Notice 2014-51 announces that the Treasury Department and the IRS will amend the regulations under Section 1298(f) of the Internal Revenue Code to provide guidance concerning US persons that hold PFIC stock within the meaning of Section 1297(a) that is marked to market under Section 475 or another chapter 1 code provision other than Section 1296.  Specifically, the amendment will provide an exception from the reporting requirements of Treas. Reg.  § 1.1298-1T with respect to PFIC stock that is marked to market under a non-Section 1296 mark-to-market regime.  The exception will not be available to the extent PFIC stock held by a US person is not in fact marked to market for any reason, including, for example, because it is treated as held for investment or as a hedge under Section 475.

Notice 2014-51 will be published in Internal Revenue Bulletin 2014-40 on Sept. 29, 2014.