Proposed regulation under section 1297(b)(2)(B) addressing when a foreign insurance company's income is excluded from passive income under section 1297(a). The proposed regulation requires that the income be earned by an insurance company that would be subject to tax under subchapter L if it were a domestic corporation and that the income be derived in the “active conduct” of an “insurance business,” proposing a definition for each of those terms.

These proposed regulations, which will apply to banks and domestic building and loan associations (and related parties) that receive federal financial assistance (“FFA”), will modify and clarify the treatment of transactions in which FFA is provided to such institutions.

This procedure provides issuers of qualified mortgage bonds (QMBs) and qualified mortgage credit certificates (MCCs) with average area purchase price safe harbors for statistical areas in the United States and with a nationwide average purchase price for residences in the United States for purposes of the QMB rules under section 143 of the Code and the MCC rules under section 25. Rev. Proc. 2014–31 obsoleted in part.

This procedure provides issuers of qualified mortgage bonds (QMBs) and qualified mortgage credit certificates (MCCs) with average area purchase price safe harbors for statistical areas in the United States and with a nationwide average purchase price for residences in the United States for purposes of the QMB rules under section 143 of the Code and the MCC rules under section 25. Rev. Proc. 2014–31 obsoleted in part.