Draft Comment Letter on Cost Basis Reporting -- Comments Requested; Conference Call Scheduled for Wednesday, April 8 at 2:00 PM ET

 

ACTION REQUESTED

[23378]

 

April 3, 2009

TO: BROKER/DEALER ADVISORY COMMITTEE No. 19-09
TAX COMMITTEE No. 11-09
TRANSFER AGENT ADVISORY COMMITTEE No. 29-09     RE: DRAFT COMMENT LETTER ON COST BASIS REPORTING -- COMMENTS REQUESTED; CONFERENCE CALL SCHEDULED FOR WEDNESDAY, APRIL 8 AT 2:00 PM ET

 

Attached for your review is a draft ICI letter to the Internal Revenue Service and Treasury Department on the new mandatory cost basis reporting requirement.  [1]  The letter responds to a variety of implementation questions asked by the IRS in Notice 2009-17.  [2]

Please provide any comments to me (202-371-5432 or kgibian@ici.org) at your earliest convenience and in all events no later than 2:00 p.m. on Wednesday, April 8.

We will have a conference call next Wednesday, April 8, at 2:00 p.m. ET to finalize the letter.  If you plan on participating in the conference call, please complete the attached response form and return it to Ezella Wynn by e-mail (ewynn@ici.org) or fax (202-326-5841).  The dial-in number for the call is 800-857-4891 and the passcode is 57186.  If you have comments that you wish to discuss on the call, please provide those comments to me beforehand.

 

Karen Lau Gibian
Associate Counsel

Attachment 

endnotes

 [1]  See Institute Memorandum (22916) to Bank, Trust and Recordkeeping Advisory Committee No. 31-08, Broker/Dealer Advisory Committee No. 37-08, Operations Members No. 17-08, Tax Members No. 40-08, and Transfer Agent Advisory Committee No. 59-08 (among others), dated October 3, 2008.

 [2]  See Institute Memorandum (23244) to Tax Committee No. 4-09, dated February 10, 2009; Memorandum (23261) to Transfer Agent Advisory Committee No. 15-09, dated February 18, 2009.