Rev. Proc. 76-2

Section 1. Purpose.

The purpose of this Revenue Procedure is to set forth acceptable language for the penalties of perjury statement required in connection with requests for rulings under sections 367 and 1492 of the Internal Revenue Code of 1954.

Sec. 2. Background.

Section 367(a) of the Code provides, in part, that in determining the extent to which gain will be recognized in the case of certain exchanges set forth therein, a foreign corporation will not be considered as a corporation unless before the exchanges it has been established to the satisfaction of the Secretary or his delegate that the exchanges are not in pursuance of a plan having as one of its principal purposes the avoidance of Federal income taxes. For this purpose, section 1.367-1 of the Income Tax Regulations provides, in part, that a ruling letter from the Commissioner of Internal Revenue is required.

Section 1492(2) of the Code provides, in part, that the excise tax imposed by section 1491 on the transfer of stock or securities to a foreign corporation, foreign trust, or foreign partnership will not apply if before the transfer it has been established to the satisfaction of the Secretary or the Secretary's delegate that the transfer is not in pursuance of a plan having as one of its principal purposes the avoidance of Federal income taxes. For this purpose, section 1.1492-1(b) of the regulations provides, in part, that a ruling letter from the Commissioner of Internal Revenue is required.

Sections 1.367-1 and 1.1492-1 of the regulations require in connection with request for rulings under sections 367 and 1492, respectively, of the Code that a statement of facts relating to the plan be submitted under penalties of perjury.

Sec. 3. Penalties of perjury statement.

The penalties of perjury statement to be submitted by the taxpayer should contain the following language:

"Under penalties of perjury, I declare that I have examined the statement of facts contained in the request for ruling dated and to the best of my knowledge and belief, it is true, correct, and complete."

It is not necessary to notarize the penalties of perjury statement.