RP-2016-39 & TD 9774

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July 7, 2016

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Issue Number: RP-2016-39 & TD 9774

Inside This Issue

Revenue Procedure 2016-39 provides the procedures by which a taxpayer may obtain the automatic consent of the Commissioner of Internal Revenue (Commissioner) to change to or from the net asset value (NAV) method of accounting provided in § 1.446-7 of the Income Tax Regulations for gain or loss on shares in a money market fund (MMF). This revenue procedure modifies Rev. Proc. 2016-29, 2016-21 I.R.B. 1.

TD 9774 Method of Accounting for Gains and Losses on Shares in Money Market Funds: Broker Returns with Respect to Sales of Shares in Money Market Funds

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