Internal Revenue Bulletin:  2012-13 

March 26, 2012 

EXCISE TAX


REG-113770-10 REG-113770-10

Proposed regulations under section 4191 of the Code provide guidance on the new excise tax on certain medical devices. Specifically, the proposed rules clarify what constitutes a “taxable medical device”, what types of devices are exempt from the tax, and what types of sales of otherwise taxable devices may be exempt from the tax if certain requirements are met. Proposed regulations on the medical device excise tax, when finalized, will affect medical device manufacturers and importers, and some medical device distributors. A public hearing is scheduled for May 16, 2012.

Notice 2012-20 Notice 2012-20

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 Notice 2006-99 superseded in part.


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