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Internal Revenue Bulletin:  2014-45 

November 3, 2014 

INCOME TAX


REG–136676–13REG–136676–13

This document contains proposed regulations that will remove a rule that a deemed discharge of indebtedness for which a Form 1099–C “Cancellation of Debt,” must be filed occurs at the expiration of a 36-month non-payment testing period.

Rev. Rul. 2014–28Rev. Rul. 2014–28

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 November 2014.

Rev. Proc. 2014–56Rev. Proc. 2014–56

Publication 1223 General Rules and Specifications for Substitute Forms W–2c and W–3c This procedure provides general rules and specifications from the Service for paper and computer-generated substitutes for Form W–2c and W–3c. This procedure will be reproduced as the next revision of Publication 1223, General Rules and Specifications for Substitute Forms W–2c and W–3c.

Rev. Proc. 2014–57Rev. Proc. 2014–57

This procedure provides general rules and specifications from the Service for paper and computer-generated substitutes for Form 941, Employer's Quarterly Federal Tax Return, Schedule B (Form 941), Report of Tax Liability for Semiweekly Schedule Depositors, Schedule D (Form 941), Report of Discrepancies Caused by Acquisitions, Statutory Mergers, or Consolidations, and Schedule R (Form 941), Allocation Schedule for Aggregate Form 941 Filers.

Rev. Proc. 2014–58Rev. Proc. 2014–58

This procedure provides general rules and specifications from the Service for paper and computer-generated substitutes for Form W–2 and W–3. This procedure will be reproduced as the next revision of Publication 1141 General Rules and Specifications for Substitute Forms W–2 and W–3.

Notice 2014–63Notice 2014–63

2014 Marginal Production Rates: The notice announces that under § 613A(c)(6)(C) of the Internal Revenue Code, the applicable percentage for purposes of determining percentage depletion on marginal properties for calendar year 2014 is 15 percent. The format of the notice is identical to the format of notices previously published on this issue.

Notice 2014–64Notice 2014–64

2014 Section 43 Inflation Adjustment: The notice announces the inflation adjustment factor and phase-out amount for the enhanced oil recovery credit for taxable years beginning in the 2014 calendar year. The format of the notice is identical to the format of previously published notices on this issue. The notice concludes that because the reference price for the 2013 calendar year ($96.13) exceeds $28 multiplied by the inflation adjustment factor for the 2013 calendar year ($28 multiplied by 1.5974 = $44.73) by $51.40, the enhanced oil recovery credit for qualified costs paid or incurred in 2014 is phased out completely. The notice also contains the previously published figures for taxable years beginning in the 1991 through 2013 calendar years.


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