[16284]
July 10, 2003
TO: TAX COMMITTEE No. 38-03
MONEY MARKET FUNDS ADVISORY COMMITTEE No. 10-03
RE: SELL-SIDE PROPOSED REVENUE PROCEDURE FOR TAX-EXEMPT BOND
PARTNERSHIPS
As we previously informed you,1 David Nirenberg, an attorney representing the sell-
side has drafted a Revenue Procedure that he has requested replace Revenue Procedure 2002-
68.2 Revenue Procedure 2002-68, provides that a regulated investment company (“RIC”) may
take into account each month its allocable share of tax-exempt income from certain synthetic
variable rate tax-exempt securities. Attached is a final version of the draft that Mr. Nirenberg
submitted to the Internal Revenue Service and the Treasury Department on July 7th.
Catherine Barré
Assistant Counsel
Attachment (in .pdf format)
1 See, Institute Memoranda to Tax Committee No. 37-03 and Money Market Funds Advisory Committee No. 9-03
(16262), dated July 2, 2003.
2 See, Institute Memoranda to Tax Committee No. 30-02 and Money Market Funds Advisory Committee No. 5-02
(15245), dated October 9, 2002.