Internal Revenue Bulletin: 2011-36
September 6, 2011
Remittance basis charge. The Remittance Basis Charge (RBC) is a tax imposed by the government of the United Kingdom on long-term non-domiciliaries who elect to be taxed under the remittance basis of taxation. This ruling holds that the RBC, in combination with the remittance basis of taxation, is an income tax for which a credit is allowable under section 901 of the Code.
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 September 2011.
Proposed regulations under section 36B of the Code provide rules relating to the premium tax credit, enacted by section 1401 of the Affordable Care Act. A public hearing is scheduled for November 17, 2011.
The Pension Protection Act amended sections 72, 1035, and 7702B of the Code. This notice provides interim guidance on these amendments and requests comments on issues to be addressed in future guidance concerning the taxation of annuity and life insurance contracts with a long-term care insurance feature.
|More Internal Revenue Bulletins|