Internal Revenue Bulletin: 2013-17
April 22, 2013
Table of Contents
Final and temporary regulations provide an exception to the general rule under section 367(a)(5) of the Code, which generally causes gain to be recognized on transfers otherwise not taxable under section 361(a) or (b), if certain conditions are satisfied. Section 1248(f) causes an inclusion to domestic corporations that transfer the stock of certain foreign corporations in transfers that would otherwise be tax free under sections 337, 355 or 361(c). Section 1248(f) allows taxpayers to elect out of taxation under regulations and the final regulations provide such an election. Notice 87-64 obsoleted.
2012 nonconventional source fuel credit, section 45K inflation adjustment factor, and section 45K reference price. The notice announces the inflation adjustment factor, the reference price, and the credit amount for the nonconventional source fuel credit for coke or coke gas (other than from petroleum based products) for the 2012 calendar year.
Guidance is provided to individuals who fail to meet the eligibility requirements of section 911(d)(1) of the Code because adverse conditions in a foreign country preclude the individual from meeting those requirements. A current list of countries for tax year 2012 and the dates those countries are subject to the section 911(d)(4) waiver is provided.
This document contains corrections to a notice of proposed rulemaking and notice of public hearing (REG-148500-12, 2013-13 I.R.B. 716) that was published in the Federal Register on Friday, February 1, 2013 (78 FR 7314). The proposed regulations relate to the requirement to maintain minimum essential coverage enacted by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act 0f 2010, as amended by the TRICARE Affirmation Act and Public Law 111-173. These proposed regulations provide guidance on the liability for shared responsibility payment for not maintaining minimum essential coverage.
This document contains corrections to final regulations (T.D. 9612, 2013-13 I.R.B. 678) that were published in the Federal Register on Tuesday, February 5, 2013 (78 FR 7997) relating to the tax treatment of noncompensatory options and convertible instruments issued by a partnership. The final regulations generally provide that the exercise of a noncompensatory options does not cause the recognition of immediate income or loss by either the issuing partnership or the option holder. The final regulations also modify the regulations under section 704(b) regarding the maintenance of the partners’ capital accounts and the determination of the partners’ distributive shares of partnership items. The final regulations also contain a characterization rule providing that the holder of a noncompensatory option is treated as a partner under certain circumstances.
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