Comments Sought on New Broker Reporting Requirements with Respect to Customers' Basis in Securities Transactions (Notice 2009-17)

The Treasury Department and the IRS invite public comments regarding guidance to be provided to brokers, transferors, issuers, customers, and other affected persons concerning new requirements under Code Sec. 6045(g), Code Sec. 6045A and Code Sec. 6045B with respect to the reporting of a customer's basis in securities transactions, and new rules for determining the basis of certain securities subject to the new reporting requirements. Topics for which comments are specifically requested include reporting requirements, basis method elections, dividend reinvestment plans, reconciliation with customer reporting, special rules and mechanical issues, transfer reporting, issuer reporting, and broker practices and procedures. These new requirements and rules generally begin to take effect on January 1, 2011.

Interested parties are invited to submit comments by Monday, March 2, 2009. Written comments should be submitted to: Internal Revenue Service, CC:PA:LPD:PR (Notice 2009-17), Room 5203, P.O. Box 7604, Ben Franklin Station, Washington, D.C. 20044.

Notice 2009-17, 2009FED ¶46,265