Source: https://www.irs.gov/irb/2010-19_IRB
Timestamp: 2020-02-22 10:30:50
Document Index: 724079984

Matched Legal Cases: ['§ 6431', '§ 54', '§ 54', '§ 54', '§ 6431', '§ 54', '§ 54', '§ 54', '§ 54', '§ 54', '§ 54', '§ 6431', '§ 6431', '§ 6431', '§ 54', '§ 54', '§ 54', '§ 54', '§ 54', '§ 54', '§ 54', '§ 54', '§ 54', '§ 54', '§ 54', '§ 54', '§ 6431', '§ 6431', '§ 6431', '§ 54', '§ 6431', '§ 54', '§ 6431', '§ 54', '§ 54', '§ 54', '§ 54', '§ 54', '§ 54', '§ 148', '§ 54', '§ 54', '§ 148', '§ 6431', '§ 54', '§ 6431', '§ 6431', '§ 6431', '§ 6431', '§ 54', '§ 6431', '§ 54', '§ 54', '§ 54', '§ 54', '§ 54', '§ 54', '§ 54', '§ 54', '§ 6431', '§ 6431', '§ 54', '§ 149', '§ 149', '§ 6431', '§ 54', '§ 1273', '§ 54', '§ 1', '§ 1', '§ 1', '§ 1', '§ 1', '§ 1', '§ 1', '§ 1', '§ 1', '§ 1', '§ 6431', '§ 6431', '§ 54', '§ 54', '§ 1', '§ 1', '§ 1', '§ 54', '§ 54', '§ 1', '§ 6431', '§ 6431', '§ 1', '§ 54', '§ 301', '§ 301', '§ 301']

Internal Revenue Bulletin: 2010-19 | Internal Revenue Service
Internal Revenue Bulletin: 2010-19
Notice 2010-35
Rev. Proc. 2010-16
Announcement 2010-30
Announcement 2010-31
Announcement 2010-32
Notice 2010-35 Notice 2010-35
This notice addresses the new federal refundable tax credit subsidy option under section 6431(f) of the Code for specified tax credit bonds under section 54A. The notice provides guidance on the refundable tax credit payment procedures for this option, required elections, and information reporting. The notice also provides certain interim guidance applicable to specified tax credit bonds and to Build America Bonds under section 54AA(g).
Announcement 2010-31 Announcement 2010-31
Rev. Proc. 2010-16 Rev. Proc. 2010-16
This procedure explains how the Service is informed of a change of address. Rev. Proc. 2001-18 superseded.
Announcement 2010-30 Announcement 2010-30
This announcement releases the draft of Schedule UTP, accompanied by draft instructions, that provides a further explanation of the Service’s proposal requiring reporting of uncertain tax positions. The announcement also invites public comment on the draft schedule and instructions.
Announcement 2010-32 Announcement 2010-32
This announcement informs taxpayers and practitioners that the IRS has revised Form 3115, Application for Change in Accounting Method, and its instructions. The Form 3115 (Rev. December 2009) replaces the December 2003 version. The announcement also provides a transition period and transition guidance.
Direct Payment Subsidy Option for Certain Qualified Tax Credit Bonds and Build America Bonds
This notice addresses the new Federal refundable tax credit subsidy option (also referred to hereafter as the direct payment subsidy option) under § 6431(f) of the Internal Revenue Code (the “Code”) for certain qualified tax credit bonds under § 54A. This notice provides guidance on the refundable tax credit payment procedures for this option, required elections, information reporting, and certain other interim guidance. This notice describes regulations that the Treasury Department and the IRS expect to issue. Pending the promulgation and effective date of future administrative or regulatory guidance, this notice provides certain interim guidance applicable to these qualified tax credit bonds under § 54A and also to build America bonds under § 54AA(g) (Build America Bonds) on which taxpayers may rely. This notice is intended to facilitate prompt implementation of this borrowing option and to enable issuers to begin issuing these bonds for qualified purposes.
Section 301 of the Hiring Incentives to Restore Employment Act, Pub. L. No. 111-147, 124 Stat. 71 (2010) (the “HIRE Act”) added subsection (f) to § 6431 of the Code, which authorizes issuers to elect irrevocably to receive Federal direct payments of allowances of refundable tax credits to subsidize a prescribed portion of their borrowing costs instead of the Federal tax credits that otherwise would be allowed to holders of certain qualified tax credit bonds under § 54A.
In particular, the direct payment subsidy option applies to the following specified tax credit bonds that meet the requirements to be qualified tax credit bonds under § 54A: (1) new clean renewable energy bonds (as defined in § 54C); (2) qualified energy conservation bonds (as defined in § 54D); (3) qualified zone academy bonds (as defined in § 54E); and (4) qualified school construction bonds (as defined in § 54F). The direct payment subsidy option applies to the specified tax credit bonds only if the bonds are issued after the date of enactment of the HIRE Act (March 18, 2010) and the issuer makes an irrevocable election to apply this option under § 6431(f). (The specified tax credit bonds that meet the requirements for the direct payment subsidy option under § 6431(f) are referred to in this notice as “Direct Pay Tax Credit Bonds.”)
In general, under § 6431(f)(1)(C), Direct Pay Tax Credit Bonds provide a Federal borrowing subsidy through a refundable tax credit paid directly to issuers with respect to each interest payment due under the bonds in an amount equal to the lesser of: (i) the amount of interest payable under such bonds on such interest payment date, or (ii) the amount of interest (100 percent of the amount of such interest on qualified school construction bonds and qualified zone academy bonds and 70 percent of the amount of such interest on new clean renewable energy bonds and qualified energy conservation bonds, respectively) which would have been payable under such bonds on such interest payment date if the interest were determined at the tax credit bond rate determined under § 54A(b)(3) for qualified tax credit bonds.
2.2. Direct Pay Tax Credit Bond Requirements
Direct Pay Tax Credit Bonds have different program requirements and different levels of Federal borrowing subsidies depending on the type of qualified tax credit bond. Section 54A imposes specific program requirements for each defined type of qualified tax credit bond (e.g., qualified purposes to finance public school or energy projects). In addition, § 54A(d) imposes general program requirements on all qualified tax credit bonds, particularly requirements in § 54A(d)(2), (3), (4), (5), and (6) relating to expenditures, information reporting, arbitrage investment restrictions, maturity limitations, and prohibitions against financial conflicts of interest, respectively.
Section 54C(a) provides that the term “new clean renewable energy bond” means any bond issued as part of an issue if: (1) 100 percent of the available project proceeds of such issue are to be used for capital expenditures incurred by governmental bodies, public power providers, or cooperative electric companies for one or more qualified renewable energy facilities; (2) the bond is issued by a qualified issuer; and (3) the issuer designates such bond for purposes of § 54C. For more information on new clean renewable energy bonds, see § 54C and Notice 2009-33, 2009-17 I.R.B. 865 (April 27, 2009).
Section 54D(a) provides that the term “qualified energy conservation bond” means any bond issued as part of an issue if: (1) 100 percent of the available project proceeds of such issue are to be used for one or more qualified conservation purposes; (2) the bond is issued by a State or local government; and (3) the issuer designates such bond for purposes of § 54D. For more information on qualified energy conservation bonds, see § 54D and Notice 2009-29, 2009-16 I.R.B. 849 (April 20, 2009).
Section 54E(a) provides that the term “qualified zone academy bond” means any bond issued as part of any issue if: (1) 100 percent of the available project proceeds of such issue are to be used for a qualified purpose with respect to a qualified zone academy established by an eligible local education agency; (2) the bond is issued by a State or local government within the jurisdiction of which such academy is located; and (3) the issuer designates such bond for purposes of § 54E and makes certain certifications with respect to receiving written assurances for meeting the private business contribution requirement of § 54E(b) and receiving written approval of the eligible local education agency for the bond issue. For more information on qualified zone academy bonds, see § 54E, Notice 2009-30, 2009-16 I.R.B. 852 (April 20, 2009), and Notice 2010-22, 2010-10 I.R.B. 435 (March 8, 2010).
