SECTION 4. EFFECTIVE DATES

This Notice is effective for transfers made after August 5, 1997 and before January 1, 1998. The Form 926 reporting such transfers must be filed with the transferor’s timely-filed (including extensions) income tax return or information return for the period in which the transfers occur. Transferors choosing to report under these rules in respect of transfers subject to section 1494(c), must file a Form 926 including the information required by this Notice with their return for the first taxable year beginning on or after January 1, 1997 (the reporting deadline under Notice 97–42).