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TREAS/IRS RIN: 1545-BN85 Publication ID: Spring 2024 
Title: Limitation on Bond Repurchase Premium Deduction on Convertible Debt 
Abstract:

The proposed regulations will revise the guidance under section 249 of the Internal Revenue Code relating to the limitation on the deduction for bond repurchase premium on convertible debt. For example, to reduce controversies between taxpayers and the IRS, the proposed regulations will revise the existing guidance to provide clearer standards to determine the amount of any bond repurchase premium that is deductible by the issuer.

 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 26 CFR 1.249-1   
Legal Authority: 26 U.S.C. 7805    26 U.S.C. 249   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  12/00/2024 
Additional Information: REG-127325-15 (NPRM) Drafter attorney: Tom Coony (202) 317-4321 Reviewer attorney: Jonathan LaPlante (202) 317-6945 Treasury attorney: N/A CC:FIP
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Thomas Coony
Attorney
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW., Room 3547,
Washington, DC 20224
Phone:202 317-4321
Fax:855 574-9023
Email: thomas.e.coony@irscounsel.treas.gov