EFTA00001912.pdf

C 
ATTACHMENT TO 
PETITION FOR ADVISORY OPINION 
TC nerd 
up 4) 
i flitirlApPet\-f 
fictu 
0-Pin 
State of New York - 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.-
U he Settlor wishes to exercise the Substitution Power t) 
personal property he own...