This is the table of contents of Internal Revenue Bulletin IRB 2011-31. Click on an entry to view the entry. Items shown under "Highlights of This Issue" open summaries of each IRB-referenced document only. Scroll to Parts I, II, etc. to view the full text versions of each IRB-referenced document. Use the "Keyword Search" option of TouchTax to search the full text of all Internal Revenue Bulletins, including this IRB.
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Final regulations under section 956 of the Code contain guidance regarding the determination of basis in certain U.S. property acquired by a controlled foreign corporation in certain nonrecognition transactions. The Service and the Treasury Department became aware that certain taxpayers were engaging in certain nonrecognition transactions that were intended to repatriate earnings and profits of a controlled foreign corporation without U.S. income taxation. These regulations finalize guidance intended to end such abuses.
2011 section 43 inflation adjustment factor. This notice announces the inflation adjustment factor and phase-out amount for the enhanced oil recovery credit for taxable years beginning in the 2011 calendar year. The notice concludes that, because the reference price for the 2010 calendar year ($74.71) exceeds $28 multiplied by the inflation adjustment factor for the 2010 calendar year ($42.91) by $31.80, the enhanced oil recovery credit for qualified costs paid or incurred in 2011 is phased out completely. The notice also contains the previously published figures for taxable years beginning in the 1991 through 2010 calendar years.
2011 marginal production rates. This notice announces that under section 613A(c)(6)(C) of the Code, the applicable percentage for purposes of determining percentage depletion on marginal properties for calendar year 2011 is 15 percent.
This notice provides for the suspension of certain requirements under section 42 of the Code for low-income housing credit projects in North Dakota in order to provide emergency housing relief needed as a result of the devastation caused by flooding in North Dakota beginning on February 14, 2011.
Weighted average interest rate update; corporate bond indices; 30-year Treasury securities; segment rates. This notice contains updates for the corporate bond weighted average interest rate for plan years beginning in July 2011; the 24-month average segment rates; the funding transitional segment rates applicable for July 2011; and the minimum present value transitional rates for June 2011.
Final regulations under section 6081 of the Code relate to the automatic extensions of time to file income tax returns for partnership, trust, and estate taxpayers, and automatic extensions of time for filing returns for pension excise taxes.
This notice invites public comments regarding the process for individuals and entities to be approved by the Internal Revenue Service as continuing education providers. Comments are requested by August 17, 2011.
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