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Rev. Proc. 63-20

Rev. Proc. 63-20; 1963-2 C.B. 754

DATED
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Citations: Rev. Proc. 63-20; 1963-2 C.B. 754

Superseded by Rev. Proc. 64-31

Rev. Proc. 63-20 1

Inquiries have been received concerning the scope of the "no-ruling" policy set forth in section 3.01 of Revenue Procedure 62-32, C.B. 1962-2, 527, at 529, regarding the transfer of appreciated stocks or securities to a newly organized investment company in exchange for shares of the stock of such investment company, as a result of solicitation by promoters, brokers, or investment houses, in connection with section 351 of the Internal Revenue Code of 1954 and certain acquisitions in connection with section 368 of the Code. This policy is equally applicable to such transfers to, or acquisition by, a partnership, trust, association, or similar entity in exchange for interests therein. Revenue Procedure 62-32 is hereby amplified.

1 Based on Technical Information Release 486, dated June 20, 1963.

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