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On September 12, 2012, the IRS issued new regulations defining when property is “publicly traded” for purposes of determining the issue price of a debt instrument that is issued for property or treated as issued for property, as is the case when a debt instrument is “significantly modified” in a restructuring. The new regulations largely follow proposed regulations issued on January 6, 2011, which significantly expanded the definition of publicly traded property. As a result, the new regulations generally increase the situations in which issuers will realize “cancellation of debt” (“COD”) income upon a debt restructuring