This is the table of contents of Internal Revenue Bulletin IRB 2023-23. Click on an entry to view the entry. Items shown under "Highlights of This Issue" open summaries of each IRB-referenced document only. Scroll to Parts I, II, etc. to view the full text versions of each IRB-referenced document. Use the "Keyword Search" option of TouchTax to search the full text of all Internal Revenue Bulletins, including this IRB.
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Interest rates: underpayments and overpayments. The rates for interest determined under Section 6621 of the code for the calendar quarter beginning July 1, 2023, will be 7 percent for overpayments (6 percent in the case of a corporation), 7 percent for underpayments, and 9 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 4.5 percent.
26 CFR 301.6621-1: Interest rate.
The notice provides the applicable reference price for qualified natural gas production from qualified marginal wells during taxable years beginning in calendar year 2022 for the purpose of determining the marginal well production credit under ยง 45I. The applicable reference price for taxable years beginning in calendar year 2022 is $3.43 per 1,000 cubic feet. The notice also provides the credit amount used for the purpose of determining the marginal well production credit. The credit amount for taxable years beginning in calendar year 2022 is $0.00 per 1,000 cubic feet.
This document contains proposed regulations providing guidance on the application of the transfer for valuable consideration rules under section 101 and associated information reporting requirements for reportable policy sales of interests in life insurance contracts under section 6050Y. The proposed regulations would amend the rules for exchanges of life insurance contracts qualifying for nonrecognition of gain or loss, as well as for certain acquisitions of interests in life insurance contracts in transactions that qualify as corporate reorganizations. The proposed regulations affect parties involved in these life insurance contract transactions, including with respect to payments of reportable death benefits.
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 June 2023.
(Also Sections 42, 280G, 382, 467, 468, 482, 483, 1288, 7520, 7872.)
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