³²TD 8883 (5/11/00, corrected 6/14/00).

³³IRS Letter Rulings 9305006 (11/6/92), 9309008 (11/20/92) and 9250013 (9/8/92).

³⁴Adapted from Regs. Sec. 1.1032-3(e), Example 5.

³⁵Rev. Rul. 80-76, 1980-1 CB 15.

³⁶IRS Letter Ruling 200021050 (2/29/00).

³⁷IRS Letter Ruling 9949014 (9/9/99).

³⁸Exacto Spring Corp., 196 F3d 833 (7th Cir. 1999), rev'g TC Memo 1998-220; for a detailed discussion, see Friske and Smith, "The Status of the 'Independent Investor' Test in Reasonable Compensation Determinations," 31 The Tax Adviser 406 (June 2000).

³⁹IRS Letter Ruling 9943032 (8/2/99).

⁴⁰IRS Letter Ruling 200009013 (11/26/99).

⁴¹TD 8878 (3/22/00); REG-117162-99 (3/23/00).

⁴²ISP Doc. 2000-6975.

⁴³Rev. Rul. 61-164, 1961-2 CB 99.

⁴⁴Rev. Rul. 69-141, 1969-1 CB 48.

⁴⁵James Greenwald, SD NY, 1/6/00.

⁴⁶Rev. Rul. 75-44, 1975-1 CB 15.

⁴⁷Rev. Rul. 71-408, 1971-2 CB 340.

⁴⁸Rev. Rul. 74-252, 1974-1 CB 287.

⁴⁹Rev. Rul. 58-301, 1958-1 CB 23.

⁵⁰Slotta v. Texas A&M University Systems, SD TX, 8/10/94.

⁵¹IRS Letter Ruling 200019005 (2/4/00).

⁵²IRS Letter Ruling 200007025 (11/19/99).

⁵³H. Rep't No. 104-736, 104th Cong., 2d Sess. (1996), p. 293.

⁵⁴IRS Letter Ruling 9952094 (10/8/99).

⁵⁵IRS Letter Ruling 200023052 (3/10/00).

⁵⁶Letter Ruling (TAM) 200002047 (9/30/99).

⁵⁷Rev. Rul. 64-328, 1964-2 CB 11.

⁵⁸As provided in Rev. Rul. 55-747, 1955-2 CB 228.

⁵⁹Rev. Rul. 66-110, 1966-1 CB 12, amplified by Rev. Rul. 67-154, 1967-1 CB 11.

⁶⁰REG-113572-99 (1/27/00).

⁶¹Notice 94-3, 1994-1 CB 327.