Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, 7872, and other sections of the Code, tables setforth the rates for February 2017.

This revenue procedure provides safe harbor conditions under which a management contract does not result in private business use of property financed with governmental tax-exempt bonds under section 141(b) of the Internal Revenue Code or cause the modified private business use test for property financed with qualified 501(c)(3) bonds under section 145(a)(2)(B) to be met.

This notice provides that the hardship exemption from the individual shared responsibility payment under § 5000A, described by the Department of Health and Human Services, for an individual who is not enrolled in health insurance coverage that qualifies for the health coverage tax credit (HCTC) allowed by § 35 for one more months between July 2016 and December 2016, but who would have been eligible for the HCTC under § 35 if enrolled, may be claimed on a Federal income tax return without obtaining a hardship exemption certification from the Marketplace.

This revenue procedure updates the agreements entered into by withholding foreign partnerships (WPs) and withholding foreign trusts (WTs), as provided in Revenue Procedure 2014–47. These agreements were to expire on December 31, 2016, but were extended in Revenue Procedure 2017–15 in anticipation of the new agreements being issued in January 2017. This revenue procedure will apply to WP and WT agreements effective on or after the date of issuance of this revenue procedure. The WP and WT agreements are updated consistent with recently published guidance, including the qualified intermediary withholding agreement, which was published in Revenue Procedure 2017–15. The revenue procedure also provides information on submitting an application or request for renewal of a WP or WT agreement.

In general, S corporations, regulated investment companies (“RICs”), and real estate investment trusts (“REITs”) are not taxed at the corporate level (in the case of S corporations) or rarely incur corporate-level tax (in the case of RICs and REITs). An exception to this general rule occurs when an S corporation, a RIC, or a REIT disposes of certain property previously held by a C corporation within a specified period of time, known as the “recognition period.” The length of the recognition period for S corporations is provided by statute, while the length of the recognition period for RICs and REITs is provided by regulations. These final regulations will conform the length of the recognition period for RICs and REITs to the length of the recognition period for S corporations.

These proposed regulations would amend the regulations under section 401(k) to provide that amounts used to fund qualified matching contributions and qualified nonelective contributions must satisfy certain nonforfeitability and distribution requirements when they are allocated to participants’ accounts, and not when they are first contributed to the plan.

This notice sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for January 2017 used under § 417(e)(3)(D), the 24-month average segment rates applicable for January 2017, 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).

The notice provides special administrative procedures for allowing certain taxpayers and the executors of certain taxpayers’ estates to recalculate a taxpayer’s remaining applicable exclusion amount and remaining GST exemption to the extent an allocation of that exclusion or exemption was made to certain transfers made while the taxpayer was married to a person of the same sex.

The notice provides special administrative procedures for allowing certain taxpayers and the executors of certain taxpayers’ estates to recalculate a taxpayer’s remaining applicable exclusion amount and remaining GST exemption to the extent an allocation of that exclusion or exemption was made to certain transfers made while the taxpayer was married to a person of the same sex.

Notice 2017–5 provides interim definitions of the terms "chassis" and "body" for purposes of section 4051(a)(1) and for purposes of applying the safe harbor provision in section 4052(f)(1). This notice also requests comments on the interim definitions.

This procedure clarifies Rev. Proc. 2010–46, 2010–49 I.R.B. 814, which provides a safe harbor under section 118(a) of the Code for certain amounts received by corporate taxpayers under certain Department of Transportation programs. Rev. Proc. 2010–46 is clarified.