Section 54F(a) provides that the term “qualified school construction bond” means any bond issued as part of an issue if: (1) 100 percent of the available project proceeds of such issue are to be used for the construction, rehabilitation, or repair of a public school facility or for the acquisition of land on which such a facility is to be constructed with part of the proceeds of such issue; (2) the bond is issued by a State or local government within the jurisdiction of which such school is located; and (3) the issuer designates such bond for purposes of § 54F. For more information on qualified school construction bonds, see § 54F, Notice 2009-35, 2009-17 I.R.B. 876 (April 27, 2009), and Notice 2010-17, 2010-14 I.R.B. 519 (April 5, 2010).
2.3. Amount of Refundable Credit Payment
Section 6431(f)(1)(A) provides that, in applying the refundable credit payment provisions of § 6431, a Direct Pay Tax Credit Bond is treated as a qualified bond. Section 6431(b) provides generally that with respect to each interest payment date on a qualified bond the Treasury Department shall pay to the issuer of such bond (or to any person who makes such interest payments on behalf of the issuer) an amount equal to the amount of the refundable credit allowed under § 6431(b).
Section 6431(f)(1)(C) provides that, for a Direct Pay Tax Credit Bond that is a qualified zone academy bond or a qualified school construction bond, the amount of the refundable credit payment determined under § 6431(b) with respect to any interest payment date under the bond is equal to the lesser of: (i) 100 percent of the amount of interest payable under the bond on such date; or (ii) 100 percent of the amount of interest which would have been payable under such bond on such date if such interest were determined at the applicable tax credit bond rate determined under § 54A(b)(3).
Section 6431(f)(2) provides for a reduced amount of refundable credit payment for a Direct Pay Tax Credit Bond that is a new clean renewable energy bond or a qualified energy conservation bond. For these bonds, the amount of the payment determined under § 6431(b) with respect to any interest payment date under the bond is equal to the lesser of: (i) 100 percent of the amount of interest payable under the bond on such date; or (ii) 70 percent of the amount of interest which would have been payable under such bond on such date if such interest were determined at the applicable credit rate determined under § 54A(b)(3).
2.4. Applicable Credit Rate
For purposes of determining the amount of a refundable credit payment to an issuer under § 6431(f)(1)(C)(ii), the applicable credit rate for a qualified tax credit bond, including a Direct Pay Tax Credit Bond, is determined under § 54A(b)(3). Section 54A(b)(3) provides that the applicable credit rate is the rate which the Treasury Department estimates will permit the issuance of qualified tax credit bonds with a specified maturity or redemption date without discount and without interest cost to the qualified issuer.[1]
Under § 54A(b)(3), the applicable credit rate for a qualified tax credit bond, including a Direct Pay Tax Credit Bond, is determined as of the first day on which there is a binding, written contract for the sale or exchange of the bond. The applicable credit rate for any such bond is the tax credit bond rate applicable for qualified tax credit bonds under § 54A that is published for that date by the Bureau of Public Debt on its Internet site for State and Local Government Series securities at: https://www.treasurydirect.gov. For more information on applicable tax credit bond rate determinations by the Treasury Department, see Notice 2009-15, 2009-6 I.R.B. 449 (February 9, 2009).
2.5. Maximum Maturity
The maximum term of a qualified tax credit bond, including a Direct Pay Tax Credit Bond, is the maximum term determined by the Treasury Department under § 54A(d)(5) for purposes of qualified tax credit bonds generally. Section 54A(d)(5)(B) provides that during each calendar month, the Treasury Department shall determine the maximum term permitted under § 54A(d)(5) for bonds issued during the following calendar month. The maximum term is the term which the Treasury Department estimates will result in the present value of the obligation to repay the principal on the bond being equal to 50 percent of the face amount of the bond. The maximum term is determined under § 54A(d)(5) by using a discount rate equal to 110 percent of the long-term adjusted AFR, compounded semi-annually, for the month in which the bond is sold. For this purpose, a bond is “sold” on the first day on which there is a binding, written contract for the sale or exchange of the bond. The maximum term for a qualified tax credit bond, including a Direct Pay Tax Credit Bond, is published daily by the Bureau of Public Debt on its Internet site for State and Local Government Series securities at: https://www.treasurydirect.gov.
2.6. Sinking Fund Yield
Section 54A(d)(4)(C) provides that an issue of qualified tax credit bonds, including bonds that meet the additional requirements for Direct Pay Tax Credit Bonds, shall not be treated as failing to meet the arbitrage requirements of § 148 by reason of any fund which is expected to be used to repay the issue if: (i) the fund is funded at a rate not more rapid than equal annual installments; (ii) the fund is funded in a manner reasonably expected to result in an amount not greater than an amount necessary to repay the issue; and (iii) the yield on such fund is not greater than the discount rate determined under § 54A(d)(5)(B) (the “permitted sinking fund yield”).
The permitted sinking fund yield is determined under § 54A(d)(5)(B) by using a rate equal to 110 percent of the long-term adjusted AFR, compounded semi-annually, for the month in which the bond is sold. The IRS publishes the long-term adjusted AFR, compounded semi-annually, each month in a revenue ruling published in the Internal Revenue Bulletin. The Bureau of Public Debt publishes the permitted sinking fund yield for each month on its Internet site for State and Local Government Series securities at: https://www.treasurydirect.gov.
2.7. Certain Other Applicable Rules for Refundable Credit Payments
Section 6431(c) provides that, in applying the arbitrage investment restrictions under § 148 to a Direct Pay Tax Credit Bond, the yield on the bond is reduced by the amount of the refundable credit allowed under § 6431(a). Section 6431(f)(1)(D) provides that, in the case of a Direct Pay Tax Credit Bond, interest on any such bond shall be includible in gross income. Section 6431(f)(1)(E) provides that, in the case of a Direct Pay Tax Credit Bond, no credit shall be allowed under § 54A with respect to the bond. Section 6431(f)(1)(F) provides that, in the case of a Direct Pay Tax Credit Bond, any payment made under § 6431(b) shall not be includible as income for purposes of the Code. Section § 6431(f)(1)(G) provides that the deduction otherwise allowed under the Code to the issuer of a Direct Pay Tax Credit Bond with respect to interest paid under the bond shall be reduced by the amount of the payment made under § 6431 with respect to that interest. For further information regarding the tax character and procedural framework for refundable credit payments under § 6431, see Section 3.2 of Notice 2009-26, 2009-16 I.R.B. 833 (April 20, 2009), regarding build America bonds.
2.8. General Application of Provisions of § 54A
Except as expressly modified by § 6431(f) in disallowing the credit under § 54A and in providing the payment terms of refundable credit payments, the requirements for qualified tax credit bonds under § 54A apply to Direct Pay Tax Credit Bonds, including, without limitation, provisions relating to expenditures under § 54A(d)(2), information reporting under § 54A(d)(3), arbitrage investment restrictions under § 54A(d)(4), maturity limitations under § 54A(d)(5), prohibition against financial conflicts of interest under § 54A(d)(6), and definitions under § 54A(e)(2)-(4).
