Final regulations under section 1248 of the Code characterize gain with respect to stock in certain foreign corporations upon distributions.

Proposed regulations under section 162 of the Code describe the circumstances under which expenses paid or incurred for lodging when not traveling away from home (local lodging) may be deductible expenses. Proposed amendments to the regulations under section 262 provide that expenses for local lodging are nondeductible personal expenses unless they qualify as deductible expenses under section 162. Notice 2007-47 obsoleted.

Proposed regulations under section 337(d) of the Code provide guidance concerning certain transfers of property from a C corporation to a Regulated Investment Company (RIC) or a Real Estate Investment Trust (REIT) and will affect the parties to such transactions.

This notice provides that the Treasury Department and the Service intend to delay the proposed effective dates for reporting for debt instruments and options by brokers and others under sections 6045(g), 6045(h), 6045A, and 6045B of the Code from January 1, 2013, to January 1, 2014.

This notice provides inflation adjustment factors and reference prices for purposes of computing the renewable electricity production tax credit under section 45 of the Code for tax year 2012.

Th procedure provides guidance on how a taxpayer may make the notification required by section 42(j)(6)(B)(i) of the Code, which was added by section 3004(c) of the Housing Assistance Tax Act of 2008 (Pub. L. 110-289). The notification begins the 3-year statutory period for assessing a deficiency with respect to the taxpayer resulting from a reduction in the qualified basis of a low-income housing tax credit building that occurs after the taxpayer disposes of the building (or an interest therein).

Proposed regulations under section 4944(c) of the Code provide guidance to private foundations on program-related investments. Private foundations generally are subject to excise taxes on investments that jeopardize the carrying out of their exempt purposes. However, program-related investments are excepted from the tax on jeopardizing investments. The proposed regulations add nine new examples that illustrate that a wide range of investments qualify as program-related investments than the range currently presented in regulations section 53.4944-3(b).