Table of Contents

• Highlights of This Issue
  • SPECIAL ANNOUNCEMENT
    • Announcement 2012-42
  • INCOME TAX
    • T.D. 9600
    • Announcement 2012-42
  • EXEMPT ORGANIZATIONS
    • REG-134974-12
• Preface
  • The IRS Mission
  • Introduction
• Part I. Rulings and Decisions Under the Internal Revenue Code of 1986
  • T.D. 9600
    • AGENCY:
    • ACTION:
    • SUMMARY:
    • DATES:
    • FOR FURTHER INFORMATION CONTACT:
    • SUPPLEMENTARY INFORMATION:
      • Background
      • General Overview
      • Overview of Proposed Regulations and Summary of Comments
      • Definition of Non-Real Estate Qualified Active Low-Income Community Business
      • Payments of Capital, Equity, or Principal with Respect to a Non-Real Estate Qualified Active Low-Income Community Business
      • Lines of Credit
      • Other Comments
      • Effective Date/Applicability
      • Special Analyses
    • Adoption of Amendments to the Regulations
      • PART 1 — INCOME TAXES
    • Drafting Information
• Part IV. Items of General Interest
  • REG-134974-12
    • AGENCY:
    • ACTION:
    • SUMMARY:
    • DATES:
    • ADDRESSES:
    • FOR FURTHER INFORMATION CONTACT:
    • SUPPLEMENTARY INFORMATION:
      • Background
      • Qualifying Distributions under Section 4942
      • Taxable Expenditures under Section 4945
      • Standards Relating to Written Advice and Taxpayer Reliance
      • Explanation of Provisions
      • Proposed Effective/Applicability Date
      • Special Analyses
      • Comments and Requests for Public Hearing
    • Proposed Amendments to the Regulations
      • Part 53—FOUNDATION AND SIMILAR EXCISE TAXES
    • Drafting Information
  • Announcement 2012-40
  • Announcement 2012-42
    • I. PURPOSE
    • II. BACKGROUND
    • III. DUE DILIGENCE TIMELINES
      • A. Timeline for Implementing New Account Opening Procedures and the Definition of Preexisting Obligations
      • B. Transition Rules for Completing Due Diligence on Preexisting Obligations
      • 1. Withholding and Documentation for Prima Facie FFIs
      • 2. Withholding and Documentation for other Preexisting Entity Obligations
      • 3. Withholding and Documentation Requirements of Participating FFIs for Preexisting Individual Accounts
    • IV. DUE DATE FOR FIRST REPORT OF A PARTICIPATING FFI WITH RESPECT TO U.S. ACCOUNTS
    • V. GROSS PROCEEDS WITHHOLDING
    • VI. CLARIFICATION OF THE SCOPE OF GRANDFATHERED OBLIGATIONS
    • DRAFTING INFORMATION
• Definition of Terms and Abbreviations
  • Definition of Terms
  • Abbreviations
• Numerical Finding List
  • Numerical Finding List
• Effect of Current Actions on Previously Published Items
  • Finding List of Current Actions on Previously Published Items
• How to get the Internal Revenue Bulletin
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  • We Welcome Comments About the Internal Revenue Bulletin