Rev. Proc. 76-44

Rev. Proc. 75-29, 1975-1 C.B. 754, describes two types of closing agreement that the Internal Revenue Service will generally enter into in certain transactions as a condition to issuing favorable rulings pursuant to section 367 of the Internal Revenue Code of 1954.

Rev. Proc. 76-4, 1976-1 C.B. 543, modified Rev. Proc. 75-29 to provide that the closing agreement described in section 2 of Rev. Proc. 75-29 would remain available to taxpayers whose ruling requests are received by the National Office on or before December 31, 1976.

Rev. Proc. 76-4 is modified by extending the December 31, 1976 cutoff date for the closing agreement described in section 2 of Rev. Proc. 75-29 to include all ruling requests involving exchanges beginning before January 1, 1978.

Rev. Proc. 76-4 is modified.