SECTION 3. REFUNDABLE CREDIT PAYMENT PROCEDURES FOR DIRECT PAY TAX CREDIT BONDS
The IRS and the Treasury Department plan to implement the refundable credit payment procedures for Direct Pay Tax Credit Bonds in order to be able to process requests for refundable credit payments with respect to interest payments due on or after September 1, 2010, to enable issuers to begin issuing these bonds for qualified purposes. The IRS and the Treasury Department expect that Form 8038-CP, Return for Credit Payments to Issuers of Qualified Bonds, revised to take into account payment of the refundable credit payments with respect to Direct Pay Tax Credit Bonds, will be available on the IRS web site at http://www.irs.gov/app/picklist/list/formsInstructions.html on or before June 25, 2010. Effective on its release, issuers of build America bonds, recovery zone economic development bonds, and Direct Pay Tax Credit Bonds are required to submit to the IRS the revised Form 8038-CP to request payment of a refundable credit. Revised Form 8038-CP will be processed on receipt for build America bonds and recovery zone economic development bonds. The IRS will be prepared to process the revised Form 8038-CP for Direct Pay Tax Credit Bonds no later than July 12, 2010, and to make timely refundable credit payments with respect to bond interest payment dates on Direct Pay Tax Credit Bonds that are on or after September 1, 2010. Issuers of Direct Pay Tax Credit Bonds with interest payment dates prior to September 1, 2010, may submit a single Form 8038-CP for the full amount of the refundable credit payment with respect to interest paid on those dates subject to the following: for purposes of the due date and the processing of Form 8038-CP, all such interest shall be deemed to have been paid on, and the first date treated as an interest payment date for such bonds shall be, September 1, 2010. A Form 8038-CP must be filed with respect to each issue of Direct Pay Tax Credit Bonds. Form 8038-CP may be filed only if the Direct Pay Tax Credit Bonds with respect to which the form is filed meet all the requirements for the allowance of the refundable credit under § 6431(a). For more information on refundable credit payment procedures, see the revised Instructions for Form 8038-CP.
3.2. Fixed Rate Bonds
In general, for fixed rate bonds, upon receipt of a timely filed Form 8038-CP requesting payment of the credit, such amount will be paid contemporaneously with the applicable interest payment date. For fixed rate bonds, the due date for an issuer to file a Form 8038-CP is the 45th day before the applicable interest payment date with respect to the bonds. This return, however, may not be filed earlier than the 90th day before the relevant interest payment date.
3.3. Variable Rate Bonds.
In general, for variable rate bonds, upon receipt of a timely filed Form 8038-CP requesting payment of the credit, such amount will be paid quarterly on a reimbursement basis for interest paid by the issuer during the quarter that includes the interest payment date with respect to which the return requesting payment relates. For variable rate bonds, the due date for an issuer to file Form 8038-CP is the 45th day after the last interest payment date within the quarterly period for which reimbursement is requested. If, however, the issuer knows the interest payment amount at least 45 days prior to the interest payment date, Form 8038-CP may be filed within the same timeframe as that for fixed rate bonds (i.e., no later than 45 days before the interest payment date and no earlier than 90 days before the interest payment date). If an issuer of variable rate bonds files the Form 8038-CP under the timeframe for fixed rate bonds, the form will be processed, and the refundable credit payment will be made, in the same manner as for fixed rate bonds.
SECTION 4. ELECTIONS TO ISSUE DIRECT PAY TAX CREDIT BONDS
Subject to updated IRS procedures, an issuer of Direct Pay Tax Credit Bonds must make the irrevocable election required by § 6431(f)(3)(B) to issue the bonds on its books and records on or before the issue date of the bonds.
SECTION 5. INFORMATION REPORTING FOR DIRECT PAY TAX CREDIT BONDS
Section 54A(d)(3) provides that an issue shall be treated as meeting the requirements of § 54A(d)(3) if the issuer of Direct Pay Tax Credit Bonds submits reports similar to the reports required under § 149(e). The IRS and the Treasury Department expect that an IRS form for reporting tax credit bonds and Direct Pay Tax Credit Bonds, new IRS “Form 8038-TC, Information Return for Tax Credit Bonds and Specified Tax Credit Bonds,” will be available on the IRS web site at http://www.irs.gov/app/picklist/list/formsInstructions.html on or before June 25, 2010. Subject to updated IRS procedures, the IRS expects that, as of the date of public release of IRS Form 8038-TC and its Instructions, issuers of tax credit bonds, including Direct Pay Tax Credit Bonds, will be required to report the issuance of those bonds on Form 8038-TC in the time and manner contemplated by this notice, § 149(e), and Form 8038-TC. The IRS will be prepared to accept Form 8038-TC for processing immediately upon its public release.
Generally, Form 8038-TC with respect to an issue of Direct Pay Tax Credit Bonds must be filed with the IRS at least 30 days before the first Form 8038-CP is filed to request the refundable credit payment for an interest payment date for that issue. For Direct Pay Tax Credit Bonds with interest payment dates prior to September 1, 2010, Form 8038-TC may be filed less than 30 days before filing the first Form 8038-CP provided Form 8038-TC is filed separately from and prior to the filing of Form 8038-CP. Issuers should not attach Form 8038-TC to Form 8038-CP.
Issuers of Direct Pay Tax Credit Bonds must attach a schedule to Form 8038-TC which contains the information described below with respect to the bond issue:
(1) For fixed-rate bonds, attach a complete debt service schedule entitled “Fixed Rate Bond—Debt Service Schedule,” that provides a list of each interest payment date, the total interest payable on each such date, the total principal amount of bonds expected to be outstanding on each such date, the refundable credit payment expected to be requested from the IRS as allowed under section 2.3 of this Notice with respect to each such date, and the earliest the bonds can be called.
(2) For variable rate bonds, attach a debt service schedule entitled “Variable Rate Bond—Debt Service Schedule,” that provides a list of each interest payment date, the total principal amount of bonds expected to be outstanding on each such date, and a description of how interest on the bond is computed. If, however, the issuer knows the interest payment amount for a certain period, the issuer should include the refundable credit payment expected to be requested from the IRS, as allowed under section 2.3 of this Notice, with respect to such period.
SECTION 6. OTHER INTERIM GUIDANCE AND RELIANCE
6.1. In General
Pending the promulgation and effective date of future administrative or regulatory guidance, this notice provides certain interim guidance applicable to Direct Pay Tax Credit Bonds and to Build America Bonds on which issuers may rely.
6.2. Limitation on Bond Premium
For purposes of determining refundable credit payments under § 6431(f) on a Direct Pay Tax Credit Bond, a rule similar to the prohibition in § 54AA(d)(2)(C) against the issuance of a Build America Bond with more than a de minimis amount (determined under rules similar to the rules of § 1273(a)(3)) of premium in the issue price of the bond over the stated principal amount of the bond shall apply to Direct Pay Tax Credit Bonds. For purposes of applying this limitation on bond premium to Direct Pay Tax Credit Bonds and to Build America Bonds generally under § 54AA(d)(2)(C), the following rules apply. The definition of “issue price” applicable to tax-exempt bonds under § 1.148-1(b) applies. Section 1273(a)(3) and § 1.1273-1(d) provide rules for determining a de minimis amount for a bond, which generally means .25 percent of the stated redemption price at maturity of the bond multiplied by the number of complete years from the bond’s issue date to its maturity date. For purposes of applying section 1273(a)(3) and § 1.1273-1(d) to a bond, the rules in § 1.163-13(e)(3) (relating to an issuer’s determination of bond issuance premium in certain circumstances) will apply to determine a bond’s payment schedule and maturity date. Under § 1.163-13(e)(3)(i), in the case of a bond subject to certain contingencies, the rules in § 1.1272-1(c) (other than § 1.1272-1(c)(3) (relating to mandatory sinking funds)) will apply to determine the bond’s payment schedule and maturity date. For example, under § 1.1272-1(c)(5), an issuer is presumed to exercise a call option or combination of call options if the exercise would minimize the yield on the bond. Under § 1.163-13(e)(3)(ii), the issuer must determine the payment schedule by assuming that a pro rata portion of the bond will be called under a sinking fund provision. In addition, the rules in § 1.1275-2(h) (relating to remote and incidental contingencies) will apply to determine a bond’s payment schedule and maturity date.
Thus, for example, if a 17-year bond issued at a premium is callable by the issuer at par after 10 years, the issuer will be treated as if it called the bond on the first call date if calling the bond on the first call date would produce the lowest yield on the bond. If so, then for purposes of section 6431, the issuer would determine if the premium is de minimis based on a 10-year maturity date rather than a 17-year maturity date. By comparison, for example, if a bond is callable by an issuer only under a “make whole” call option which requires the issuer to pay a call premium in an amount that preserves the bond’s original yield to maturity, the issuer’s exercise of that call option generally will not produce a lower yield and the call option will be disregarded in determining whether the bond premium is de minimis.
