1 See, e.g., Institute Memoranda to Tax Members No. 27-97, Accounting/Treasurers Members No. 31-97, Operations
Members No. 13-97, International Members No. 12-97, Closed-End Investment Company Members No. 23-97, Unit
Investment Trust Members No. 28-97 and Transfer Agent Advisory Committee No. 36-97, dated August 1, 1997; and
to Pension Members No. 30-97, Tax Members No. 30-97, Operations Committee No. 25-97, Pension Operations
Advisory Committee No. 25-97 and Transfer Agent Advisory Committee No. 38-97, dated August 5, 1997.
August 5, 1997
TO: TAX COMMITTEE No. 23-97
PENSION COMMITTEE No. 29-97
OPERATIONS COMMITTEE No. 28-97
ACCOUNTING/TREASURERS COMMITTEE No. 22-97
TRANSFER AGENT ADVISORY COMMITTEE No. 39-97
PENSION OPERATIONS ADVISORY COMMITTEE No. 26-97
RE: SEPTEMBER 3 MEETING ON TAXPAYER RELIEF ACT OF 1997
______________________________________________________________________________
A special one-day joint meeting of Institute committees will be held on Wednesday,
September 3, beginning at 10:00 a.m., to discuss those provisions of "The Taxpayer Relief Act of
1997" of interest to investment companies and their shareholders.1 The meeting first will
consider "tax" issues such as the new capital gains rules and the passive foreign investment
company ("PFIC") mark-to-market regime. At approximately 1:00 p.m. (following lunch), the
meeting will turn to "pension" issues such as the new Education IRA and Roth IRA.
In particular, the meeting will focus on those provisions of the Act (1) on which
regulatory guidance will be needed and/or (2) that will create operational difficulties. For
example, the discussion of the new capital gains rules will focus on "guidance" questions, such
as how the new categories of gains and losses should be "netted" and the authority for
"designating" gain distributions to shareholders, as well as the more "operational" issues of how
funds will track and report these gains to shareholders on year-end tax statements.
A meeting agenda and other materials for the meeting will be provided to anyone
submitting the attached meeting response form by Friday, August 29, 1997. If you cannot
attend the meeting but would like a copy of the agenda and meeting materials, please check the
meeting response form’s "cannot attend/please send materials" box.
We look forward to seeing you on September 3.
Keith D. Lawson Kathryn A. Ricard
Associate Counsel - Tax Assistant Counsel - Pension
Attachment
ATTENDANCE RESPONSE FORM
INVESTMENT COMPANY INSTITUTE
MEETING ON THE TAXPAYER RELIEF ACT OF 1997
Wednesday, September 3, 1997
Please fax this portion no later than Friday, August 29, 1997
to Theresa Brice at 202-326-5839.
YES NO
____ ____ TAX ISSUES - 10:00 a.m.
____ ____ LUNCH - 12:00 Noon (Approximately)
____ ____ PENSION ISSUES - 1:00 p.m. (Approximately)
___________________________________________
COMMITTEE MEMBER’S NAME
or __________________________________
ALTERNATE’S NAME
_________________________________________________
COMPANY NAME
Please check here if you need special services due to a disability.
CANNOT ATTEND/PLEASE SEND MATERIALS. (Please type or print clearly.)
Name
Company
Address