[Code of Federal Regulations]
[Title 26, Volume 8]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.679-7]

[Page 322]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.679-7  Effective dates.

    (a) In general. Except as provided in paragraph (b) of this section, 
the rules of Sec. Sec. 1.679-1, 1.679-2, 1.679-3, and 1.679-4 apply 
with respect to transfers after August 7, 2000.
    (b) Special rules. (1) The rules of Sec. 1.679-4(c) and (d) apply 
to an obligation issued after February 6, 1995, whether or not in 
accordance with a pre-existing arrangement or understanding. For 
purposes of the rules of Sec. 1.679-4(c) and (d), if an obligation 
issued on or before February 6, 1995, is modified after that date, and 
the modification is a significant modification within the meaning of 
Sec. 1.1001-3, the obligation is treated as if it were issued on the 
date of the modification. However, the penalty provided in section 6677 
applies only to a failure to report transfers in exchange for 
obligations issued after August 20, 1996.
    (2) The rules of Sec. 1.679-5 apply to persons whose residency 
starting date is after August 7, 2000.
    (3) The rules of Sec. 1.679-6 apply to trusts that become foreign 
trusts after August 7, 2000.

[T.D. 8955, 66 FR 37889, July 20, 2001]

                              miscellaneous