EFTA01130961Set 9
2011-10-2253p26,485w
Letter Rulings 200848006, 200848015, 200848016 and 200848017
(November 28, 2008) - Service Cannot Determine Whether Substitution Power
Exercisable in Fiduciary or Nonfiduciary Capacity Until Examination of Federal
Income Tax Returns ... Parties 40
8. Private Letter Ruling 200842007 (October 17, 2008) — Exercise of Substitution
Power is Not Gift 41
9. Private Letter Ruling 200822008 (May 30, 2008) — Addition of Reimbursement
Clause ... that case, the
grantor was a fiduciary. Thus, the question arose whether the substitution power in Section
675(4), which must be exercised in a nonfiduciary capacity, would cause inclusion
https://www.justice.gov/epstein/files/DataSet%209/EFTA01130961.pdf
EFTA02672997Set 11
3p1,276w
right to substitute trust property for
property of equivalent value at any time (the "Substitution Power"). The provision of the
Trust Agreement creating the Settlor's Substitution Power reads ... Trust with respect to which the release
applies."
The Settlor wishes to exercise the Substitution Power by substituting tangible personal
property he owns (the "Substituted Property") for Trust property other ... Agreement, the Settlor alone, in a non-fiduciary capacity,
decides whether to exercise the Substitution Power and what property he will substitute in
place of the Trust Property. The Trustees
https://www.justice.gov/epstein/files/DataSet%2011/EFTA02672997.pdf