Proposed regulations incorporate the text of temporary regulations (TD 9788) concerning a partner's share of partnership liabilities for purposes of section 707 of the Code and the treatment of certain payment obligations under section 752. In addition, the proposed regulations address (1) when certain obligations to restore a deficit balance in a partner's capital account are disregarded under section 704 and (2) when partnership liabilities are treated as recourse liabilities under section 752.

The proposed regulations provide rules under section 901(m) for determining the amount of foreign taxes that are disqualified for foreign tax credit purposes with respect to certain covered asset acquisitions that result in a basis step-up for U.S. income tax purposes but not foreign tax purposes.

This revenue ruling relates to allocations of low-income housing credits to qualified low-income buildings. Specifically, the revenue ruling clarifies that section 42(m)(1)(A)(ii) neither requires nor encourages State housing credit agencies to reject the proposed development of a low-income housing project that does not obtain the approval of the locality where the project is proposed to be developed.

Section 1274A – inflation adjusted numbers for 2017. This ruling provides the dollar amounts, increased by the 2017 inflation adjustments, for section 1274A of the Code. Revenue Ruling 2015–24 supplemented and superseded.

This revenue procedure provides an updated list of countries with which the reporting requirement of §§1.6049–8(a) and 1.6049–4(b)(5) of the Income Tax Regs. applies (Section 3), as well as a list of countries with which the Treasury Department and the IRS have determined that it is appropriate to have an automatic exchange relationship with respect to that interest income information under §§1.6049–8(a) and 1.6049–4(b)(5) (Section 4). This rev proc adds one country (Saint Lucia) to the list set forth in Section 3 and three countries (Israel, the Republic of Korea, and Saint Lucia) to the list set forth in Section 4.

The notice provides rules relating to the treatment of property used to acquire parent stock or securities in certain triangular reorganizations involving one or more foreign corporations. In addition, the notice announces that the Treasury and IRS will revise the regulations under section 367 in the manner described in the notice, and states our view that the IRS intends to challenge the purported tax consequences of these transactions under current law.

This notice relates to a preference needed in a qualified allocation plan (QAP) for certain areas. Specifically, the notice reminds taxpayers that a project located in a qualified census tract (as defined in section 42(d)(5)) is not described in section 42(m)(1)(B)(ii)(III) (i.e., was not given a preference required in a QAP) unless the development of the project contributes to a concerted community revitalization plan.

This notice provides the optional 2017 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. This notice also provides the amount taxpayers must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that may be used in computing the allowance under a fixed and variable rate (FAVR) plan.

Final regulations under section 707 of the Code relate to disguised sales of property to or by a partnership. The regulations address certain deficiencies and technical ambiguities in the existing section 707 regulations, including issues in determining a partner's share of liabilities under section 1.752–3 for disguised sale purposes.

Final and temporary regulations provide guidance concerning a partner's share of partnership liabilities for purposes of section 707 of the Code and the treatment of certain payment obligations under section 752.

The temporary regulations provide rules under section 901(m) for determining the amount of foreign taxes that are disqualified for foreign tax credit purposes with respect to certain covered asset acquisitions that result in a basis step up for U.S. income tax purposes but not foreign tax purposes.

This notice sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for December 2016 used under § 417(e)(3)(D), the 24-month average segment rates applicable for December 2016, and the 30-year Treasury rates. These rates reflect the application of § 430(h)(2)(C)(iv), which was added by the Moving Ahead for Progress in the 21st Century Act, Public Law 112–141 (MAP-21) and amended by section 2003 of the Highway and Transportation Funding Act of 2014 (HATFA).

This notice contains the 2016 Required Amendments List for individually-designed qualified retirement plans. The list identifies certain changes in qualification requirements that became effective in 2016 that may require a retirement plan to be amended in order to remain qualified, and establishes the date by which any necessary amendment must be made.