Revenue Procedure 2016–45 modifies section 3.01(53) of Rev. Proc. 2016–3, 2016–1 I.R.B. 126. Section 3.01(53) of Rev. Proc. 2016–3 provides, among other things, that the Service will not issue a letter ruling under § 355 of the Internal Revenue Code as to whether a distribution by the distributing corporation of stock of a controlled corporation is carried out for one or more corporate business purposes or as to whether the transaction is used principally as a device for the distribution of earnings and profits of the distributing corporation, the controlled corporation, or both. Rev. Proc. 2016–45 will remove these no-rule restrictions with respect to significant legal questions involving business purpose or device questions arising in section 355 transactions.

Revenue Procedure 2016–46 provides domestic asset/liability percentages and domestic investment yields needed by foreign life insurance companies and foreign property and liability insurance companies to compute their minimum effectively connected net investment income under section 842(b) of the Internal Revenue Code for taxable years beginning after December 31, 2014.

The Protecting Americans from Tax Hikes Act of 2015 generally extends the application of the additional first year depreciation deduction, the election out of bonus depreciation for round 5 extension property, and the expensing provision for qualified real property, for property placed in service in 2015. This revenue procedure provides guidance to taxpayers for making these elections and filing amended returns.

This notice modifies both Notice 2009–89, as modified by Notice 2012–54, and Notice 2013–67, by changing the address to which a manufacturer (or, in the case of a foreign manufacturer, its domestic distributor) sends quarterly reports and/or certifications under Notice 2009–89 and Notice 2013–67. As a result, this notice also obsoletes Notice 2012–54.

This announcement provides relief to victims of the Louisiana storms and flooding that began August 11, 2016. It permits easier access to victims’ funds held in workplace retirement plans and in IRAs, for the period beginning August 11, 2016, and ending January 17, 2017. The relief provided in this announcement is in addition to the relief already provided by the Service pursuant to News Release IR–2016–105.

This revenue procedure provides for a self-certification program that individuals may use if they fail to roll over a plan or IRA distribution within the statutorily required 60-day period.

The Protecting Americans from Tax Hikes Act of 2015 generally extends the application of the additional first year depreciation deduction (bonus depreciation), the election out of bonus depreciation for round 5 extension property, and the expensing provision for qualified real property, for property placed in service in 2015. This revenue procedure provides guidance to taxpayers for making these elections and filing amended returns.