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C ATTACHMENT TO
PETITION FOR ADVISORY OPINION
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State of New York -
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Iknanment of Tavarion and Finance - Fonn
i. The petitioner submits the following statement of
facts as the basis for the
requested advisory opinion;
j acts as their...is for the Advisory Oninion
Petitioner (the - Senior) created an irrevocable trust (the - Trust") pursuant
to a
trust agreement (the "Trust Agreement") between the Trustees and the Senior.
the Senior is deemed to own the Trust property for Federal and Ncw York State r .
income tax purposes as provided in Sections 671 to 679 of the Internal Revenue
('ode. Under the terms of the Trust Agreement. the Settlor has the right to again::
or.naacquirt trust property at any time (the "Substitution Power"). The provision
of the Trust Agreemenfcreating the,Substitution Power reads as follows:
"Reacquisition of Trust Assets. The Senior at any time or from time to
time may acquire or reacquire any portion of the Trust Fund of any Trust
In substituting therefor other property of an equivalent value, valued on
the date of substitution. Notwithstanding any other provision of this Trust
Agreement. the Senior may exercise this power without the consent of
the Trustees. Although this power is exercisable by the Settlor in a non-
fiduciary capacity without the consent of any of the Trustees. the Trustees,
if the Trustees believe that the property the Senior seeks to substitute
for trust pmperty is not in fact property of equivalent value, shall seek
a determination by a court of competent jurisdiction to assure that the
equivalent value requirement of this provision is satisfied The Senior. at
any time. may release this power with respect to • •
under this section shall be irrevocable and shall he
in %Tiling signed by the Settlor and delivered to each I : t;
ith respect to which the release applies.-
Uhe Settlor wishes to exercise the Substitution Power t)
personal property he owns (the "Substituted Property") kir
than tangible personal property (the "Trust posy") hat n.
to the Substituted Property (the "I: . UpooaAeittil
Substituted Property by the Settlor, the Senior paid Newq
sales tax with respect to the Substituted Property. Following the
:-
I rustees may allow Trust beneficiaries to use the Substituted Prope
charge or other consideration.
•
anplicahle I aw and Regulations S
EFTA00001912