Life insurance gross income; original issue discount. This ruling concludes that the 1994 publication of regulations concerning original issue discount (OID) rendered obsolete Rev. Rul. 58-225, 1958-1 C.B. 258, which held that a life insurance company must include in taxable income the amount of interest collected in advance under policyholder loans. Rev. Rul. 58-225 obsoleted.

Temporary and proposed regulations under section 6038A of the Code remove the requirement that taxpayers required to file Form 5472 (Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business) must file a duplicate Form 5472 with the Philadelphia Service Center. Corresponding amendments are made to section 1.6038A-1(n)(2) with respect to the effective dates of sections 1.6038A-2(d) and 1.6038A-2(e).

Temporary and proposed regulations under section 6038A of the Code remove the requirement that taxpayers required to file Form 5472 (Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business) must file a duplicate Form 5472 with the Philadelphia Service Center. Corresponding amendments are made to section 1.6038A-1(n)(2) with respect to the effective dates of sections 1.6038A-2(d) and 1.6038A-2(e).

This procedure addresses the tax treatment under sections 1035 and 72 of the Code of the partial exchange of an annuity contract. Specifically, the procedure provides that the direct transfer of a portion of the cash surrender value of an existing annuity contract for a second annuity contract will be treated as a tax-free exchange under section 1035 if no amount other than an amount received as an annuity for a period of 10 years or more, or during one or more lives, is received during the 180 days beginning on the date of the transfer. A subsequent direct transfer of all or a portion of either contract involved in an exchange is not taken into account if the subsequent transfer qualifies (or is intended to qualify) as a tax-free exchange. Other transactions will be characterized consistent with their substance. Prior to this procedure’s effective date, Rev. Proc. 2008-24 will be applied with the clarification that the conditions described in section 4.01(b) of Rev. Proc. 2008-24 will be treated as satisfied if the condition was satisfied on the date of the withdrawal or surrender. Rev. Proc. 2008-24 modified and superseded.

Specifications are set forth for the private printing of paper and laser-printed substitutes for Form 941, Employer’s QUARTERLY Federal Tax Return, Schedule B (Form 941), Report of Tax Liability for Semiweekly Schedule Depositors, and Schedule R (Form 941), Allocation Schedule for Aggregate Form 941 Filers. This procedure will be reproduced as the next revision of Publication 4436, General Rules and Specifications for Substitute Form 941, Schedule B (Form 941), and Schedule R (Form 941). Rev. Proc. 2008-32 superseded.

This notice provides information and solicits further comments regarding the community health needs assessment requirements applicable to charitable hospitals under the Patient Protection and Affordable Care Act of 2010. Comments are requested by September 23, 2011.

Specifications are set forth for the private printing of paper and laser-printed substitutes for Form 941, Employer’s QUARTERLY Federal Tax Return, Schedule B (Form 941), Report of Tax Liability for Semiweekly Schedule Depositors, and Schedule R (Form 941), Allocation Schedule for Aggregate Form 941 Filers. This procedure will be reproduced as the next revision of Publication 4436, General Rules and Specifications for Substitute Form 941, Schedule B (Form 941), and Schedule R (Form 941). Rev. Proc. 2008-32 superseded.