Rev. Proc. 77-45

Section 3 of Rev. Proc. 72-9, 1972-1 C.B. 718, contains a list of areas of the Internal Revenue Code of 1954 in which the Internal Revenue Service will not issue advance rulings or determination letters. Rev. Proc. 72-9 is amplified by the addition of the following paragraph to section 3.01:

Section 302 -- Redemption of Stock. Whether section 302(b) applies to a redemption of stock if after the redemption the distributing corporation uses property that is owned by the shareholder from whom the stock is redeemed and the payments by the corporation for the use of the property are dependent upon the corporation's future earnings or subordinate to the claims of the corporation's general creditors. Payments for the use of property will not be considered to be dependent upon future earnings merely because they are based on a fixed percentage of receipts or sales.

Rev. Proc. 72-9 is amplified.