This procedure provides guidance to persons who may be required to pay certain penalties under sections 6662(h), 6662A, or 6707A of the Code, and who may be required under section 6707A(e) to disclose those penalties on reports filed with the Securities and Exchange Commission (SEC). The procedure describes the report on which the disclosures must be made, the information that must be disclosed, and the deadlines by which persons must make the disclosures on reports filed with the SEC in order to avoid additional penalties under section 6707A(e).

This document contains corrections to proposed regulations (REG-102144-04, 2005-25 I.R.B. 1297) relating to dual consolidated loss issues.

This document contains corrections to proposed regulations (REG-100420-03, 2005-24 I.R.B. 1236) relating to elective safe harbor for dealers and traders in securities and commodities.