Rev. Proc. 66-12

On August 5, 1965, proposed regulations under section 1038 of the Internal Revenue Code of 1954, relating to certain reacquisitions of real property, were published in the Federal Register (30 F.R. 9768).

Consistent with the announcement in Technical Information Release 753, dated August 6, 1965, the Internal Revenue Service will accept as valid, elections made before September 4, 1965, in accordance with those proposed regulations to have the provisions of section 1038 of the Code apply to reacquisitions of real property occurring in certain taxable years beginning after December 31, 1957, and before September 3, 1964.