Highlights of the proposed regulations, which affect transactions as early as January 1, 2013, include guidance on:
- The reporting of gross proceeds from a sale or closing transaction with respect to certain options;
- The computation and reporting of adjusted cost basis reported on either the sale of certain debt instruments or certain options;
- The information required to be reported on transfers of a debt instrument or an option to another broker; and
- Reporting for organizational actions that affect the basis of a debt instrument or option.
A public hearing has been scheduled for March 16, 2012. The IRS has requested that comments be submitted by February 24, 2012.