Internal Revenue Bulletin: 2012-10
March 5, 2012
This notice grants to qualifying estates a six-month extension of time for filing an estate tax return (Form 706) to elect portability of an unused exclusion amount provided that qualifying estates file a request for an extension (Form 4768) within 15 months of the decedent’s death. A qualifying estate is the estate of a person who died, survived by a spouse, during the first half of calendar year 2011, and whose gross estate has a fair market value that does not exceed $5 million. With the extension granted by this notice, Form 706 must be filed within 15 months of the decedent’s death.
This procedure provides issuers of qualified mortgage bonds, as defined in section 143(a) of the Code, and issuers of mortgage credit certificates, as defined in section 25(c), with the United States median gross income figure most recently computed by the Department of Housing and Urban Development (HUD). The proposed procedure also provides these issuers with guidance concerning the area median gross incomes as computed by HUD. Issuers of qualified mortgage bonds (QMB) and mortgage credit certificates (MCC) must use these income figures in determining whether the income limitation placed on the beneficiaries of the mortgages and certificates may be increased because the residences to be financed are located in high housing cost areas. See sections 25(c)(2)(A)(iii)(IV) and 143(f)(5). Rev. Proc. 2011-37 obsoleted in part.
This procedure provides the requirements for furnishing substitute Schedule K-1, Partner’s Share of Income, Deductions, Credits, etc., in electronic format.
This procedure provides guidance regarding ex parte communications between Appeals and other Internal Revenue Service functions. Rev. Proc. 2000-43 amplified, modified and superseded.
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