Publication 1212

Publication 1212

A form published by the IRS explaining tax matters related to original issue discount bonds. The publication contains information relevant to both bondholders and to brokers and dealers.
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This requirement facilitates the IRS's publication of OID information in Publication 1212, Guide to Original Issue Discount (OID) Instruments.
IRS Publication 1212 is the primary tool for insuring for information reporting on original issue discount instruments.
OID bonds are to appear in IRS Publication 1212 after bond issuers -- primarily corporations -- supply IRS with information by filing Form 8281, Information Return for Publicly Offered Original Issue Discount Instruments.
IRS Publication 1212, List of Original Issue Discount Instruments, contains a list of OID instruments.
Issuers of publicly offered OID instruments must report OID to the IRS for inclusion in Publication 1212. Publication 1212, revised each October, serves two purposes: 1) it assists brokers and other middlemen in identifying publicly issued OID instruments so they may comply with OID reporting requirements, and 2) it helps OID debt instrument holders calculate the correct amount of OID to report on their tax returns.
In any of the above situations, the taxpayer must recompute the reportable OID and should consult Publication 1212 for detailed rules and examples.