INCOME TAX

Rev. Rul. 2000–12, page 744. Treatment of certain debt acquisitions. This ruling addresses three situations in which a taxpayer acquires two debt instruments that are structured so that it is expected that the value of one will increase significantly, at the same time that the value of the other one decreases significantly, and holds that in each situation the taxpayer cannot recognize the claimed loss on the sale of the debt instrument that decreases in value while not recognizing the gain on the other debt instrument.

T.D. 8877, page 747. REG–103735–00, page 770. Proposed and temporary regulations require certain corporate taxpayers to file a statement with their federal corporate income tax returns under section 6011(a) of the Code. A public hearing is scheduled for June 20, 2000.