This Announcement is issued pursuant to § 521(b) of Pub. L. 106–170, the Ticket to Work and Work Incentives Improvement Act of 1999, which requires the Secretary of the Treasury to report annually to the public concerning advance pricing agreements (APAs) and the Advance Pricing and Mutual Agreement Program (APMA Program), formerly known as the Advance Pricing Agreement Program (APA Program). The first report covered calendar years 1991 through 1999. Subsequent reports covered each calendar year 2000 through 2014 separately. This seventeenth report describes the experience, structure, and activities of the APMA Program during calendar year 2015. It does not provide guidance regarding the application of the arm’s length standard.

This revenue procedure provides the depreciation deduction limitations for owners of passenger automobiles (including trucks and vans) first placed in service during calendar year 2016 and amounts to be included in income by lessees of passenger automobiles first leased during calendar year 2016. This revenue procedure also provides revised tables of depreciation limitations and lessee inclusion amounts for passenger automobiles first placed in service or first leased during 2015 and to which the 50 percent additional first year depreciation deduction applies.

The proposed regulations provide guidance on the manufacturers tax on tires and the retail tax on tractors, trucks, and trailers under sections 4051, 4052, 4071 and 4072 of the Code. These proposed regulations would also replace most of the temporary section 145 regulations and reflect statutory changes and court decisions.