Rev. Proc. 76-1

Rev. Proc. 72-9, 1972-1 C.B. 718, as amplified by Rev. Proc. 74-22, 1974-2 C.B. 476, sets forth those areas of the Internal Revenue Code of 1954 in which the Internal Revenue Service will not issue advance rulings or determination letters.

Section 3 of Rev. Proc. 72-9 lists areas in which rulings or determination letters will not be issued. Rev. Proc. 72-9 is amplified by the addition of the following area to section 3.01:

Section 302.--Redemption of Stock. Whether section 302(b) applies where the consideration given in redemption by the corporation in exchange for a shareholder's stock in the corporation consists entirely or partly of the corporation's promise to pay an amount that is based upon or contingent on future earnings of the corporation.