This revenue procedure provides guidance regarding the general public use requirements for qualified residential rental projects financed with tax-exempt bonds under § 142(d) of the Internal Revenue Code. Specifically, this revenue procedure coordinates these requirements with the provisions in § 42(g)(9). Under § 42(g)(9), a project does not violate the general public use requirement under § 42 as a result of specified occupancy restrictions or preferences (for example, certain housing preferences for military veterans).

26 CFR 601.601: Rules and regulations (Also Part I, §§ 42 and 142)

This revenue ruling provides guidance to taxpayers regarding the inclusion in income of recovered state and local taxes in the current year when the taxpayer deducted state and local taxes paid in a prior year, subject to the section 164(b)(6) limitation.

26 CFR 1.111-1: Recovery of certain items previously deducted or credited. (Also: § 164; 1.164-1.)

The proposed regulations provide guidance on new information reporting obligations related to reportable policy sales of life insurance contracts and payments of reportable death benefits under § 6050Y, which was added by section 13520 of the Tax Cuts and Jobs Act, PL 115–97 (TCJA). The proposed regulations also provide guidance on the amount of death benefits excluded from gross income under § 101 following a reportable policy sale, under an exception to the transfer for valuable consideration rules for life insurance contracts added to § 101(a) by section 13522 of the TCJA.

This document withdraws a portion of a notice of proposed rulemaking published in the Proposed Rules section of the Federal Register on June 8, 2016. If adopted, the proposed rules would have provided guidance for transactions in which property of a C corporation becomes the property of a REIT following certain corporate distributions of controlled corporation stock. This document also contains a notice of proposed rulemaking that provides revised guidance on the same subject. These proposed regulations would affect REITs, C corporations the property of which becomes property of a REIT, and their respective shareholders.

This document withdraws a notice of proposed rulemaking published in the Proposed Rules section of the Federal Register on January 21, 2009 with corrections published on March 5, 2009. If adopted, the proposed rules would have provided guidance on the recovery of stock basis in distributions of property made by a corporation to a shareholder and certain transactions treated as dividend-equivalents, as well as guidance regarding the determination of gain and the basis of stock or securities received in certain transactions. The proposed regulations would affect shareholders and security holders of corporations.

This is a withdrawal of a notice of proposed rulemaking (REG-124627-11) published on December 19, 2011 in the Federal Register (76 FR 78591).

These final regulations prescribe filing Form 4720 to report excise tax under sections 4960, 4966, 4967, and 4968 by the 15th day of the fifth month after the end of the tax year of the person reporting the tax, and update the abatement rules under section 4963 for section 4966 and 4967 taxes, consistent with a statutory change.