[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