you should still complete as much of the checklist as possible and submit it with your request.

TAXPAYER’S NAME ________________________________________

TAXPAYER’S I.D. No. ______________________________________

ATTORNEY/P.O.A. __________________________________________

PRIMARY CODE SECTION _____________________________________

CIRCLE ONE ITEM Yes No N/A 1. Does your request involve an issue under the jurisdiction of Employee Plans Rulings and Agreements? See section 24.01 of Rev. Proc. 2023-4, for the list of issues on which Employee Plans Rulings and Agreements issues letter rulings. See section 5 of Rev. Proc. 2023-4, for issues under the jurisdiction of other offices. (Hereafter, all references are to Rev. Proc. 2023-4, unless otherwise noted.) Yes No N/A 2. If the request deals with a completed transaction, have you filed the return for the year in which the transacPage ____ tion was completed? See section 24.01.

Yes No N/A 2. If the request deals with a completed transaction, have you filed the return for the year in which the transacPage ____ tion was completed? See section 24.01.

Yes No 3. Are you requesting a letter ruling on a hypothetical situation or question? See section 25.03. Yes No 4. Are you requesting a letter ruling on alternative plans of a proposed transaction? See section 25.03. Yes No 5. Are you requesting the letter ruling for only part of an integrated transaction? See section 25.04. Yes No 6. Have you submitted another letter ruling request for the transaction covered by this request? Yes No 7. Are you requesting the letter ruling for a business, trade, industrial association, or similar group concerning the application of tax law to its members? See section 24.06. Yes No 8. Have you included a complete statement of all the facts relevant to the transaction? See section 6.02(1). Page ____

Have you included a complete statement of all the facts relevant to the transaction? See section 6.02(1).

Yes No N/A 9. Have you submitted with the request true copies of all wills, deeds, plan documents, and other documents relevant to the transaction, and labeled and attached them in alphabetical sequence? See section 6.02(2). Yes No 10. Have you included, rather than merely incorporated by reference, all material facts from the documents Page ____ in the request? Are they accompanied by an analysis of their bearing on the issues that specifies the document

Yes No 10. Have you included, rather than merely incorporated by reference, all material facts from the documents Page ____ in the request? Are they accompanied by an analysis of their bearing on the issues that specifies the document

provisions that apply? See section 6.02(3). Yes No 11. Have you included the required statement regarding whether the same issue in the letter ruling request is in Page ____ an earlier return of the taxpayer or in a return for any year of a related taxpayer? See section 6.02(4).

Yes No 11. Have you included the required statement regarding whether the same issue in the letter ruling request is in Page ____ an earlier return of the taxpayer or in a return for any year of a related taxpayer? See section 6.02(4).

Yes No 12. Have you included the required statement regarding whether the Service previously ruled on the same or Page ____ similar issue for the taxpayer, a related taxpayer, or a predecessor? See section 6.02(5).

Have you included the required statement regarding whether the Service previously ruled on the same or similar issue for the taxpayer, a related taxpayer, or a predecessor? See section 6.02(5).

Bulletin No. 2023–1 261 January 3, 2023

CIRCLE ONE ITEM Yes No Page ____

Yes No 13. Have you included the required statement regarding whether the taxpayer, a related taxpayer, a predecessor, Page ____ or any representatives previously submitted the same or similar issue but withdrew it before the letter ruling

was issued? See section 6.02(5). Yes No 14. Have you included the required statement regarding whether the law in connection with the request is unPage ____ certain and whether the issue is adequately addressed by relevant authorities? See section 6.02(6).

Yes No 14. Have you included the required statement regarding whether the law in connection with the request is unPage ____ certain and whether the issue is adequately addressed by relevant authorities? See section 6.02(6).

Yes No 15. Have you included the required statement of relevant authorities in support of your views? See section Page ____ 6.02(6).

Yes No N/A 16. Does your request discuss the implications of any legislation, tax treaties, court decisions, regulations, Page ____ notices, revenue rulings, or revenue procedures you determined to be contrary to the position advanced? See

section 6.02(7), which states that taxpayers must inform the Service of such authorities. Yes No N/A 17. If you determined that there are no contrary authorities, have you included a statement to this effect in your Page ____ request? See section 6.02(7).

