Internal Revenue Bulletin: 2009-8
February 23, 2009
Final regulations under section 7508A of the Code relate to postponement of certain tax-related deadlines either due to service in a combat zone or due to a federally declared disaster.
Proposed regulations under section 358 of the Code provide guidance relating to the allocation and recovery of stock basis in distributions under section 301 and transactions under sections 302, 304, 354, 355, and 356. The regulations also provide guidance regarding qualification of a transaction under section 368, the determination of gain under section 351(b), and adjustments to basis in certain capital contributions.
This notice invites public comments regarding guidance to be provided to brokers, transferors, issuers, customers, and other affected persons concerning new requirements with respect to the reporting of a customer’s basis in securities transactions and new rules for determining the basis of certain securities subject to the new reporting requirements. These new requirements and rules generally begin to take effect on January 1, 2011. Interested parties are invited to submit comments on this notice by Monday, March 2, 2009.
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