• Newsroom»
  • Alerts»
  • Treasury, IRS Announce Relief for Securities Lenders

Alert

Recommended Alerts

Sign Up For Alerts

IRS Guidance Answers Certain Questions for SPACs on Applicability of Excise Tax, but Some Uncertainty Remains

On December 27, 2022, the IRS released initial guidance on the stock buyback excise tax (“Excise Tax”) enacted as part of the Inflation Reduction Act in August 2022, as discussed in our prior Alert. Notice 2023-2 (the “Notice”) provides interim guidance on which taxpayers may rely pending issuance of regulations, and addresses several ambiguities in the application of the Excise Tax. This Alert discusses the impact of this interim guidance on special purpose acquisition company (“SPAC”) operations and transactions.

Read More

Treasury, IRS Announce Relief for Securities Lenders


Time to Read: 1 minutes Practices: Tax

Printer-Friendly Version

Today, the U.S. Department of the Treasury ("Treasury") and the Internal Revenue Service ("IRS") announced relief for securities lenders who potentially had been subject to taxable capital gains and disallowance of losses from lending their securities to Lehman Brothers and its affiliates, which could not return the securities due to bankruptcy. Last week, Ropes & Gray had requested guidance for these lenders from Treasury and the IRS, and we are pleased with today's announcement. To read our request for guidance, please click here; to read the announced guidance, please click here. If you have questions related to the new guidance, please contact Rom Watson or your usual Ropes & Gray advisor.

Printer-Friendly Version

Attorneys

Cookie Settings