The 1997 Blue Book states that where either position in such an
identified transaction is an appreciated financial position and a constructive sale of that position results from acquiring the second position, Congress intended that the constructive sale would be treated as having occurred immediately before the
identified transaction.
Indeed, clear guidance from MRQ identifying such transactions would make the broad-based mandatory early disclosure regime unnecessary because (1) it would deter most taxpayers from entering into the transactions and (2) auditors could simply ask taxpayers whether they had engaged in any
identified transaction. Thus, we recommend that the mandatory early disclosure rules be abandoned and that MRQ develop and issue a list of transactions that it considers ATP.
Although Notice 2008-99 is effective as of October 31, 2008, a transaction that is the same as, or substantially similar to, the
identified transaction must be disclosed if it was entered into after November 2, 2006.
The court's opinion also narrowly interpreted the circumstances under which a third party could bring a negligent misrepresentation claim by requiring the auditor to have knowledge of the specific
identified transaction contemplated by a third party.
All promulgated guidance requires that a hedging instrument be linked to a specific current or future
identified transaction, asset or liability.
(33) A listed transaction also includes transactions that are "substantially similar" to an
identified transaction. (34)
[A] hedging transaction means an
identified transaction which the taxpayer executes in the normal course of his or her trade or business primarily to reduce certain risks and which results in only ordinary income or loss.
In addition, the State Financial Monitoring Service of Ukraine received 2 information on
identified transactions subject to financial monitoring, totaling more than UAH 29 million.
Fitch
identified transactions where at present commingling risk had been sized for and the application of the proposed changes could impact the ratings.
Blockchain technology builds a ledger of
identified transactions that cannot be altered and is accessible and visible across an open platform of a network of systems.
* Obtain sufficient evidence to evaluate the financial capability of related parties to fulfill the terms of the
identified transactions.
Through its routine monitoring of financial statements has
identified transactions in a listed company, where funds of the listed company were being diverted into the personal business of the directors.
