Internal Revenue Bulletin:  2011-37 

September 12, 2011 

INCOME TAX


T.D. 9538 T.D. 9538

Final, temporary, and proposed regulations under section 1001 of the Code explain when the transfer or assignment of certain derivative contracts does not result in a realization event for the nonassigning counterparty to the contract. A public hearing on the proposed regulations is scheduled for October 27, 2011.

REG-109006-11 REG–109006–11

Final, temporary, and proposed regulations under section 1001 of the Code explain when the transfer or assignment of certain derivative contracts does not result in a realization event for the nonassigning counterparty to the contract. A public hearing on the proposed regulations is scheduled for October 27, 2011.

Notice 2011-64 Notice 2011-64

Pursuant to section 1(h)(11) of the Code, a dividend paid to an individual shareholder from a domestic corporation or a “qualified foreign corporation” is subject to tax at the reduced rates applicable to certain capital gains. A qualified foreign corporation includes certain foreign corporations that are eligible for benefits of a comprehensive income tax treaty with the United States that the Secretary determines is satisfactory for purposes of this provision and that includes an exchange of information provision. This notice updates the list of U.S. income tax treaties that meet these requirements to reflect two new income tax treaties that have entered into force since the list was last updated in Notice 2006-101, 2006-2 C.B. 930. This notice also clarifies the requirements for treatment as a qualified foreign corporation. Notice 2006-101 amplified and superseded.

Notice 2011-71 Notice 2011-71

This notice provides guidance under section 6050W of the Code regarding the documentation and reporting obligations of payment settlement entities (PSEs) that are United States payors making payment outside the U.S. to an offshore account.

Rev. Proc. 2011-43 Rev. Proc. 2011-43

This procedure provides a safe harbor method of accounting that taxpayers may use to determine whether expenditures to maintain, replace, or improve electric transmission and distribution property must be capitalized under section 263(a) of the Code. The procedure also provides procedures for obtaining automatic consent to change to the safe harbor method of accounting. Rev. Proc. 2011-14 modified.


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