Internal Revenue Bulletin: 2011-14
April 4, 2011
Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for April 2011.
Final and temporary regulations under section 1502 of the Code relate to the redetermination of intercompany gain as excluded from gross income. Temporary regulations under section 1.1502-13T are reissued.
Proposed regulations under section 6103(c) of the Code extends the period for submission to the IRS of taxpayer authorizations permitting disclosure of returns and return information to third-party designees. A public hearing is scheduled for June 9, 2011.
Guidance for Phase II of the qualifying advanced coal program under Section 48A and the qualifying gasification program under Section 48B. This notice updates the rules regarding the separation and sequestration of carbon dioxide emissions for Phase II of the qualifying advanced coal program under section 48A of the Code and the qualifying gasification program under section 48B. Specifically, the notice provides for the annual measurement of separated and sequestered carbon dioxide and applies the recapture rules of section 50(a) in the event that a taxpayer fails to attain or maintain the carbon dioxide separation and sequestration requirements of section 48A or section 48B. Notices 2009-23 and 2009-24 modified.
Credit for carbon dioxide sequestration; modification of Notice 2009-83. This notice modifies Notice 2009-83 by removing section 4.07, which provided that for purposes of section 45Q of the Code, qualified carbon dioxide (CO2) does not include CO2 that is captured and sequestered in a project as required under the qualifying advanced coal project program of section 48A or the qualifying gasification project program of section 48B. Notice 2009-83 modified.
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