RULINGS WILL BE ISSUED CLASSIFYING ARRANGEMENTS WITH MULTIPLE CLASSES OF OWNERSHIP AS FIXED INVESTMENT TRUSTS

Rev. Proc. 86-29

SECTION 1. BACKGROUND

Rev. Proc. 8603, 1986-1 I.R.B. 26, provides a list of those areas of the Internal Revenue Code under the jurisdiction of the Associate Chief Counsel (Technical) that are under extensive study and in which ruling and determination letters will not be issued until the Service resolves the issue through publication of a revenue ruling, revenue procedure, regulations, or otherwise. A list of those areas is set forth in section 5 of the revenue procedure.

SEC. 2. PROCEDURE.

Rev. Proc. 86-3 is modified by deleting from section 5 following subsection:

37 Section 7701.--Definitions.--The classification of an arrangement as a fixed investment trust when the arrangement has multible classes of equitable ownership.

SEC. 3. EFFECTIVE DATE

This revenue procedure is effective June 30, 1986, the date of its publication.

SEC. 4. EFFECTIVE ON OTHER DOCUMENTS

Rev. Proc. 86-3 is modified.