Internal Revenue Bulletin: 2014-37
September 8, 2014
Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for September 2014.
In the context of a Major Disaster, this revenue procedure provides temporary relief from certain requirements of § 42 of the Internal Revenue Code for Agencies and Owners. This revenue procedure also provides emergency housing relief for individuals who are displaced by a Major Disaster from their principal residences in certain Major Disaster Areas.
This revenue procedure automatically suspends certain requirements under § 142(d) for qualified residential rental projects financed with exempt facility bonds issued by state and local governments under § 142. The revenue procedure suspends these requirements for one year following a Presidential declaration of a qualifying major disaster. During this period, the revenue procedure suspends the income requirements for units occupied by individuals displaced by the disaster and modifies other requirements of § 142(d) to accommodate this suspension.
This revenue procedure provides guidance on certain aspects of an entity’s qualification as a real estate investment trust (REIT) in the context of transactions involving debt secured by real estate the fair market value of which had declined (distressed mortgage loan). This revenue procedure modifies and supersedes Rev. Proc. 2011–16 to address situations in which there is a subsequent increase in the value of real property securing a distressed mortgage loan. This guidance provides needed guidance for REITs holding distressed mortgage loans.
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