Internal Revenue Bulletin: 2012-51
December 17, 2012
Section 1274A - inflation adjusted numbers for 2013. This ruling provides the dollar amounts, increased by the 2013 inflation adjustment, for section 1274A of the Code. Rev. Rul. 2011-27 supplemented and superseded.
Leave-based donations programs to aid victims of Hurricane Sandy. This notice provides guidance to employers and employees regarding employer sponsored leave-based donation programs under which employees elect to forgo vacation, sick, or personal leave in exchange for cash payments the employer makes to organizations described in section 170(c) of the Code for the relief of victims of Hurricane Sandy.
This notice announces that the Service and the Treasury Department expect to issue final regulations under section 263 of the code regarding the deduction and capitalization of expenditures related to tangible property in 2013 and anticipate that the final regulations will contain changes from the temporary regulations (T.D. 9564, 76 Fed. Reg. 81060-01 [2012-14 I.R.B. 614]). In addition, the Service and the Treasury Department will publish in the Federal Register a Treasury Decision amending the temporary regulations to apply to taxable years beginning on or after January 1, 2014, while permitting taxpayers to apply the temporary regulations for taxable years beginning on or after January 1, 2012, and before the applicability date of the final regulations.
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