Yes No N/A 17. If you determined that there are no contrary authorities, have you included a statement to this effect in your Page ____ request? See section 6.02(7).

Yes No N/A 18. Have you included in your request a statement identifying any pending legislation that may affect the proPage ____ posed transaction? See section 6.02(8).

Yes No 19. Is the request accompanied by the deletions statement required by section 6110? See section 6.02(9). Yes No N/A 20. Have you (or your authorized representative) signed and dated the request? See section 6.02(10). Page____

Yes No N/A 21. If the request is signed by your representative, or if your representative will appear before the Service in connection with the request, is the request accompanied by a properly prepared and signed power of attorney (Form 2848) with the signatory’s name typed or printed? See section 6.02(12). Yes No N/A 22. Have you included, signed and dated, the penalties of perjury statement in the form required by section Page____ 6.02(14)?

Have you (or your authorized representative) signed and dated the request? See section 6.02(10).

Yes No N/A 22. Have you included, signed and dated, the penalties of perjury statement in the form required by section Page____ 6.02(14)?

Yes No N/A 23. Have you included the correct user fee with the request and made your check or money order payable to the United States Treasury? See section 6.02(15) and section 30 and Appendix A, for the correct amount and additional information on user fees. Yes No N/A 24. Are you submitting your request in duplicate if necessary? See section 6.02(16). Yes No N/A 25. If you are requesting separate letter rulings on different issues involving one factual situation, have you Page____ included a statement to that effect in each request? See section 6.03(1).

Yes No N/A 25. If you are requesting separate letter rulings on different issues involving one factual situation, have you Page____ included a statement to that effect in each request? See section 6.03(1).

Yes No N/A 26. If you have more than one representative, have you designated whether the representatives listed on the Page____ power of attorney (Form 2848) are to receive a copy of the letter ruling? See section 6.03(2).

Yes No N/A 27. If you want your letter ruling request to be processed ahead of the regular order or by a specific date, have you requested expedited handling in the form required by section 6.03(3) and stated a compelling need for such action in the request? Yes No N/A 28. If you want to have a conference on the issues involved in the request, have you included a request for a Page____ conference in the ruling request? See section 6.03(5).

Yes No N/A 28. If you want to have a conference on the issues involved in the request, have you included a request for a Page____ conference in the ruling request? See section 6.03(5).

Yes No N/A 29. If your request is covered by any of the revenue procedures listed in section 26, have you complied with all of the requirements of the applicable revenue procedures? Yes No N/A 30. Have you addressed your request to the appropriate office provided in section 31? Improperly addressed requests may be delayed (sometimes for over a week) in reaching the appropriate office for initial processing.

Signature Title or authority Date

Typed or printed name of person signing checklist

January 3, 2023 262 Bulletin No. 2023–1

APPENDIX F

ADDITIONAL CHECKLIST FOR ROTH IRA RECHARACTERIZATION RULING REQUESTS

Note: A conversion of a traditional IRA to a Roth IRA, and a rollover from any other eligible retirement plan to a Roth IRA, made in tax years after December 31, 2017, cannot be re-characterized as having been made to a traditional IRA.

In order to assist Employee Plans in processing a ruling request involving a Roth IRA recharacterization, in addition to the items in Appendix E, please check the following list. Answer each question by circling “Yes,” “No,” or “N/A.” If a question contains a place for a page number, insert the page number (or numbers) of the request that gives the information called for by a yes answer to a question.

Yes No N/A Page __

Yes No N/A 1. Did you include the name(s) of the trustee and/or custodian of the traditional individual retirement account Page __ (IRA) (generally, a financial institution)?

Yes No N/A 2. Is each IRA identification number included? Page __

Is each IRA identification number included?

Yes No N/A Page __

Yes No N/A 3. If the ruling request involves Roth conversions of a married couple, is the necessary information with respect to Page __ each IRA of each party included? Note: as long as the parties file a joint federal Form 1040, the Service can issue

one ruling covering both parties. Furthermore, if a joint federal income tax return has been filed for the year or years in question, the Service only requires one user fee even if each spouse had failed conversions. Yes No N/A 4. If there was one or more attempted conversions, are the applicable dates on which the attempted IRA converPage __ sion(s) occurred included?

