Nuclear Decommissioning Funds. The proposed regulations provide rules under section 468A concerning deductions for amounts contributed to a qualified nuclear decommissioning reserve fund and the use of the amounts in those funds to decommission nuclear plants. The proposed regulations revise certain provisions to (1) address issues that have arisen as more nuclear plants have begun the decommissioning process, and (2) clarify provisions in the current regulations regarding self-dealing and the definition of substantial completion of decommissioning.

This notice updates the appendix to Notice 2013–1, which lists the Indian tribes who have settled tribal trust cases against the United States. Notice 2012–60 originally was published in IRB 2012–41 (October 9, 2012). Notice 2012–60 was superceded by Notice 2013–1 IRB 2013–3, and the appendix to Notice 2013–1 was superceded by Notice 2013–16 (IRB 2013–14), then Notice 2013–36, then Notice 2013–55, then Notice 2014–22, Notice 2014–38, then Notice 2014–61, and then Notice 2015–20, and then Notice 2016–41, and then Notice 2016–65. However, we noticed a typo in Notice 2016–65 after it was published. The correct spelling of Tribe 81 is "Southern Ute Indian Tribe." Notice 2017–02 simply corrects the spelling. This notice would supersede Notice 2016–65.

The proposed revenue ruling updates, for certain insurance contracts issued in 2016 and 2017, the prevailing state assumed interest rates that life insurance companies need in order to compute their life insurance reserves for federal tax purposes.

Beginning of Construction for Sections 45 and 48. Notice 2017–04 updates and clarifies the guidance provided in prior IRS notices regarding the beginning of construction for sections 45 and 48. Specifically, the notice provides clarification regarding the extension and modification of the Continuity Safe Harbor, the prohibition against combining methods by which to satisfy the beginning of construction requirement, and the costs that may be included in the Five Percent Safe Harbor for retrofitted renewable energy facilities.

The notice alerts participants and material advisors involved in certain syndicated conservation easement transactions that they are tax avoidance transactions and are listed transactions.

The final regulations provide guidance on determining ownership of a passive foreign investment company (PFIC) and on certain annual reporting requirements for shareholders of PFICs to file Form 8621, “Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund.” In addition, the final regulations provide guidance on an exception to the requirement for certain shareholders of foreign corporations to file Form 5471, “Information Return of U.S. Persons with Respect to Certain Foreign Corporations.” The regulations finalize proposed regulations and withdraw temporary regulations published on December 31, 2013. The final regulations affect United States persons that own interests in PFICs, and certain United States shareholders of foreign corporations.

This document contains proposed regulations prescribing mortality tables to be used by most defined benefit pension plans. The tables specify the probability of survival year-by-year for an individual based on age, gender, and other factors. This information is used (together with other actuarial assumptions) to calculate the present value of a stream of expected future benefit payments for purposes of determining the minimum funding requirements for the plan. These mortality tables are also relevant to determining the minimum required amount of a lump-sum distribution from such a plan. In addition, this document contains proposed regulations to update the requirements that a plan sponsor must meet in order to obtain IRS approval to use mortality tables specific to the plan for minimum funding purposes (instead of the generally applicable mortality tables). These regulations affect participants in, beneficiaries of, employers maintaining, and administrators of certain retirement plans.

The notice alerts participants and material advisors involved in certain syndicated conservation easement transactions that they are tax avoidance transactions and are listed transactions.

Section 202 of the Protecting Americans from Tax Hikes Act of 2015 (P.L. 114–113) amended sections 6721 and 6722 to provide that an error on an information return or payee statement does not need to be corrected to avoid a penalty if the error relates to an incorrect dollar amount and differs from the correct amount by no more than $100 ($25 with respect to an amount of tax withheld). This safe harbor does not apply to a payee statement if a payee makes an election that the safe harbor not apply “at such time and in such manner as the Secretary may prescribe.” This notice provides the requirements for making this election and seeks comment on the matters discussed in the notice.

The notice alerts participants and material advisors involved in certain syndicated conservation easement transactions that they are tax avoidance transactions and are listed transactions.