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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
July 22, 1999
WEITZER HOMEBUILDERS INCORPORATED
(Exact Name of Registrant as Specified in Charter)
FLORIDA 0-25850 65-0502494
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
14505 Commerce Way, Suite 400
Miami Lakes, Florida 33016
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (305) 819-4663
N/A
(Former Name or Former Address; if Changed Since Last Report)
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ITEM 5. Other Events.
On July 22, 1999, Weitzer Homebuilders Incorporated (the "Registrant"),
filed with the Internal Revenue Service a consent pursuant to Section 341(f)(1)
of the Internal Revenue Code of 1986, as amended (the "Code"), to recognize gain
on any disposition by the Registrant of its "Subsection (f) assets" in
accordance with Code Section 341(f)(2). This consent permits shareholders of the
Registrant who otherwise would be subject to the ordinary income rules of Code
Section 341(a), to sell shares of the Registrant's capital stock during the six
month period starting on the date of filing of the consent without being subject
to such rules. These ordinary income rules generally do not apply to
shareholders who have never held more than five percent of the capital stock of
the Registrant, directly, indirectly or constructively. If a shareholder which
holds or has held more than five percent of the Registrant's capital stock under
the applicable rules sells any such capital stock within the six-month period
after filing, Treasury Regulations, promulgated under the Code, require the
shareholder to notify the Registrant of the date of such sale within five days
of the sale. These regulations also require that such shareholder attach a copy
of the Registrant's consent to the shareholder's income tax return for the year
of the sale. The foregoing description of the consent filing is subject to
certain exceptions and additional rules, depending upon the circumstances of the
particular shareholder; accordingly, all shareholders are urged to consult with
their own respective advisers regarding the same. Notwithstanding anything
contained herein to the contrary, nothing herein should be deemed or construed,
directly or indirectly, as the rendering of tax advice to any person by the
Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
WEITZER HOMEBUILDERS INCORPORATED
By: /s/ Harry Weitzer
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Harry Weitzer, President
July 22, 1999
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