Basis Reporting by Securities Brokers and Basis Determination for Debt Instruments and Options
Treasury Department, Internal Revenue Service
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This is a regulatory record from Treasury Department, Internal Revenue Service — a rule, proposed rule, or notice. Regulations carry the force of law once final, and often invite public comment before that point.
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Key Details
- Posted Date
- Response Deadline
- NAICS Code
- 221118
- Source
- Federal Register
- Contract Type
- regulation
Description
This document contains proposed regulations relating to reporting by brokers for transactions related to debt instruments and options. The proposed regulations reflect changes in the law made by the Energy Improvement and Extension Act of 2008 (the Act) that require brokers when reporting the sale of securities to the IRS to include the customer's adjusted basis in the sold securities and to classify any gain or loss as long-term or short-term. The proposed regulations also implement the Act's requirement that a broker report gross proceeds from a sale or closing transaction with respect to certain options. In addition, this document contains proposed regulations that implement reporting requirements for a transfer of a debt instrument or an option to another broker and for an organizational action that affects the basis of a debt instrument or option. This document also provides for a notice of a public hearing on these proposed regulations.
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