IRS Notice: Corporate Stock Repurchase Excise Tax Initial Guidance (IRC §4501)

Interim guidance addressing the application of the new 1% excise tax on the aggregate fair market value of stock repurchased by certain corporations under I.R.C. §4501, the IRS provided Dec. 27 while announcing that proposed regulations are forthcoming. The new Code section was added by the Inflation Reduction Act of 2022 (Pub. L. No. 117-169, Aug. 16, 2022). [IRS News Release IR-2022-228 (Dec. 27, 2022); IRS Notice 2023-2, 2023-3 I.R.B. __ (Jan. 17, 2023)]

Reference:
View News Release, View Notice.