The Treasury Department and the IRS are reviewing the definition of issue price in this area and also are considering whether further limitations or special rules may be necessary or appropriate with respect to the allowability and treatment of bond issuance premium on Direct Pay Tax Credit Bonds and Build America Bonds in various circumstances in light of the particular purposes of the limitations on bond issuance premium in this area. The Treasury Department and the IRS expect to address any such further limitations or special rules in future prospective administrative or regulatory guidance.
6.3. OID Not Treated as Interest for Purposes of Refundable Credit Payments
For purposes of determining refundable credit payments under § 6431(b), as modified by § 6431(f), on a Direct Pay Tax Credit Bond or a Build America Bond, original issue discount (OID) (whether paid upon accrual, bond redemption, at maturity, or otherwise) is not treated as a payment of interest. OID is the excess of a bond’s stated redemption price at maturity over the bond’s issue price. See ARRA Conf. Rep. at 593, n. 146.
6.4. Original Expenditures, Short-Term Interim Refinancing, and Reimbursements
Section 54A(d)(2) generally provides in part that an issue of qualified tax credit bonds meets the expenditure requirements if, as of the issue date, the issuer reasonably expects (i) to spend 100 percent of the available project proceeds (as defined in § 54A(e)(4)), on qualified purposes (as defined in § 54A(d)(2)(C)) within 3 years, and (ii) a binding commitment with a third party to spend at least 10 percent of such available project proceeds will be incurred within the 6-month period beginning on such date of issuance. Proceeds of Direct Pay Tax Credit Bonds generally may not be used to refinance eligible expenditures for qualified purposes in “refunding issues” (as defined in § 1.150-1). For this purpose, however, Direct Pay Tax Credit Bonds issued to reimburse otherwise eligible expenditures for qualified purposes under § 1.150-2 that were paid or incurred after the date of enactment of the HIRE Act and that were financed originally with temporary short-term financing issued after the date of enactment of the HIRE Act will not be treated as a refunding issue under §§ 1.150-1(d) or 1.150-2(g).
In addition, under § 54A(d)(2)(D), issuers may use proceeds of Direct Pay Tax Credit Bonds to reimburse otherwise eligible expenditures for qualified purposes, regardless of whether such expenses were paid or incurred before or after the date of enactment of the HIRE Act. In applying § 54A(d)(2)(D) relating to reimbursement of eligible expenditures for qualified purposes, rules under § 1.150-2 generally shall apply.
6.5. Preissuance Accrued Interest
For purposes of determining refundable credit payments under § 6431(b), as modified by § 6431(f), on a Direct Pay Tax Credit Bond or a Build America Bond, preissuance accrued interest is not taken into account. For this purpose, the term “preissuance accrued interest” means the portion of the stated interest on the bond paid by the issuer that is allocable to interest accrued prior to the issue date of the bond (as defined in § 1.150-1(b)).
The effective date of this notice is April 26, 2010. This notice applies to bonds issued after March 18, 2010.
The principal author of this notice is Zoran Stojanovic of the Office of Associate Chief Counsel (Financial Institutions and Products). For further information regarding this notice, contact Zoran Stojanovic at (202) 622-3980 (not a toll-free call).
[1] The Conference Report to the American Recovery and Reinvestment Act of 2009 (“ARRA”) states the following regarding credit rate determinations under § 54A: “Given the differences in credit quality and other characteristics of individual issuers, the Secretary cannot set credit rates in a manner that will allow each issuer to issue tax credit bonds at par.” H.R. Conf. Rep. No, 111-16 (“ARRA Conf. Rep.”) at 592, n. 145 (Feb. 12, 2009). The ARRA Conf. Rep. further states: “The Secretary determines credit rates for tax credit bonds based on general assumptions about credit quality of the class of potential eligible issuers and such other factors as the Secretary deems appropriate. The Secretary may determine credit rates based on general credit market yield indexes and credit ratings.” Id. at 592.
.01 This revenue procedure explains how the Internal Revenue Service is informed of a change of address. When so informed, the Service will update the taxpayer’s address of record to the new address. The Service uses the taxpayer’s address of record for the various documents that are required to be sent to a taxpayer’s “last known address” under the Internal Revenue Code and for refunds of overpayments of tax. Rev. Proc. 2001-18, 2001-1 C.B. 708, is superseded by this Revenue Procedure.
.01 The Code sections listed in section 3.01 of this revenue procedure use the phrase “last known address.” The meaning of the phrase “last known address” is important, and taxpayers should be aware of their need to update their address with the Service in order to receive refunds of tax as well as the notices and documents listed in section 3.01 of this revenue procedure. When a notice or document is sent to a taxpayer’s “last known address,” it is legally effective even if the taxpayer never receives it.
.02 A taxpayer’s “last known address” is defined in Treas. Reg. § 301.6212-2(a) as the address on the taxpayer’s most recently filed and properly processed return, unless the Service has been given clear and concise notification of a different address.
.03 A taxpayer should take appropriate steps to ensure that his or her address is correct in accordance with the addressing standards of the United States Postal Service (USPS) and, when providing the Service with an address, should include all required addressing information, including apartment/suite number, street name and number, city, state, and zip code.
.01 This revenue procedure applies to notices and documents that are required to be sent to a taxpayer’s “last known address” including the following sections of the Code:
Section 982(c)(1) (formal document request for the production of foreign-based documentation);
Section 6015(e) (notice of final determination regarding spousal relief);
Section 6110(f)(3)(B) (notification of disclosure proceedings);
Section 6110(f)(4)(B) (notification of disclosure proceedings);
Section 6212(b) (notice of deficiency);
Section 6245(b)(1) (notice of partnership adjustment for electing large partnerships);
Section 6303(a) (notice and demand for tax);
Section 6320(a)(2)(C) (notice and opportunity for hearing upon filing of notice of lien);
Section 6325(f)(2)(A) (notice of revocation of certificate of release or nonattachment of a lien);
Section 6330(a)(2)(C) (notice and opportunity for hearing before levy);
Section 6331(d)(2)(C) (notice of intention to levy);
Section 6332(b)(1) (copy of notice of levy with respect to a life insurance or endowment contract);
Section 6335(a) and (b) (notices of seizure and sale);
Section 6404(h) (notice with respect to interest abatement);
Section 6901(g) (notice of liability in transferee cases);
Section 7430(f)(2) (action for reasonable administrative costs);
Section 7436 (employment status determinations);
Section 7603(b)(1) (summons by mail to third-party record keeper);
Section 7609(a)(2) (notice of third-party summons); and
Section 7623(b)(4) (Whistleblower award determinations).
.02 The Service generally will use the address on the most recently filed and properly processed return as the address of record for all the notices and documents set forth in section 3.01 above. The Service will, however, automatically update a taxpayer’s address of record based on a new address that the taxpayer provides the USPS that is retained in USPS’s National Change of Address database (NCOA database). See Treas. Reg. § 301.6212-2(b)(2). If a taxpayer wishes to change the address of record, the taxpayer must give clear and concise notification as provided by this revenue procedure. The terms “return,” “properly processed,” “address on return,” and “clear and concise notification” are defined in section 5 below.
SECTION 4. PROCEDURES FOR CHANGE OF ADDRESS
.01 If a taxpayer files a return with new address information, the proper processing of the return will update the taxpayer’s address of record. With the exception of the returns listed in section 4.04, a taxpayer’s address of record will be updated for the name and taxpayer identification number (the employer identification number, individual taxpayer identification number, or social security number) under which the return is filed.
.02 If a taxpayer no longer wishes the address of record to be the one shown on the most recently filed return (for example, because the taxpayer moved after the return was filed), clear and concise notification of a change of address as defined in section 5.04 below should be provided to the Service.
