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IRS unveils final rules (T.D. 9599) on when property will be considered to be traded on an established market for purposes of determining the issue price of a debt instrument, with changes that reflect the easing of the debt markets in recent years. IRS says the rules come in response to the increased liquidity and transparency of the debt markets. This has largely done away with concerns about unavailable information on sales and pricing, the agency says. The final rules eliminate a requirement that property be listed on an exchange, increase an exception for small debt issues from $50 million to $100 million, and require that issue price be reported consistently by issuers and holders.
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