Rev. Proc. 79-68

Rev. Proc. 79-14, 1979-1 C.B. 496, provides a list of those areas of the Internal Revenue Code under the jurisdiction of the Assistant Commissioner (Technical) in which the Internal Revenue Service will not issue advance rulings or determination letters. Section 3.01 of Rev. Proc. 79-14 is amplified to include the following:

Section 368--Definitions Relating to Corporate Reorganizations. Whether the continuity of business enterprise requirement of section 1.368-1(b) of the regulations is satisfied if the transferee corporation does not continue the historic business (the business conducted most recently) of the transferor corporation or, when such business is not continued, the transferee does not use a significant portion of the assets of the transferor's historic business in the transferee's business. Rulings on this matter will be issued after the regulations clarifying the continuity of business requirement are finalized. These regulations were published as a notice of proposed rule making in the Federal Register of December 28, 1979. See Rev. Rul. 79-433, page 155, this Bulletin.

Rev. Proc. 79-14 is amplified.