Notice 2023-2 announces upcoming proposed regulations and provides interim guidance under Internal Revenue Code Section 4501, which generally imposes a non-deductible, 1% excise tax on the fair market value (FMV) of repurchases of corporate stock made after 31 December 2022.The Notice confirms that transactions such as preferred stock redemptions and certain leveraged buyout transactions are subject to the 1% excise tax.Some "outlier" transactions, such as Internal Revenue Code Section 304(a)(1) transactions and complete liquidations, will not be treated as repurchases subject to the excise tax. There will be significant compliance burdens to calculating the stock repurchase excise tax base.Notice 2023-2 (Notice)...