Date for adopting a GUST document

[Belgarath]

Ran into a situation today I haven't seen, and although I THINK I know the answer, I'd appreciate opinions.

This is a relatively new plan - adopted 10/03, effective date 1-1-03. Client signed an UNAPPROVED copy of a prototype sponsor's GUST document. Client has not yet signed the APPROVED document.

I believe that under the general procedures in 1.401(b)-1(d), they only had up to the extended tax filing deadline (in this case, 9-15-04) to adopt an approved GUST document. I'm not sure they have any option except to file as a nonamender under 2003-44.

Any other thoughts, or anything I'm missing? Appreciate any thoughts on this.

[g8r]

I think it may be covered by the EGTRRA remedial amendment period.

Under Rev. Proc. 2004-25, any new plan established after 2001 is generally covered by the EGTRRA RAP. However, I think you would still need to adopt an EGTRRA good-faith amendment by the end of the general deadline (9/15/04).

Also, just because it's unapproved for GUST doesn't mean it's automatically defective.

[Belgarath]

Thank you! For some reason I just wasn't making this connection.