.03 If, after a joint return is filed, either taxpayer establishes a separate residence, each taxpayer should provide clear and concise notification of a current address to the Service as provided in section 4.02 above.
.04 The Service maintains address records for gift, estate, and generation-skipping transfer tax returns (Forms 706, 706-A, 706-NA, 709, and 709-A) separate from the address records for individual income tax returns (Forms 1040, 1040-A, 1040-EZ, 1040 (NR), 1040 (PR), 1040-SS, and 1040-X). Thus, an individual taxpayer’s notification of a change of address should identify whether any gift, estate, or generation-skipping transfer tax returns are affected by the notification.
.05 A taxpayer should notify the USPS facility serving the taxpayer’s old address of the taxpayer’s new address so that mail from the Service can be forwarded to the new address. The Service will also automatically update a taxpayer’s address of record based on a new address that the taxpayer provides to the USPS and that the USPS retains in its National Change of Address database. See Treas. Reg. § 301.6212-2(b)(2). Taxpayers are nonetheless advised to notify the Service directly of a change of address to ensure a timely and accurate update of the Service’s address of record for the taxpayer.
.06 If the taxpayer’s last known address is altered due to address reorganization or standardization measures taken by the USPS or a legislative body, the Service will treat the altered address as the taxpayer’s new address of record. Examples of an address reorganization or standardization measures include the redesignation of rural route addresses as street addresses or changes to zip code boundaries. Any clear and concise notification of a different address provided by the taxpayer to the Service subsequent to an address standardization or reorganization shall control over any address changes made pursuant to this section 4.06.
.01 Return. For purposes of updating a taxpayer’s address of record, the term “return” includes the following federal tax or information forms:
(1) Returns filed under a social security number or an individual taxpayer identification number:
(a) Individual income tax returns:
Form 1040 U.S. Individual Income Tax Return;
Form 1040 (Schedule H) Household Employment Taxes;
Form 1040-A U.S. Individual Income Tax Return;
Form 1040-EZ Income Tax Return for Single and Joint Filers With No Dependents;
Form 1040 (NR) U.S. Nonresident Alien Income Tax Return;
Form 1040-EZ (NR) U.S. Income Tax Return for Certain Nonresident Aliens With No Dependents;
Form 1040 (PR) Planilla Para La Declaracion De La Contribución Federal Sobre El Trabajo Por Cuenta Propia — Puerto Rico;
Form 1040-SS U.S. Self-Employment Tax Return (Including the Additional Child Tax Credit for Bonafide Residents of Puerto Rico), Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands (CNMI), or Puerto Rico;
Form 1040-X Amended U.S. Individual Income Tax Return;
(b) Gift, estate, and generation-skipping transfer tax returns:
Form 706 United States Estate (and Generation-Skipping Transfer) Tax Return;
Form 706-A United States Additional Estate Tax Return;
Form 706-NA United States Estate (and Generation-Skipping Transfer) Tax Return, Estate of Nonresident not a citizen of the United States; and
Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return;
(2) Returns filed under an employer identification number:
Form CT-1 Employer’s Annual Railroad Retirement Tax Return;
Form 720 Quarterly Federal Excise Tax Return;
Form 720-X Amended Quarterly Federal Excise Tax Return;
Form 730 Monthly Tax on Wagering (Section 4401 of the Internal Revenue Code);
Form 940 Employer’s Annual Federal Unemployment (FUTA) Tax Return;
Form 940 (PR) Planilla Para La Declaración Anual Del Patrono — La Contribución Federal Para El Desempleo (FUTA);
Form 941 Employer’s Quarterly Federal Tax Return;
Form 941-M Employer’s Monthly Federal Tax Return;
Form 941 (PR) Planilla Para La Declaración Federal Trimestral Del Patrono — La Contribución Federal A1 Seguro Social Y A1 Seguro Medicare;
Form 941-SS Employer’s Quarterly Federal Tax Return;
Form 943 Employer’s Annual Tax Return for Agricultural Employees;
Form 943 (PR) Planilla Para La Declaración Anual De La Contribución Federal Del Patrono De Empleados Agrícolas;
Form 944 Employer’s Annual Federal Tax Return;
Form 944 (PR) Employer’s Annual Federal Tax Return;
Form 944-SS Employer’s Annual Federal Tax Return;
Form 945 Annual Return of Withheld Federal Income Tax;
Form 990 Return of Organization Exempt from Income Tax — Under section 501(c) of the Internal Revenue Code (except Black Lung Benefit Trust or Private Foundation
Form 990-C Farmers’ Cooperative Association Income Tax Return;
Form 990-EZ Short Form Return of Organization Exempt From Income Tax — Under section 501(c) of the Internal Revenue Code (except Black Lung Benefit Trust or Private Foundation
Form 990-PF Return of Private Foundation or Section 4947(a)(1) Nonexempt Charitable Trust Treated as a Private Foundation;
Form 990-T Exempt Organization Business Income Tax Return (and proxy tax under section 6033(e));
Form 1041 U.S. Income Tax Return for Estates and Trusts;
Form 1041-N, U.S. Income Tax Return for Electing Alaska Native Settlement Trusts;
Form 1041-QFT, U.S. Income Tax Return for Qualified Funeral Trusts;
Form 1042 Annual Withholding Tax Return for U.S. Source Income of Foreign Persons;
Form 1045 Application for Tentative Refund;
Form 1065 U.S. Return of Partnership Income;
Form 1065-B U.S. Return of Income for Electing Large Partnerships;
Form 1066 U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return;
Form 1120 U.S. Corporation Income Tax Return;
Form 1120-A U.S. Corporation Short-Form Income Tax Return;
Form 1120-C U.S. Income Tax Return for Cooperative Associations;
Form 1120-F U.S. Income Tax Return of a Foreign Corporation;
Form 1120-FSC U.S. Income Tax Return of a Foreign Sales Corporation;
Form 1120-H U.S. Income Tax Return for Homeowners Associations;
Form 1120-L U.S. Life Insurance Company Income Tax Return;
Form 1120-ND Return for Nuclear Decommissioning Funds and Certain Related Persons;
Form 1120-PC U.S. Property and Casualty Insurance Company Income Tax Return;
Form 1120-POL U.S. Income Tax Return for Certain Political Organizations;
Form 1120-REIT U.S. Income Tax Return for Real Estate Investment Trusts;
Form 1120-RIC U.S. Income Tax Return for Regulated Investment Companies;
Form 1120-S U.S. Income Tax Return for an S Corporation;
Form 1120-SF U.S. Income Tax Return for Settlement Funds (Under Section 468B);
Form 1120-X Amended U.S. Corporation Income Tax Return;
Form 1139 Corporation Application for Tentative Refund;
Form 2290 Heavy Highway Vehicle Use Tax Return; and
Form 5227 Split-Interest Trust Information Return.
(3) The term “return” includes substitute forms (as defined in Rev. Proc. 2003-73, 2003-2 C.B. 647, or as defined in other current revenue procedures concerning the requirements for substitute forms) for those forms listed in section 5.01 (1) and (2) above as well as any form listed in section 5.01 (1) and (2) above that is provided by the Service in a language other than English.
(4) The term “return” does not include applications for extension of time to file a return or powers of attorney. Thus, for example, a new address listed on Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, or on a Form 2848, Power of Attorney and Declaration of Representative, will not be used by the Service to update the taxpayer’s address of record.
.02 Properly processed.
(1) Except as otherwise provided by the exceptions below, a return will be considered properly processed after a 45-day processing period which begins the day after the date of receipt of the return by the Internal Revenue Submission Processing Campus. If a return is received prior to the due date for the return, however, the 45-day processing period will begin the day after the due date of the return. Returns that are not filed in a processible form may require additional processing time. If additional processing time is required, the 45-day processing period for address changes will begin the day after the error that caused the return to be unprocessible is corrected.
(2) Due to the high volume of returns received during the filing season, if a taxpayer provides new address information on a Form 1040, 1040-A, 1040-EZ, 1040 (NR), 1040 (PR), 1040-SS, or 1040-X that is received in processible form by the Service after February 14 and before June 1, the return will be considered properly processed on July 16.
