This Revenue Procedure provides issuers of qualified mortgage bonds, as defined in section 143(a) of the Internal Revenue Code, and issuers of mortgage credit certificates, as defined in section 25(c), with (1) nationwide average purchase prices for residences located in the United States, and (2) average area purchase price safe harbors for residences located in statistical areas in each state, the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands, and Guam.

26 CFR 601.601: Rules and Regulations

(Also Part 1, §§ 25, 143, 6a.103A-1(b)(4), 6a.103A-2(f)(5)).

Revocation of IRC 501(c)(3) Organizations for failure to meet the code section requirements. Contributions made to the organizations by individual donors are no longer deductible under IRC 170(b)(1)(A).

The Notice updates the background section of Notice 2014-21 to reflect that certain foreign jurisdictions have enacted laws that characterize Bitcoin as legal tender. The Notice states that the change to the background section does not affect the answers to the FAQs in section 4 of Notice 2014-21.

Modification of Notice 2014-21

Revenue Procedure 2023-21 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, 2021.

26 CFR 601.105: Examination of returns and claims for refund, credit or abatement; determination of tax liability

(Also: 842(b))

Federal rates; adjusted federal rates; adjusted federal long-term rate, and the long-term tax exempt rate. For purposes of sections 382, 1274, 1288, 7872 and other sections of the Code, tables set forth the rates for May 2023.

(Also Sections 42, 280G, 382, 467, 468, 482, 483, 1288, 7520, 7872.)