[17862]
August 5, 2004
TO: ACCOUNTING/TREASURERS COMMITTEE No. 26-04
BANK AND TRUST ADVISORY COMMITTEE No. 17-04
BROKER/DEALER ADVISORY COMMITTEE No. 24-04
CLOSED-END INVESTMENT COMPANY COMMITTEE No. 32-04
OPERATIONS COMMITTEE No. 18-04
TAX COMMITTEE No. 25-04
TRANSFER AGENT ADVISORY COMMITTEE No. 67-04
RE: 2004 YEAR-END TAX REPORTING FORMATS
Primary and Secondary Layouts and Instructions
Attached are the “Primary” and “Secondary” Layouts that are available for regulated
investment companies (“RICs”) to utilize in reporting 2004 year-end tax information to brokers
and banks. The 2004 Primary Layout is an excel spreadsheet that has been designed to “track”
IRS Form 1099-DIV. The 2004 Secondary Layout, also an excel spreadsheet, provides a format
for RICs to use in reporting CUSIP-level tax information regarding various additional tax
related items. As in prior years, these formats are available on the Institute’s members only
website at http://members.ici.org/yearendtax.do.1 Please note that the spreadsheets and
instructions have been revised, as requested by the ICI Tax Committee, in order to streamline
the year-end reporting process and to reflect tax law changes for 2004.
Requested Reporting Date
The brokerage community has requested that funds provide year-end tax information
on the Primary Layout no later than January 10, 2005. Information on the Secondary Layout is
requested no later than January 17, 2005. Any fund complex that requires additional time to
prepare the data should communicate with the brokers and banks that sell their funds to
arrange an alternate date.
1 Hard copies of the documents and spreadsheets are available to the Institute’s members upon request to the
Institute’s Ezella Wynn (ewynn@ici.org or 202/218-3560).
2
Contact List
As in prior years, the ICI will compile a list of entities that request fund year-end tax
reporting information, the “2004 Contacts List.”2 The list will be updated periodically on the
Institute’s members only website at http://members.ici.org/yearendtax.do as additional
requests are received. Each fund complex should determine whether it is appropriate for these
entities to receive data regarding their funds.
Access to Real Estate Investment Trust (“REIT”) Tax Reporting Information
REIT year-end tax reporting information is available directly from the National
Association of Real Estate Investment Trusts® (“NAREIT”) website.3 Additionally, Institute
members that are RICs may access the REIT information, as well as their own funds’
information, from Wall Street Concepts’ web site at www.wsc.com. Existing passwords for
Wall Street Concepts will remain valid for the 2004 tax season. Questions and requests for new
passwords should be directed to reitinfo@wsc.com.
* * *
The Primary and Secondary Layouts and accompanying instructions are intended to
assist mutual funds in disseminating data for tax reporting purposes to brokers and banks. The
rules governing the proper tax characterization of distributions by mutual funds can be
complex. Each fund should consult its own tax advisor regarding the proper tax
characterization and reporting of the fund’s distributions.
Catherine Barré Kathleen C. Joaquin
Associate Counsel Director - Operations & Distribution
Attachments
Attachment no. 1 (in .pdf format)
2 Please note that the American Bankers Association and the Securities Industry Association have elected not to
provide a listing of banks and broker contacts to receive 2004 year-end tax information from RICs.
3 See, www.nareit.com/researchandstatistics/1099info.cfm.