(3) A clear and concise written notification of a change of address will be considered properly processed after a 45-day processing period which begins the day after the date of receipt by:
(a) the Internal Revenue Service Submission Processing Campus serving the taxpayer’s old address;
(b) the Customer Service Division in the local area office; or
(c) the Service employee who contacted the taxpayer in connection with the filing of a return or an adjustment in the taxpayer’s account.
(4) Clear and concise electronic notification of a change of address will be considered properly processed after a 45-day processing period which begins the day after the date on which the taxpayer submits a new address as described in section 5.04(2) below.
(5) Clear and concise oral notification of a change of address will be considered properly processed after a 45-day processing period which begins the day after the date of the communication to the Service employee.
(6) When the processing of address change information on a particular return will require a processing time in excess of 45 days, such as in section 5.02 (2), the taxpayer may provide clear and concise written, electronic, or oral notification of a change of address to the Service in accordance with sections 5.02 (3), 5.02 (4), or 5.02 (5) above.
.03 Address on Return.
The “address on return” is the address information shown in the upper portion of the front page of the return. When a taxpayer files an electronic return, the address information entered by the taxpayer as part of the return will be used to update the taxpayer’s address of record.
.04 Clear and Concise Notification. Clear and concise notification may be written, electronic, or oral as defined below.
(1) Clear and Concise Written Notification.
(a) Clear and concise written notification is a written statement signed by the taxpayer and mailed to an appropriate Service address informing the Service that the taxpayer wishes the address of record changed to a new address. In addition to the new address, this notification must contain the taxpayer’s full name and old address as well as the taxpayer’s social security number, individual taxpayer identification number, or employer identification number. Filers of a joint return should provide both names, social security numbers, and signatures. Individuals who have changed their last name should provide the last name shown on the most recently filed return and the new last name. In all cases, clear and concise written notification must be specific as to a change of address. Thus, a new address reflected in the letterhead of taxpayer correspondence will not by itself serve to change a taxpayer’s address of record.
(b) Correspondence sent by the Service that solicits or requires a response by the taxpayer that is returned to the Service by the taxpayer with corrections marked on the taxpayer’s address information will constitute clear and concise written notification of a change of address.
(c) Additionally, Form 8822, Change of Address, can be used by taxpayers to provide clear and concise written notification of a change of address pursuant to this revenue procedure.
(2) Clear and Concise Electronic Notification.
(a) Clear and concise electronic notification is new address information submitted by the taxpayer through one of the secure applications found on the Service’s website, located at www.irs.gov. A “secure application” is one that requires the taxpayer to verify the taxpayer’s identity before accessing the application. Other forms of electronic notification, such as electronic mail sent to a Service email address, do not meet the definition of clear and concise notification.
(b) In addition to the new address, the taxpayer’s social security number, individual taxpayer identification number, or employer identification number must be provided, as well as any additional information requested by the specific application.
(c) The information must be entered on the Service’s secure application in the space provided and electronically submitted to the Service.
(3) Clear and Concise Oral Notification.
Clear and concise oral notification is a statement made by a taxpayer in person or directly via telephone to a Service employee who has access to the Service Master File informing the Service employee of the address change. In addition to the new address, the taxpayer must provide the taxpayer’s full name and old address as well as the taxpayer’s social security number, individual taxpayer identification number, or employer identification number. The Service employee must follow established procedures to verify the taxpayer’s identity. The Service employee also will inform the taxpayer that the new address, and not the former address, will be used by the Service for all purposes.
SECTION 6. AREAS NOT COVERED BY THIS REVENUE PROCEDURE
.01 This revenue procedure does not apply to the notice requirements under sections 6221 through 6234, and 6037(c) concerning the tax treatment of partnership and subchapter S items.
.02 This revenue procedure does not apply to the following returns because of their unique processing requirements:
Form 5330 Return of Excise Taxes Related to Employee Benefits Plans (Under sections 4971, 4972, 4973(a)(3), 4975, 4976, 4977, 4978, 4978A, 4978B, 4979A, 4980 and 4980F of the Internal Revenue Code); and
Form 5500 Series Annual Return/Report of Employee Benefit Plan.
.03 Except for notices required by law to be sent to a taxpayer’s last known address, this revenue procedure does not require the Service to continue to send notices to an address furnished by the taxpayer when it is determined after a delivery attempt that the taxpayer cannot actually be contacted or located at that address.
SECTION 7. EFFECT ON OTHER DOCUMENTS (when applicable)
This revenue procedure supersedes Rev. Proc. 2001-18, 2001-1 C.B. 708.
This revenue procedure is effective June 1, 2010.
The principal author of this revenue procedure is Meghan Mahaney of the Office of Associate Chief Counsel (Procedure & Administration). For further information regarding this revenue procedure, contact Meghan Mahaney at (202) 622-7950 (not a toll-free call).
Draft Schedule and Instructions for Uncertain Tax Positions Proposal
In Announcement 2010-9, 2010-7 I.R.B. 408, and Announcement 2010-17, 2010-13 I.R.B. 515, the Internal Revenue Service announced it is developing a schedule requiring certain taxpayers to report uncertain tax positions on their tax returns. The Service is now releasing the draft schedule, Schedule UTP, accompanied by draft instructions that provide a further explanation of the Service’s proposal. The Service invites public comment on the draft schedule and instructions. The schedule and instructions will be finalized after the Service has received and considered all of the comments regarding the overall proposal and the draft schedule and instructions.
The draft schedule and instructions provide that, beginning with the 2010 tax year, the following taxpayers with both uncertain tax positions and assets equal to or exceeding $10 million will be required to file Schedule UTP if they or a related party issued audited financial statements:
Corporations who are required to file a Form 1120, U.S. Corporation Income Tax Return;
Insurance companies who are required to file a Form 1120 L, U.S. Life Insurance Company Income Tax Return or Form 1120 PC, U.S. Property and Casualty Insurance Company Income Tax Return; and
Foreign corporations who are required to file Form 1120 F, U.S. Income Tax Return of a Foreign Corporation.
The draft schedule and instructions also provide that, for 2010 tax years, the Service will not require a Schedule UTP from Form 1120 series filers other than those identified above (such as real estate investment trusts or regulated investment companies), pass-through entities, or tax-exempt organizations. The Service will determine the timing of the requirement to file Schedule UTP for these entities after comments have been received and considered.
The Service is reviewing the extent to which the proposed Schedule UTP duplicates other reporting requirements, such as Form 8275, Disclosure Statement; Form 8275-R, Regulation Disclosure Statement; Form 8886, Reportable Transaction Disclosure Statement; and the Schedule M-3, Net Income (Loss) Reconciliation for Corporations With Total Assets of $10 Million or More. The draft instructions provide that a taxpayer will be treated as having filed a Form 8275 or Form 8275-R for tax positions that are properly reported on Schedule UTP. The Service is considering other circumstances under which a tax position reported on Schedule UTP need not be separately reported elsewhere on the tax return or another disclosure statement.
Comments on Announcement 2010-9, Announcement 2010-17, the draft schedule, and the draft instructions should be submitted by June 1, 2010.
Comments should be submitted to: Internal Revenue Service, CC:PA:LPD:PR (Announcement 2010-9), Room 5203, P.O. Box 7604, Ben Franklin Station, N.W., Washington, D.C. 20044. Alternatively, comments may be hand delivered between the hours of 8:00 a.m. and 4:00 p.m., Monday through Friday, to CC:PA:LPD:PR (Announcement 2010-9), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue, N.W., Washington, D.C. Comments may also be transmitted electronically via the following e-mail address: Announcement.Comments@irscounsel.treas.gov. Please include “Announcement 2010-9” in the subject line of any electronic communications. All comments will be available for public inspection and copying.
