IRS provides guidance on repeal of portfolio interest exemption for bearer bonds and the expanded scope of registered obligation

May 2012

Overview

The HIRE Act of 2010 repealed the application of the portfolio interest exemption for certain bearer bonds, expanded the scope of obligations that will be considered to be in registered form, and authorized the Secretary to waive the Form W-8BEN requirement from beneficial owners in appropriate cases. Notice 2012-20, issued March 7, 2012, implements these changes, addresses available exceptions and clarifies compliance procedures.

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