Internal Revenue Bulletin: 2011-11
March 14, 2011
Guidance on mortgage assistance programs. This notice provides guidance on the federal tax consequences of payments made to or on behalf of financially distressed homeowners under programs established pursuant to the Treasury Department’s Housing Finance Agency Innovative Fund for the Hardest-Hit Housing Markets (HFA Hardest Hit Fund) and the Department of Housing and Urban Development’s Emergency Homeowners’ Loan Program (EHLP). This notice also provides guidance on the information reporting requirements for these payments.
This notice provides transitional relief from information reporting requirements in section 6045B of the Code that apply to issuers of stock with respect to organizational actions that affect the basis of the stock.
Guidance is provided to individuals who fail to meet the eligibility requirements of section 911(d)(1) of the Code because adverse conditions in a foreign country preclude the individual from meeting those requirements. A current list of countries for tax year 2010 and the dates those countries are subject to the section 911(d)(4) waiver is provided.
This announcement provides conditions under which certain issuers that have purchased their own bonds may enter into a voluntary closing agreement with respect to the extinguishment of such bonds.
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