Internal Revenue Bulletin: 2013-22
May 28, 2013
Table of Contents
These proposed regulations provide guidance on the application of section 162(m)(6). Section 162(m)(6) limits the allowable deduction for remuneration for services provided by individuals to certain health insurance providers. Section 162(m)(6) was enacted as part of the Patient Protection and Affordable Care Act (Public Law 111-148, 124 Stat. 119, 868 (2010)).
Credit for Renewable Electricity Production, Refined Coal Production, and Indian Coal Production, and Publication of Inflation Adjustment Factors and Reference Prices for Calendar Year 2013: This notice reports for 2013 the inflation adjustment factors and reference prices used to determine the availability of the section 45 credit for electricity produced from qualified energy resources and refined coal, and includes the credit amounts for renewable electricity production and refined coal production. This notice also reports the inflation adjustment factor for Indian coal and includes the credit amounts for Indian coal production.
This revenue procedure provides definitions of units of property and major components for steam or electric power generation property primarily used in the trade or business of generating or selling steam or electricity. The property definitions provided in this revenue procedure may be used to determine whether expenditures to maintain, replace, or improve steam or electric power generation property must be capitalized under § 263(a) of the Code. This revenue procedure also provides procedures for obtaining automatic consent to change to a method of accounting that uses all, or some of, the unit of property definitions provided and also provides an extrapolation methodology an eligible taxpayer may use in connection with a change in method of accounting for determining the amount of a § 481(a) adjustment.
This revenue procedure provides rules by which the Internal Revenue Service will allow a taxpayer to use the proportional method of accounting for original issue discount (“OID”) on pools of credit card receivables under section 1272(a)(6). The proportional method allocates to an accrual period an amount of unaccrued OID that is proportional to the amount of pool principal that is paid by cardholders during the period. This revenue procedure also describes the exclusive procedures by which a taxpayer may obtain the Commissioner’s consent to change to the proportional method. Rev. Proc. 2011-14 is modified.
The IRS has revoked its determination that Grangeville Country Club, Inc. of Grangeville, ID., and Michael Joy Fine Arts Scholarship Fund of Victoria, TX., qualify as organizations described in sections 501(c)(3) and 170(c)(2) of the Code.
|More Internal Revenue Bulletins|