Yes No N/A 4. If there was one or more attempted conversions, are the applicable dates on which the attempted IRA converPage __ sion(s) occurred included?

Yes No N/A 5. If the reason that a conversion failed is that the taxpayer or related taxpayers relied upon advice of a tax profesPage __ sional such as a CPA, or an attorney, is the name and occupation of that adviser included?

Yes No N/A 6. Is certification that the taxpayer or taxpayers timely filed the relevant federal tax return(s) included? Page __

Is certification that the taxpayer or taxpayers timely filed the relevant federal tax return(s) included?

Yes No N/A Page __

Is there a short statement of facts with respect to the conversion?

Yes No N/A 8. If the taxpayer recharacterized his/her Roth IRA to a traditional IRA prior to submitting a request for § 9100 Page __ relief, are the date(s) of the recharacterization(s), name(s) of trustees and/or custodians, and the identification num bers of the traditional IRA(s) included? Yes No N/A 9. Does the request include the type of contribution (i.e., regular or conversion) and amount of the contribution Page __ being recharacterized?

Does the request include the type of contribution (i.e., regular or conversion) and amount of the contribution being recharacterized?

Bulletin No. 2023–1 263 January 3, 2023

APPENDIX G

ADDITIONAL CHECKLIST FOR NONBANK TRUSTEE APPLICATIONS

In order to assist Employee Plans Rulings and Agreements in considering an application for nonbank trustee approval, please use this checklist, in addition to the checklist in Appendix E, and submit it with your request.

Please respond with Yes, No, or N/A.

Did you specify the types of accounts you want to handle (e.g., IRAs, Roth IRAs, 403(b)(7) custodial accounts)?
Did you specify whether you want to handle accounts passively and/or non-passively?
Did you identify the percentage ownership of individuals of the applicant, taking into account the rules for constructive ownership provided in IRC 1563(e) and (f)(2)? Did you describe in detail the intermediate and ultimate ownership of the applicant or provide an organizational chart illustrating such ownership?
If you do not satisfy any of the safe harbors in Treas. Reg. § 1.408-2(e)(2)(i), did you discuss factors relating to satisfying the continuity requirement such as concentration of ownership, number of employees, number of physical locations, non-owner management, and overall financial condition?
Did you provide a copy of your audited financial statements that show net worth as determined at the end of the most recent taxable year?
Does your submission include draft Rules of Fiduciary Conduct?
Do the draft Rules of Fiduciary Conduct contain each item (if applicable) in Treas. Reg. § 1.408-2(e)(5)?
Did you provide a complete copy of the applicant’s current bond with riders?
Did you discuss each requirement in Treas. Reg. § 1.408-2(e)(2) through § 1.408-2(e)(5)?
Did you provide documentation to substantiate compliance with each requirement (if applicable)?
Did you provide a representation that, if approved, the applicant will act as a trustee only if the written custodial agreement or trust instrument provides for the substitution of a custodian or trustee?

January 3, 2023 264 Bulletin No. 2023–1

26 CFR 601.201: Rulings and determination letters.

Rev. Proc. 2023-5¶

TABLE OF CONTENTS

SECTION 1. WHAT IS THE PURPOSE OF THIS REVENUE PROCEDURE?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267 Description of terms used in this revenue procedure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267 Updated annually. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 268

SECTION 2. NATURE OF CHANGES TO REV. PROC. 2022-5 AND RELATED REVENUE PROCEDURES

AND FORMS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 268 What changes have been made to Rev. Proc. 2022-5?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 268 Related revenue procedures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .269 Related forms that are not a request for a determination letter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269

SECTION 3. UNDER WHAT CIRCUMSTANCES DOES EO DETERMINATIONS ISSUE DETERMINATION

LETTERS?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270 Matters on which EO Determinations will issue a determination letter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270 Circumstances under which determination letters are not issued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 271 Technical advice may be requested in certain cases. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 273 Review of determination letters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 273 Determination letter based solely on administrative record. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 273

Exceptions & meaning →

Rev. Proc. 2023-5¶

Rev. Proc. 2023-7¶

Rev. Proc. 2022-7 is superseded.¶