The principal author of this announcement is Kathryn A. Zuba of the Office of Associate Chief Counsel (Procedure & Administration). For further information regarding this announcement, contact Kathryn A. Zuba at (202) 622-7583 (not a toll-free call).
Draft Schedule UTP released on April 19, 2010
Draft Schedule UTP Instructions
Brown Star, Inc., Culver City CA
Center for Productive Worklife, Inc., Aldan PA
Chosen to Change Enterprise, Inc., Sacramento CA
Cover to Cover Ministries, Inc., Euless TX
Family Empowerment Zone, Inc., Saint Charles MO
Foundation of Daycare Providers, Phoenix AZ
Fountain of Hope Foundation, Yakima WA
Global Community Development Corporation, League City TX
Harmony Cultural Development Corporation, Lakeland FL
James Thomas & Associates, Inc., Morrow GA
Leonard E. Hicks Multi Purpose Community Center Incorporation, Baltimore MD
Nazareth Ministries, New Orleans LA
New Generation International Community Service, Miami Gardens FL
New Life Community Development Center, Atlanta GA
New Life Youth Development Corporation, Gary IN
Radicand Foundation, Pleasant Grove AL
Redeemed International Outreach Center, Palatka FL
Solid Rock Community Development Corporation, Hanover MD
Soulja Boyz and Girlz Academy, North Las Vegas NV
South Mansfield Community Association, South Mansfield LA
Starlite Williams Ministries, Inc., Katy TX
St. Clair Shores Lions Charities, Inc., St. Clair Shores MI
Tri-Centric Foundation, Inc., Brooklyn NY
Revision of Form 3115
DECEMBER 2009 REVISION OF FORM 3115
The Internal Revenue Service has revised Form 3115, Application for Change in Accounting Method, and its instructions. The Form 3115 (Rev. December 2009) is the current Form 3115 and replaces the December 2003 version of the Form 3115.
Ordinarily, a taxpayer applies for consent to change a method of accounting for federal income tax purposes by completing and filing a current Form 3115. For automatic change requests procedures, see section 6.02(1)(a) of Rev. Proc. 2008-52, 2008-36 I.R.B. 587 (as amplified, clarified, and modified by Rev Proc. 2009-39, 2009-38 I.R.B. 371). For non-automatic change request procedures, see section 8.06 of Rev. Proc. 97-27, 1997-1 C.B. 680 (as modified and amplified by Rev. Proc. 2002-19, 2002-1 C.B. 696, as amplified and clarified by Rev. Proc. 2002-54, 2002-2 C.B. 432, as modified by Rev. Proc. 2007-67, 2007-2 C.B. 1072, and as clarified and modified by Rev. Proc. 2009-39, 2009-38 I.R.B. 371).
To allow a reasonable transition to the December 2009 Form 3115, the IRS will accept either the December 2009 Form 3115 or the December 2003 Form 3115 through May 31, 2010, except where the use of the December 2009 Form 3115 is specifically required in guidance published in the Internal Revenue Bulletin. Taxpayers filing Forms 3115 after May 31, 2010, must use the December 2009 Form 3115. The IRS encourages taxpayers to use the December 2009 Form 3115 prior to June 1, 2010.
Section 6.02(3) of Rev. Proc. 2008-52 requires a taxpayer filing a request for an automatic change to file its original Form 3115 with its return and a duplicate of that Form 3115 with the national office. If prior to June 1, 2010, a taxpayer filed its duplicate copy of Form 3115 with the national office using the December 2003 Form 3115, the taxpayer may file its original Form 3115 with its return on either the December 2003 Form 3115 or the December 2009 Form 3115.
Taxpayers may download the December 2009 Form 3115 and its instructions from the IRS website, www.irs.gov, or order them by calling 1-800-TAX FORM (1-800-829-3676).
For further information regarding this announcement, contact Karla Meola at (202) 622-4930 or Brenda Wilson at (202) 622-4800 (not toll-free calls).
A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2009-27 through 2009-52 is in Internal Revenue Bulletin 2009-52, dated December 28, 2009.
Bulletins 2010-1 through 2010-19
2010-1 2010-4 I.R.B. 2010-4 333
2010-2 2010-2 I.R.B. 2010-2 271
2010-3 2010-4 I.R.B. 2010-4 333
2010-4 2010-5 I.R.B. 2010-5 384
2010-5 2010-6 I.R.B. 2010-6 402
2010-6 2010-6 I.R.B. 2010-6 402
2010-7 2010-6 I.R.B. 2010-6 403
2010-8 2010-7 I.R.B. 2010-7 408
2010-9 2010-7 I.R.B. 2010-7 408
2010-10 2010-7 I.R.B. 2010-7 410
2010-11 2010-10 I.R.B. 2010-10 438
2010-12 2010-7 I.R.B. 2010-7 410
2010-13 2010-8 I.R.B. 2010-8 426
2010-14 2010-11 I.R.B. 2010-11 449
2010-15 2010-10 I.R.B. 2010-10 438
2010-16 2010-11 I.R.B. 2010-11 450
2010-17 2010-13 I.R.B. 2010-13 515
2010-18 2010-12 I.R.B. 2010-12 460
2010-19 2010-14 I.R.B. 2010-14 529
2010-20 2010-15 I.R.B. 2010-15 551
2010-21 2010-15 I.R.B. 2010-15 551
2010-22 2010-16 I.R.B. 2010-16 602
2010-23 2010-16 I.R.B. 2010-16 602
2010-24 2010-15 I.R.B. 2010-15 587
2010-25 2010-15 I.R.B. 2010-15 588
2010-26 2010-16 I.R.B. 2010-16 604
2010-27 2010-18 I.R.B. 2010-18 657
2010-28 2010-17 I.R.B. 2010-17 616
2010-29 2010-17 I.R.B. 2010-17 616
2010-30 2010-19 I.R.B. 2010-19
2010-31 2010-19 I.R.B. 2010-19
2010-32 2010-19 I.R.B. 2010-19
2010-33 2010-18 I.R.B. 2010-18 658
2010-1 2010-2 I.R.B. 2010-2 251
2010-2 2010-2 I.R.B. 2010-2 251
2010-3 2010-2 I.R.B. 2010-2 253
2010-4 2010-2 I.R.B. 2010-2 253
2010-5 2010-2 I.R.B. 2010-2 256
2010-6 2010-3 I.R.B. 2010-3 275
2010-7 2010-3 I.R.B. 2010-3 296
2010-8 2010-3 I.R.B. 2010-3 297
2010-9 2010-3 I.R.B. 2010-3 298
2010-10 2010-3 I.R.B. 2010-3 299
2010-11 2010-4 I.R.B. 2010-4 326
2010-12 2010-4 I.R.B. 2010-4 326
2010-13 2010-4 I.R.B. 2010-4 327
2010-14 2010-5 I.R.B. 2010-5 344
2010-15 2010-6 I.R.B. 2010-6 390
2010-16 2010-6 I.R.B. 2010-6 396
