IRS issuance of Form 8937 (posted to IRS website on Jan. 13, 2012)

(IRS issues new Form 8937 and instructions for use by corporations to report transactions that impact shareholder stock basis; Form issued in accordance with tax reporting rules that became effective Jan. 1, 2011; Form must generally be filed by the earlier of January 15 of the year after the year in which transaction occurs or within 45 days after transaction; filing requirement applicable to public, private, domestic and foreign corporations; filing requirement applicable when corporate transaction impacts basis of all stockholders or holders of particular class of stock (or specified securities); S corporations satisfy reporting requirements by including impact of corporation transaction on timely-filed Schedule K-1; filing requirement avoidable if corporation posts "completed Form 8937" on corporate website; failure to comply with filing requirement results in $100 penalty per information return (up to $1.5 million annual maximum and additional $100 penalty for each shareholder (up to $1.5 million annual maximum).

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