Rev. Proc. 70-3

Section 1. Purpose

The purpose of this Revenue Procedure is to provide for the filing of information returns for 1969 in respect of holders of interests in unit investment trusts described in section 851(f) of the Internal Revenue Code of 1954.

Sec. 2. Background

Section 908 of the Tax Reform Act of 1969, Public Law 91-172, approved December 30, 1969, C.B. 1969-3, 10, added section 851(f) to the Code. This section provides that certain unit investment trusts shall not be treated as persons for the purposes of the Code. This provision is effective for taxable years of unit investment trusts ending after December 31, 1968, and for taxable years of holders of interests in such trusts ending with or within such taxable years of such trusts.

Sec. 3. Procedure

Pending the development of Income Tax Regulations under sections 6042 and 6109 of the Code reflecting changes under the Act, the Service will accept information returns on Form 1099M, U.S. Information Return of Distributions by Regulated Investment Companies During Calendar Year --.

¹ Also released as News Release IR-1015, dated Feb. 9, 1970.