Internal Revenue Bulletin: 2012-18
April 30, 2012
Final regulations under section 642 of the Code contains information regarding the Federal tax consequences of an ordering provision in a trust, a will, or a provision of local law that attempts to determine the tax character of the amount paid to a charitable beneficiary of the trust or estate.
Final regulations under section 267 of the Code provide guidance concerning the time for taking into account deferred losses on the sale or exchange of property between members of a controlled group.
Nonconventional source fuel credit, 2011 section 45K inflation adjustment factor and section 45K reference price. This proposed notice publishes the nonconventional fuel source credit, inflation adjustment factor, and reference price under section 45K of the Code for calendar year 2011. The inflation adjustment factor is used to determine the credit allowable on sales of fuel produced from a nonconventional source under section 45K. For calendar year 2011, the credit is available only for coke or coke gas (other than from petroleum based products). The calendar year 2011 nonconventional fuel source credit and inflation adjustment factor apply to the sales of barrel-of-oil equivalent of qualified fuels sold by the taxpayer to an unrelated person during the 2011 calendar year, the domestic production of which is attributable to the taxpayer.
This announcement contains corrections to Rev. Proc. 2011-62, 2011-52 I.R.B. 1032, which clarify the dimensions for Exhibit B for calendar year 2011. Rev. Proc. 2011-62 corrected.
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