Internal Revenue Bulletin: 2009-41
October 13, 2009
Final regulations under section 6050P of the Code will avoid premature information reporting from certain businesses and will reduce the number of information returns for cancellation of indebtedness required to be filed.
Proposed regulations under section 6011 of the Code provide rules requiring the disclosure of listed transactions and transactions of interest with respect to the generation-skipping transfer tax and conforming amendments under sections 6111 and 6112. The regulations also provide guidance under section 6112 regarding the length of time a material advisor has to prepare the list that must be maintained after the list maintenance requirement first arises with respect to the reportable transaction and clarify the provisions regarding designation agreements.
This announcement contains corrections and clarifications to Publication 1220, Specifications for Filing Forms 1098, 1099, 3921, 3922, 5498, 8935, and W-2G, Electronically, revised (7-2009).
This document contains corrections to final regulations (T.D. 9456, 2009-33 I.R.B. 188) providing guidance regarding the treatment of controlled services transactions under section 482 of the Code and the allocation of income from intangible property, in particular with respect to contributions by a controlled party to the value of intangible property owned by another controlled party. The regulations modify regulations under section 861 concerning stewardship expenses to be consistent with the changes made to the guidance under section 482.
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