INCOME TAX

Rev. Rul. 99–58, page 701. Continuity of interest on repurchase of issuer’s shares. This ruling holds that an open market repurchase of shares through a broker, following a potential reorganization, has no effect on continuity of interest in a potential reorganization.

T.D. 8847, page 701. Final regulations under section 743, 755, and 1017 of the Code provide guidance to partnerships and their partners concerning the optional adjustments to the basis of partnership property, the allocation of basis adjustments among partnership assets, and the computation of a partner’s share of the adjusted basis of depreciable partnership property.

Rev. Proc. 99–50, page 757. Combined information reporting. Combined information reporting by a successor business entity following a merger or acquisition is permitted in certain situations. Rev. Proc. 90–57 and Rev. Rul. 69-556 modified and superseded.