Interim Guidance on Stock Buyback Excise Tax Confirms Broad Application to M&A and Capital Market Transactions
Cooley M&A
JANUARY 19, 2023
1] On December 27, 2022, the Department of the Treasury (“Treasury”) and the IRS issued Notice 2023-2 (the “Notice”), providing interim guidance on the Excise Tax. SPAC stock issued in a private investment in public equity financing or in a deSPAC transaction) would reduce the Excise Tax under the “netting rule.”
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