Final regulations - Election to treat sales of target’s stock as sales of target’s assets 

May 10:  The Treasury Department and IRS late this afternoon released for publication in the Federal Register final regulations (T.D. 9619) under section 336(e) allowing taxpayers in certain limited situations to elect to treat sales, exchanges, and distributions of a target corporation’s stock as taxable sales of the target’s assets.

Read the final regulations T.D. 9619 [PDF 341 KB]


Treasury and the IRS issued the proposed regulations in August 2008. Written comments were received in response to the proposed regulations; a public hearing was not requested and none was held. According to the preamble to today’s release, the final regulations in adopting the proposed regulations generally follow the approach of the proposed regulations with some modifications.


Read a preliminary description of the proposed regulations: TaxNewsFlash-United States (August 22, 2008)


The final regulations are effective on the date of publication in the Federal Register, which is scheduled for Wednesday, May 15, 2013.




©2013 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

Subscribe

Current and future KPMG clients may subscribe to TaxNewsFlash email alerts.


Email your contact information.

TaxNewsFlash-United States by year