October 12, 1990
TO: TAX COMMITTEE NO. 28-90
OPERATIONS COMMITTEE NO. 22-90
TRANSFER AGENT ADVISORY COMMITTEE NO. 39-90
RE: OCTOBER 30 MEETING ON BACKUP WITHHOLDING REGULATIONS
__________________________________________________________
As we previously advised you, the IRS has amended the
Treasury Regulations pertaining to backup withholding. (See
Institute Memorandum to Tax Members No. 37-90, Operations Members
No. 27-90, Closed-End Fund Members No. 36-90, Unit Investment
Trust Members No. 61-90, and Transfer Agent Advisory Committee
No. 34-90, dated September 21, 1990.) The amendments pertaining
to B Notices are in temporary and proposed form, effective as of
January 1, 1989, while the other amendments are in proposed form
only. The period for commenting on the proposed regulations
expires on January 25, 1991. (See Institute Memorandum to Tax
Members No. 44-90, Operations Members No. 31-90, Closed-End Fund
Members No. 41-90, Unit Investment Trust Members No. 67-90 and
Transfer Agent Advisory Committee No. 38-90, dated October 12,
1990.)
The Institute will be forming a backup withholding task
force to study these regulations and prepare industry comments on
them. Members of the task force will be encouraged to
participate actively in the discussions and decision-making
process and may be asked to review specific portions of the
regulations and/or industry comments before meetings.
The first meeting of the backup withholding task force will
be held at the Institute on Tuesday, October 30, 1990, at 10:00
a.m. Lunch will be served during the meeting. If you would like
to participate on this task force and attend its first meeting,
please contact Berlaunder Barnes at 202/955-3518 by Friday,
October 26. If you have any questions regarding the task force
or the regulations, please contact me at 202/955-3585.
We will keep you informed of developments.
Keith D. Lawson
Associate General Counsel