INCOME TAX

Notice 2011–45, page 886. This notice informs tax practitioners that until all of the conditions for becoming a registered tax return preparer are able to be satisfied, no individual may represent that he or she is a registered tax return preparer. This notice also informs tax practitioners that registered tax return preparers will be required to add a specified statement to all mediums of paid advertising and broadcasting.

Rev. Proc. 2011–35, page 890. This procedure provides survey guidelines and estimation procedures to be used for determining basis in stock acquired in transferred basis transactions. This procedure updates and expands Rev. Proc. 81–70, while at the same time it obsoletes Rev. Proc. 81–70 and Notice 2009–4 with respect to transferred basis transactions completed on or after June 20, 2011. Rev. Proc. 81–70 and Notice 2009–4 obsoleted in part.