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Internal Revenue Bulletin:  2015-46 

November 16, 2015 

INCOME TAX


Notice 2015–73Notice 2015–73

The Treasury and IRS released Notice 2015–47, 2015–30 I.R.B. 76, a Listing Notice that applies to a type of structured financial transaction in which a taxpayer attempts to defer and treat ordinary income and short-term capital gain (earned under a contract denominated as an option contract that references a basket of securities) as long-term capital gain. Notice 2015–73 was initiated in response to commenters’ concerns that difficulty in identifying transactions that are the same as or substantially similar to the transactions described in Notice 2015–47 may cause taxpayers to file disclosures for transactions that are not intended to be treated as listed transactions at this time. Notice 2015–73 revokes Notice 2015–47 and provides additional details on the types of transactions that are listed transactions. Notice 2015–73 also provides procedures for taxpayers to change their method of accounting for transactions within the scope of the notice. The transaction described in Notice 2015–73 is similar to a transaction of interest described in Notice 2015–74.

Notice 2015–74Notice 2015–74

The Treasury and IRS released Notice 2015–48, 2015–30 I.R.B. 77, a Transaction of Interest Notice that applies to a type of structured financial transaction in which a taxpayer attempts to defer and treat ordinary income and short-term capital gain (earned under a contract denominated as a derivative contract that references a basket of securities) as long-term capital gain. Notice 2015–74 was initiated in response to commenters' concerns that difficulty in identifying transactions that are the same as or substantially similar to the transactions described in Notice 2015–48 may cause taxpayers to file disclosures for transactions that are not intended to be treated as transactions of interest at this time. Notice 2015–74 revokes Notice 2015–48 and provides additional details on the types of transactions that are transactions of interest. Notice 2015–74 also provides procedures for taxpayers to change their method of accounting for transactions within the scope of the notice. The transaction described in Notice 2015–74 is similar to a listed transaction described in Notice 2015–73.


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