Internal Revenue Bulletin: 2012-13
March 26, 2012
Interest rates; underpayment and overpayments. The rates for interest determined under section 6621 of the Code for the calendar quarter beginning April 1, 2012, will be 3 percent for overpayments (2 percent in the case of a corporation), 3 percent for the underpayments, and 5 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 0.5 percent.
Proposed regulations under section 417 of the Code provide guidance relating to the minimum present value requirements applicable to partial annuity distribution options under defined benefit pension plans. The regulations would make changes under section 417(e) that would permit plans to simplify the treatment of certain optional forms of benefit that are paid partly in the form of an annuity and partly in a more accelerated form. A public hearing is scheduled for June 1, 2012.
This notice provides guidance relating to the portfolio interest exception, the short term debt exception under regulations section 1.6049-5(b)(10), and the excise tax under section 4701 in connection with the repeal of section 163(f)(2)(B) (the bearer debt repeal) of the Code. Notice 2006-99 superseded in part.
This notice advises State and local housing credit agencies that allocate low-income housing tax credits under section 42 of the Code, and States and other issuers of tax-exempt private activity bonds under section 141, of the population figures to use in calculating: (1) the 2012 calendar year population-based component of the State housing credit ceiling (Credit Ceiling) under section 42(h)(3)(C)(ii); (2) the 2012 calendar year volume cap (Volume Cap) under section 146; and (3) the 2012 volume limit (Volume Limit) under section 142(k)(5).
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