2010-17 2010-14 I.R.B. 2010-14 519
2010-18 2010-14 I.R.B. 2010-14 525
2010-19 2010-7 I.R.B. 2010-7 404
2010-20 2010-8 I.R.B. 2010-8 422
2010-21 2010-12 I.R.B. 2010-12 451
2010-22 2010-10 I.R.B. 2010-10 435
2010-23 2010-11 I.R.B. 2010-11 441
2010-24 2010-12 I.R.B. 2010-12 452
2010-25 2010-14 I.R.B. 2010-14 527
2010-26 2010-14 I.R.B. 2010-14 527
2010-27 2010-15 I.R.B. 2010-15 531
2010-28 2010-15 I.R.B. 2010-15 541
2010-29 2010-15 I.R.B. 2010-15 547
2010-30 2010-18 I.R.B. 2010-18 650
2010-31 2010-16 I.R.B. 2010-16 594
2010-32 2010-16 I.R.B. 2010-16 594
2010-33 2010-17 I.R.B. 2010-17 609
2010-34 2010-17 I.R.B. 2010-17 612
2010-35 2010-19 I.R.B. 2010-19
2010-36 2010-17 I.R.B. 2010-17 612
2010-37 2010-18 I.R.B. 2010-18 654
132232-08 2010-6 I.R.B. 2010-6 401
134235-08 2010-16 I.R.B. 2010-16 596
137036-08 2010-6 I.R.B. 2010-6 398
101896-09 2010-5 I.R.B. 2010-5 347
117501-09 2010-11 I.R.B. 2010-11 442
131028-09 2010-4 I.R.B. 2010-4 332
148681-09 2010-11 I.R.B. 2010-11 443
2010-1 2010-1 I.R.B. 2010-1 1
2010-2 2010-1 I.R.B. 2010-1 90
2010-3 2010-1 I.R.B. 2010-1 110
2010-4 2010-1 I.R.B. 2010-1 122
2010-5 2010-1 I.R.B. 2010-1 165
2010-6 2010-1 I.R.B. 2010-1 193
2010-7 2010-1 I.R.B. 2010-1 231
2010-8 2010-1 I.R.B. 2010-1 234
2010-9 2010-2 I.R.B. 2010-2 258
2010-10 2010-3 I.R.B. 2010-3 300
2010-11 2010-2 I.R.B. 2010-2 269
2010-12 2010-3 I.R.B. 2010-3 302
2010-13 2010-4 I.R.B. 2010-4 329
2010-14 2010-12 I.R.B. 2010-12 456
2010-15 2010-7 I.R.B. 2010-7 404
2010-16 2010-19 I.R.B. 2010-19
2010-17 2010-8 I.R.B. 2010-8 425
2010-18 2010-9 I.R.B. 2010-9 427
2010-19 2010-13 I.R.B. 2010-13 469
2010-20 2010-14 I.R.B. 2010-14 528
2010-21 2010-13 I.R.B. 2010-13 473
2010-1 2010-2 I.R.B. 2010-2 248
2010-2 2010-3 I.R.B. 2010-3 272
2010-3 2010-3 I.R.B. 2010-3 272
2010-4 2010-4 I.R.B. 2010-4 309
2010-5 2010-4 I.R.B. 2010-4 312
2010-6 2010-6 I.R.B. 2010-6 387
2010-7 2010-8 I.R.B. 2010-8 417
2010-8 2010-10 I.R.B. 2010-10 432
2010-9 2010-13 I.R.B. 2010-13 461
2010-10 2010-13 I.R.B. 2010-13 461
2010-11 2010-14 I.R.B. 2010-14 516
2010-12 2010-18 I.R.B. 2010-18 617
9474 2010-4 I.R.B. 2010-4 322
9475 2010-4 I.R.B. 2010-4 304
9476 2010-5 I.R.B. 2010-5 336
9477 2010-6 I.R.B. 2010-6 385
9478 2010-4 I.R.B. 2010-4 315
9479 2010-18 I.R.B. 2010-18 618
9480 2010-11 I.R.B. 2010-11 439
9481 2010-17 I.R.B. 2010-17 605
A cumulative list of current actions on previously published items in Internal Revenue Bulletins 2009-27 through 2009-52 is in Internal Revenue Bulletin 2009-52, dated December 28, 2009.
2009-23 Corrected by Ann. 2010-29 2010-17 I.R.B. 2010-17 616
2009-51 Supplemented and superseded by Ann. 2010-16 2010-11 I.R.B. 2010-11 450
2010-4 Corrected by Ann. 2010-10 2010-7 I.R.B. 2010-7 410
2005-88 Superseded by Notice 2010-13 2010-4 I.R.B. 2010-4 327
2006-87 Superseded by Notice 2010-27 2010-15 I.R.B. 2010-15 531
2007-25 Superseded by Notice 2010-27 2010-15 I.R.B. 2010-15 531
2007-77 Superseded by Notice 2010-27 2010-15 I.R.B. 2010-15 531
2008-14 Modified and superseded by Notice 2010-33 2010-17 I.R.B. 2010-17 609
2008-41 Modified by Notice 2010-7 2010-3 I.R.B. 2010-3 296
2008-55 Modified by Notice 2010-3 2010-2 I.R.B. 2010-2 253
2008-88 Modified by Notice 2010-7 2010-3 I.R.B. 2010-3 296
2008-107 Superseded by Notice 2010-27 2010-15 I.R.B. 2010-15 531
2008-113 Modified by Notice 2010-6 2010-3 I.R.B. 2010-3 275
2008-115 Modified by Notice 2010-6 2010-3 I.R.B. 2010-3 275
2008-116 Modified and superseded by Notice 2010-32 2010-16 I.R.B. 2010-16 594
2009-11 Amplified by Notice 2010-9 2010-3 I.R.B. 2010-3 298
2009-13 Obsoleted by T.D. 9478 2010-4 I.R.B. 2010-4 315
2009-13 Obsoleted by REG-131028-09 2010-4 I.R.B. 2010-4 332
2009-35 Supplemented by Notice 2010-17 2010-14 I.R.B. 2010-14 519
2009-38 Amplified and superseded by Notice 2010-2 2010-2 I.R.B. 2010-2 251
2009-62 Modified and supplemented by Notice 2010-23 2010-11 I.R.B. 2010-11 441
127270-06 Hearing scheduled by Ann. 2010-6 2010-6 I.R.B. 2010-6 402
134235-08 Hearing scheduled by Ann. 2010-33 2010-18 I.R.B. 2010-18 658
80-59 Modified and superseded by Rev. Proc. 2010-11 2010-2 I.R.B. 2010-2 269
87-35 Obsoleted by Rev. Proc. 2010-3 2010-1 I.R.B. 2010-1 110
2001-18 Superseded by Rev. Proc. 2010-16 2010-19 I.R.B. 2010-19
2008-14 Updated by Rev. Proc. 2010-15 2010-7 I.R.B. 2010-7 404
2009-1 Superseded by Rev. Proc. 2010-1 2010-1 I.R.B. 2010-1 1
2009-2 Superseded by Rev. Proc. 2010-2 2010-1 I.R.B. 2010-1 90
2009-3 Superseded by Rev. Proc. 2010-3 2010-1 I.R.B. 2010-1 110
2009-4 Superseded by Rev. Proc. 2010-4 2010-1 I.R.B. 2010-1 122
2009-5 Superseded by Rev. Proc. 2010-5 2010-1 I.R.B. 2010-1 165
2009-6 Superseded by Rev. Proc. 2010-6 2010-1 I.R.B. 2010-1 193
2009-7 Superseded by Rev. Proc. 2010-7 2010-1 I.R.B. 2010-1 231
2009-8 Superseded by Rev. Proc. 2010-8 2010-1 I.R.B. 2010-1 234
2009-9 Superseded by Rev. Proc. 2010-9 2010-2 I.R.B. 2010-2 258
2009-15 Amplified and superseded by Rev. Proc. 2010-12 2010-3 I.R.B. 2010-3 302
2009-17 Superseded by Rev. Proc. 2010-21 2010-13 I.R.B. 2010-13 473
2009-25 Superseded by Rev. Proc. 2010-3 2010-1 I.R.B. 2010-1 110
2009-55 Corrected by Ann. 2010-11 2010-10 I.R.B. 2010-10 438
2010-1 Corrected by Ann. 2010-5 2010-6 I.R.B. 2010-6 402
67-436 Obsoleted by REG-101896-09 2010-5 I.R.B. 2010-5 347
92-19 Supplemented in part by Rev. Rul. 2010-7 2010-8 I.R.B. 2010-8 417
2008-52 Supplemented and superseded by Rev. Rul. 2010-2 2010-3 I.R.B. 2010-3 272
9424 Corrected by Ann. 2010-18 2010-12 I.R.B. 2010-12 460
9443 Corrected by Ann. 2010-8 2010-7 I.R.B. 2010-7 408
9458 Corrected by Ann. 2010-7 2010-6 I.R.B. 2010-6 403