We are acquiring a bank with 3 branches. We have reviewed the bank's exemption list and supporting documentation and will be exempting the customers as well. Do we file an amended Designation of Exempt Person form using the date of the original designation or have the bank revoke their exemption and file a new one for our bank? Any help would be appreciated. I have been trying to get ahold of the IRS but haven't gotten a call back.

Thanks

IRS guidance provided to us last year indicated that the acquiring bank should submit initial DEP forms. They should be considered new exemptions for the acquiring bank. (We do not have to wait the normal 12 month period to establish a transaction pattern nor wait until we meet the "frequency" requirement for existing Phase II exemptions. We can use the prior history established on the account for these purposes.) IRS indicated that it is not necessary for either bank to revoke the exemptions that existed under the "old" bank.

Thank you, do you know where I could find this guidance?