Bulletin No. 2003–21 May 27, 2003

Announcement 2003–35, page 956. This document sets forth an advance notice of proposed rulemaking (REG–100420–03) and asks for comments on a possible safe harbor the IRS and the Treasury Department are considering that would allow a financial statement-tax conformity approach to valuation of certain securities and commodities for purposes of section 475 of the Code. This approach would be elective and would have certain requirements that must be met before the safe harbor could be used, including recordkeeping and record production requirements. The ANPRM also seeks comments on any other alternative valuation methodology.