Final regulations on the requirement to maintain minimum essential coverage under §5000A, which was enacted by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010, as amended by the TRICARE Affirmation Act and Public Law 111-173. These final regulations provide guidance to individual taxpayers on the liability under §5000A for the shared responsibility payment for not maintaining minimum essential coverage and largely finalize the rules in the notice of proposed rulemaking (REG-148500-12) published in the Federal Register (78 FR 7314) on February 1, 2013.

These final regulations prevent the duplication of a net loss when loss assets are contributed to a corporation in a section 351 nonrecognition exchange. Under the regulations, the duplication of a net loss is prevented by reducing the transferee-corporation’s basis in the assets transferred, unless the transferor-shareholder elects to reduce its basis in the stock received in the exchange by the amount that would otherwise have been applied to reduce the corporation’s basis in its assets. Notice 2005-70 is obsolete.

These proposed regulations relate to the requirements for filing certain employee retirement benefit plan statements, returns, and reports on magnetic media. These proposed regulations provide that a plan administrator (or, in certain situations, an employer maintaining a plan) required by the Code or regulations to file at least 250 returns during the calendar year that includes the first day of the plan year must use magnetic media to file certain statements, returns, and reports under sections 6057, 6058, and 6059. Comments requested by October 29, 2013.

Special Use Value; Farms; Interest Rates. The 2013 interest rates to be used in computing the special use value of farm real property for which an election is made under section 2032A of the Code are listed for estates of decedents.

These proposed regulations amend user fees for installment agreements and offers in compromise. They affect taxpayers who wish to pay their liabilities through installment agreements and offers in compromise. Comments are requested by September 30, 2013, and a public hearing is scheduled for October 1, 2013.

This notice under sections 6050W and 3406 provides guidance on the issuance of CP2100/CP2100As based on Forms 1099-K filed for calendar year 2012 payments. Additionally, the notice provides relief from penalties under sections 6721 and 6722 for incorrect name and taxpayer identification number (TIN) combinations and missing TINs for Forms 1099-K filed for calendar year 2012 payments; and for incorrect name and TIN combinations for Forms 1099-K required to be filed for calendar year 2013 payments.