Philip Levine wrote this bylined article assessing the future of IRS Rev. Rul. 78-130 regarding stock transfer and liquidation. “The IRS would be well advised to either revoke Rev. Rul. 78-130 … or endorse its ongoing vitality,” Mr. Levine wrote. “It appears that simply labeling Rev. Rul. 78-130 as obsolete (either formally or informally) may not be sufficient,” given the IRS definition of that term.