Rev. Proc. 82-50

Section 1. Background

Rev. Proc. 82-22, 1982-1 C.B. 469, provides a list of those areas of the Internal Revenue Code under the jurisdiction of the Associate Chief Counsel (Technical) which are under extensive study and in which ruling or determination letters will not be issued until the Service resolves the issue through publication of a revenue ruling, revenue procedure, regulations, or otherwise. A list of those areas is set forth in section 5 of the Rev. Proc.

Section 2. Procedure

Rev. Proc. 82-22 is amplified to include the following under section 5:

Section 368. -- Definitions relating to Corporate Reorganizations. -- Whether a transaction qualifies under either section 368(a)(1)(B) of the Code or section 351(a) by reason of Rev. Rul. 67-448, 1967-2 C.B. 144, when the same transaction is structured under sections 368(a)(1)(A) and 368(a)(2)(E) (as a reverse triangular merger) and fails to qualify for an advance ruling under those sections merely because (i) the "substantially all" requirement set forth in section 3.01 of Rev. Proc. 77-37, 1977-2 C.B. 568, is not met, or (ii) the "control" requirement of section 368(a)(2)(E)(ii) is not met where the step transaction doctrine may be applied to treat a prior redemption of stock as part of the plan of reorganization.

Section 3. Effective Date

This revenue procedure will apply to all ruling requests on hand in the National Office on August 23, 1982, the date of publication of this revenue procedure in the Internal Revenue Bulletin, as well as to requests received thereafter.

Section 4. Effect on Other Revenue Procedures

Rev. Proc. 82-22 is amplified.