US Treasury and IRS ponder CDSs

Of particular concern is the treatment of payments made by US institutions to organisations based outside the US. The Treasury and IRS have promised a careful study in order to provide appropriate guidance.

“This is an important market that has grown very rapidly and continues to evolve,” said Gregory Jenner, acting assistant secretary for tax policy. According to the International Swaps and Derivatives year-end market survey 2003, outstanding notional volume of CDSs had reached some $3.58 billion.

“We understand the need for guidance in this area,” added Jenner. “The purpose of this notice is to ask for the information we need in order to be able to provide the specific and comprehensive guidance taxpayers have requested.”

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