*
See Institute Memorandum to Tax Members No. 24-92, Operations Members No. 16-92, Closed-
End Fund Members No. 20-92, Unit Investment Trust Members No. 26-92 and Transfer Agent Advisory
Committee No. 21-92, dated April 16, 1992.
September 13, 1993
TO: CLOSED-END FUND MEMBERS NO. 28-93
OPERATIONS MEMBERS NO. 31-93
TAX MEMBERS NO. 33-93
TRANSFER AGENT ADVISORY COMMITTEE NO. 48-93
UNIT INVESTMENT TRUST MEMBERS NO. 33-93
RE: IRS UPDATES B NOTICE REVENUE PROCEDURE
__________________________________________________________
The attached Internal Revenue Service ("IRS") Revenue Procedure (No. 93-
37) provides rules for imposing backup withholding under section 3406(a)(1)(B)
of the Internal Revenue Code ("B Notice withholding"). The revenue procedure
provides rules regarding the form, content and manner of delivery of the
notice that payers must send to payees after being informed by IRS or a broker
that the name and taxpayer identification number ("TIN") on a particular
account do not "match" IRS or Social Security Administration records.
Additional rules are provided regarding the notification that payers must
receive in certain cases to prevent backup withholding from starting or to
stop backup withholding once it has begun.
Rev. Proc. 93-37 updates, restates and supersedes Rev. Proc. 92-32* with
respect to B Notices issued by payers on or after September 1, 1993. The
changes made by Rev. Proc. 93-37 to Rev. Proc. 92-32 are summarized in section
3.
We have just been informed by IRS personnel that the B Notice mailings
will be dated October 25, rather than October 18, and will be mailed two to
three weeks prior to October 25. We will keep you informed of developments.
Keith D. Lawson
Associate Counsel - Tax
Attachment