Internal Revenue Bulletin:  2011-43 

October 24, 2011 

INCOME TAX


Rev. Rul. 2011-23 Rev. Rul. 2011-23

Insurance companies; interest rate tables. Prevailing state assumed interest rates are provided for the determination of reserves under section 807 of the Code for contracts issued in 2010 and 2011. Rev. Rul. 92-19 supplemented in part.

T.D. 9547 T.D. 9547

Final regulations under section 179C of the Code provide rules for the election to deduct 50 percent of the cost of any refinery property that meets the following requirements: (1) the property is part of a qualified refinery; (2) the original use of the property commences with the taxpayer within a specified time period; (3) the property is placed in service by a specified date; (4) the property meets certain production capacity requirements; (5) the property meets all applicable environmental laws; and (6) the property meets certain construction and written binding contract requirements. The election is made by entering the deduction claimed at the appropriate place on a timely filed return for the taxable year in which the property is placed in service, and attaching a report to that return.

REG-116284-11 REG-116284-11

Proposed regulations to the user fee regulations under Part 300 of the Code would establish a new user fee for individuals to take the registered tax return preparer competency examination and a new user fee for certain persons to be fingerprinted in conjunction with the preparer tax identification number (PTIN), acceptance agent, and authorized e-file provider programs.

Notice 2011-80 Notice 2011-80

This notice provides guidance to individuals who have or will obtain a preparer tax identification number (PTIN), including a provisional PTIN, or who become registered tax return preparers.

Notice 2011-83 Notice 2011-83

This notice provides for the suspension of certain requirements under section 42 of the Code for certain low-income housing credit projects in order to provide emergency housing relief needed as a result of the devastation in Pennsylvania caused by either Hurricane Irene during the period of August 26, 2011, to August 30, 2011, or Tropical Storm Lee beginning on September 3, 2011.


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