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 Rev. Rul. 69-37

1969-1 C.B. 130

IRS Headnote

The enactment of P.L. 90-607, correcting the implication that in applying the averaging provisions of section 401(e)(3) of the Code the 30-percent limitation on contributions to self-employed plans must be applied to years beginning prior to 1968, in effect revoked Rev. Rul. 68-177.

Full Text

Rev. Rul. 69-37

Public Law 90-607, C.B. 1968-2, 748, provides that, in the case of a taxpayer who applies the averaging provisions of section 401(e)(3) of the Internal Revenue Code of 1954 for a taxable year beginning after December 31, 1967, the computation of the amount deductible under section 404 of the Code for any prior taxable year that began before January 1, 1968, shall be made, for purposes of such averaging provisions, as if the amendment made by section 204(c) of Public Law 89-809, C.B. 1966-2, 656, were applicable to such prior taxable year. See Senate Report No. 1617, Ninetieth Congress, C.B. 1968-2, 814.

The enactment of Public Law 90-607, had the effect of revoking Revenue Ruling 68-177, C.B. 1968-1, 170.