*Letters

SIA Submits Comments to the IRS on a Proposal Regarding Safe Harbor Under Section 475

Published on:
July 30, 2003

The Securities Industry Association (SIA)* provides comments to the Internal Revenue Service (IRS) on the Advance Notice of Proposed Rulemaking: Safe Harbor for Satisfying Statutory Requirements for Validation under Section 475 for Certain Securities and Commodities (the Notice). The Notice proposes a framework for developing an elective safe harbor to determine the fair market values of securities held by dealers therein for purposes of section 475 of the Internal Revenue Code. SIA believes that a safe harbor based on book-tax conformity and the principles outlined in the Noticeare the best means of establishing a streamlined, effective and accurate process for auditing compliance with section 475. SIA urges the IRS to consider making the safe-harbor available to taxpayers retroactively.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.

Details

Download

More Content

  • Letters
    Oct 22, 2026

    Treasury/IRS Notice 2026-49: Guidance on Section 324 of the SECURE 2.0 Act with Respect to Rollovers

    SIFMA supports modernizing retirement plan rollovers through standardized electronic processes, fraud safeguards and appropriate implementation timelines.
  • Amicus Briefs
    Oct 21, 2026

    In re USD LIBOR Litigation

  • Letters
    Oct 20, 2026

    SEC’s Proposed Rule Regulation Crypto Assets

    SIFMA and SIFMA AMG provide recommendations to the SEC on its proposed crypto asset regulation, addressing regulatory clarity, implementation and investor protection.

Get the latest trends, stats, and research on financial markets and securities.