Internal Revenue Bulletin: 2013-45
November 4, 2013
These proposed regulations provide guidance on the recovery of overpayments of arbitrage rebate on tax-exempt bonds and other tax-advantaged bonds. Comments are requested by December 16, 2013. A public hearing is scheduled for February 5, 2014.
These proposed regulations amend existing regulations on the arbitrage restrictions under § 148 of the Code to address certain current market developments, simplify certain provisions, address certain technical issues, and make the regulations more administrable. These proposed regulations affect issuers of tax-exempt and other tax-advantaged bonds. Guidance is provided in the following areas: working capital financings, issue price, qualified hedges, temporary period exception to yield restriction, yield and valuation of investments, definition of tax-advantaged bonds, definition of issue, definition and treatment of grants, and transition provision for certain guarantee funds. Comments are requested by December 16, 2013. A public hearing is scheduled for February 5, 2014.
Extension of replacement period for livestock sold on account of drought. This notice explains the circumstances under which the 4-year replacement period under section 1033(e)(2) of the Code is extended for livestock sold on account of drought. The Appendix to this notice contains a list of the counties that experienced exceptional, extreme, or severe drought during the preceding 12-month period ending August 31, 2013. Taxpayers may use this list to determine if an extension is available.
This notice sets forth a process that allows manufacturers to certify to the Internal Revenue Service that a particular vehicle meets the requirements of § 30D(g) of the Code. Taxpayers purchasing such vehicles can rely on the domestic manufacturer’s (or, in the case of a foreign manufacturer, its domestic distributor’s) certification that both a particular make, model, and model year of vehicle qualifies as a 2- or 3-wheeled plug-in electric motor vehicle under § 30D(g), and the amount of the credit allowable with respect to the vehicle.
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