Section 1. General

Section 2. Tape Specifications Section 3. Tape Cartridge Specifi- cations Section 4. 5 ¹ ⁄4- and 3 ¹ ⁄2-Inch Diskette Specifications Section 5. Data Sequence Specifications Section 6. The Transmitter ‘‘T’’ Record Section 7. Recipient ‘‘Q’’ Record Section 8. Withholding Agent ‘‘W’’ Record Section 9. End of Transmission ‘‘Y’’ Record

Part C. Bisynchronous (Mainframe)

Electronic Filing Specifications

Section 1. General Section 2. Electronic Filing Ap- proval Procedure Section 3. Test Files Section 4. Electronic Submissions Section 5. Transmittal Requirements Section 6. IBM 3780 Bisyn- chronous Communi- cation Specifications

Section 7. Bisynchronous Elec- tronic Filing Record Specifications

Part D. Asynchronous (IRP–BBS)

Electronic Filing Specifications

Section 1. General Section 2. Electronic Filing Ap- proval Procedure Section 3. Test Files Section 4. Electronic Submissions Section 5. Transmittal Requirements Section 6. Information Reporting Program Bulletin Board System (IRP– BBS) Specifications Section 7. IRP–BBS First Logon Procedures

Part E. Magnetic/Electronic Specifica-

tion for Extension Of Time

Section 1. General Information Section 2. Magnetic Tape, Tape Cartridge, 5 ¹ ⁄4- and 3 ¹ ⁄2-inch Diskette, and IRP–BBS Specifications Section 3. Record Layout

PART A. GENERAL

SECTION. 1. PURPOSE

.01 The purpose of this revenue procedure is to provide the specifications under which withholding agents may file Form 1042–S, Foreign Person’s U.S. Source Income Subject to Withholding, Magnetically or Electronically.

.02 This revenue procedure supersedes the following: Rev. Proc. 93–16 1993–8 C.B. 844, published as Pub. 1187 (02–93), Specifications for Filing Form 1042–S, Foreign Person’s U.S. Source Income Subject to Withholding, Electronically or on Magnetic Tape, and 5 ¹ ⁄4-, or 3 ¹ ⁄2-Inch Magnetic Diskettes.

.03 Revenue procedures are generally revised annually to reflect legislative and form changes. Comments concerning this revenue procedure, or

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(1) All ‘‘REQUIRED’’ fields were identified.

(2) Tax Year, field positions 2– 3,—Must be incremented by one (from 94 to 95) unless reporting for prior year data.

c) Part B. Sec. 7—Recipient ‘‘Q’’ Record.

(1) All ‘‘Required’’ fields were identified.

(2) Removed all references to ‘‘two or more consecutive imbedded blanks between name parts is not acceptable.’’

(3) Review entire Country Code List, field positions 137–138, for additions and deletions.

(4) Added two new recipient codes, field positions 357–358,—Codes 10 Fiduciary (estate) and 11 Fiduciary (Other).

(5) Added a new Exemption Code 5, field position 370, (Portfolio interest exempt under an Internal Revenue Code Section).

(6) Added new correction indicators, ‘‘V’’ and ‘‘C’’, field position 371, and explained the process of correcting documents using those codes.

(7) Clarified ‘‘Note’’ for field positions 372–373; removed the tax rate chart, and gave reference to the location of it in Publication 515. The Publication 1187 may not be revised each year.

(8) Added Income Code 16 (Compensation for Independent Personal Services) to field positions 430– 439 (Foreign Student Withholding Allowance Amount) and field positions 440–449 (Net Income Amount) d) Part B. Sec. 8—Withholding Agent ‘‘W’’ Record

(1) All ‘‘REQUIRED’’ fields were identified.

(2) Tax Year, field positions 2– 3,—Must be incremented by one (from 94 to 95) unless reporting for prior year data.

e) Part B. Sec. 9—End of Trans- mission ‘‘Y’’ Record

(1) All ‘‘REQUIRED’’ fields were identified.