The Bulletin Index-Digest System & Highlights Summaries

Stocks and Financial Instruments

The following items are Summaries from the "Highlights" page of each Internal Revenue Bulletin, the official weekly publication of the IRS. The Summaries begin in January 1994 and have been compiled through the date shown above. There are no links for the documents issued in 1994 and 1995, but beginning in January 1996 there are links to the full text of all the actual documents. These documents have been extracted from IRS's Internal Revenue Bulletins and are in the Adobe Acrobat PDF format. You will need the appropriate Acrobat Reader installed on your computer to view or print the PDF files.

Announcement 99–42 from IR Bulletin No. 1999-16
This document contains corrections to T.D. 8770, 1998–27 I.R.B. 4, relating to certain transfers of stock or securities by U.S. persons to foreign corporations and related reporting requirements.

Rev. Proc. 98-48 from IR Bulletin No. 1998-38
Qualified small business Stock; rollover of gain; election. Procedures are provided for taxpayers to make an election under section 1045 of the Code to defer recognition of gain on the sale of qualified small business stock.

Announcement 98-74 from IR Bulletin No. 1998-31
REG-106031-98, 1998-26 I.R.B. 38, relating to the treatment of foreign taxpayers trading in derivative financial instruments for their own account, is corrected.

REG-106031-98 from IR Bulletin No.1998-26
Proposed regulations under section 864 of the Code relate to the treatment of foreign taxpayers trading in derivative financial instruments. A public hearing will be held on September 9, 1998.

Rev. Proc. 98-34 from IR Bulletin No. 1998-18
Valuation of compensatory stock options. This procedure sets forth a methodology to value certain compensatory stock options for gift, estate, and generation-skipping transfer tax purposes.

Rev. Rul. 98-21 from IR Bulletin No. 1998-18
Transfer of nonstatutory stock option. This ruling provides guidance on the time that a completed gift occurs when a nonstatutory stock option is transferred without consideration by the optionee to a family member.

T.D. 8762 from IR Bulletin No. 1998-14
Final regulations under section 453 of the Code relate to the use of the installment method to report the gain recognized by a shareholder who receives, in exchange for the shareholder's stock, certain installment obligations that are distributed upon the complete liquidation of a corporation.

T.D. 8753 and REG-121755-97 from IR Bulletin No. 1998-09
Temporary and proposed regulations provide guidance under section 356(e) of the Code on when nonqualified preferred stock will not be treated as stock or securities for purposes of sections 354, 355, and 356 of the Code. A public hearing on the proposed regulations will be held on May 5, 1998.

Announcement 97-114 from IR Bulletin No. 1997-46
New Form 8023, Election Under Section 338 for Corporations Making Qualified Stock Purchases, will replace Form 8023-A, Corporate Qualified Stock Purchases.

COVERED CALLS

REG-104641-97 from IR Bulletin No. 1998-29
Proposed regulations under section 1092 of the Code provides guidance on the application of the rules governing qualified covered calls. A public hearing will be held on November 4, 1998.

EXCHANGE OF SECURITIES

T.D. 8770 from IR Bulletin No. 1998-27
Final and temporary regulations under sections 367 and 6038B of the Code relate to certain transfers of stock or securities by U.S. persons to foreign corporations and related reporting requirements.

Rev. Rul. 98-10 from IR Bulletin No. 1998-10
Reorganizations; exchange of securities. An acquisition of stock for solely voting stock, accompanied under the reorganization plan by an exchange of securities for securities that are of equal fair market value and equal principal amount, qualifies as a corporate reorganization under section 368(a)(1)(B) of the Code. Section 354(a)(1) nonrecognition applies to the securities-for-securities exchange.

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