Internal Revenue Bulletin: 2011-8
February 22, 2011
Final regulations under section 1001 of the Code clarify the extent to which the deterioration in an issuer’s financial condition is taken into account to determine whether a modified debt instrument will be recharacterized as an instrument that is not debt.
Proposed regulations under section 7623(a) of the Code relate to the payment of rewards and awards under section 7623(b).
Proposed regulations under section 1273 of the Code clarify the circumstances in which property is traded on an established market (that is, publicly traded) for purposes of determining the issue price of a debt instrument. A public hearing is scheduled for April 13, 2011.
Proposed regulations under section 6049 of the Code extend the annual information reporting requirement with respect to bank deposit interest to all nonresident alien individuals who are residents of any foreign country. These proposed regulations withdraw the 2002 proposed regulations which would require reporting only for nonresident aliens that are residents of Canada. A public hearing is scheduled for April 28, 2011.
This notice provides adjusted limitations on housing expenses for tax year 2011 for purposes of section 911 of the Code. Notices 2006-87, 2007-25, 2007-77, 2008-107, and 2010-27 superseded.
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