Internal Revenue Bulletin 2019-38 (PDF rendition): IRS Revenue Rulings

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Bulletin No. 2019–38
September 16, 2019
HIGHLIGHTS
OF THIS ISSUE
These synopses are intended only as aids to the reader in
identifying the subject matter covered. They may not be
relied upon as authoritative interpretations.
ADMINISTRATIVE
REV. RUL. 2019-21, page 708.
Interest rates: underpayments and overpayments. The rates
for interest determined under Section 6621 of the code for
the calendar quarter beginning October 1, 2019, will be 5
percent for overpayments (4 percent in the case of a cor-
poration), 5 percent for underpayments, and 7 percent for
large corporate underpayments. The rate of interest paid on
the portion of a corporate overpayment exceeding $10,000
will be 2.5 percent.
INCOME TAX
REV. PROC. 2019-23, page 725.
This revenue procedure updates and restates Rev. Proc.
2018-36 to include Georgia in the list of jurisdictions with
which the United States has in force an information exchange
agreement such that bank deposit interest paid to residents
of such jurisdictions must be reported by payors to the ex-
tent required under Treas. Reg. §§1.6049-8(a) and 1.6049-
4(b)(5) and to include Curaçao and Cyprus in the list of ju-
risdictions with which the Treasury Department and the IRS
have determined that it is appropriate to have an automatic
exchange relationship with respect to bank deposit interest
income information under §§1.6049-8(a) and 1.6049-4(b)
(5). Rev. Proc. 2018-36 is superseded.
REV. PROC. 2019-36, page 729.
Revenue Procedure 2019-36 provides domestic asset/liabil-
ity percentages and domestic investment yields needed by
foreign life insurance companies and foreign property and
liability insurance companies to compute their minimum ef-
fectively connected net investment income under section
842(b) of the Internal Revenue Code for taxable years begin-
ning after December 31, 2017.
Finding Lists begin on page ii.

The IRS Mission
Provide America’s taxpayers top-quality service by helping
them understand and meet their tax responsibilities and en-
force the law with integrity and fairness to all.
Introduction
The Internal Revenue Bulletin is the authoritative instrument
of the Commissioner of Internal Revenue for announcing of-
ficial rulings and procedures of the Internal Revenue Service
and for publishing Treasury Decisions, Executive Orders, Tax
Conventions, legislation, court decisions, and other items of
general interest. It is published weekly.
It is the policy of the Service to publish in the Bulletin all sub-
stantive rulings necessary to promote a uniform application
of the tax laws, including all rulings that supersede, revoke,
modify, or amend any of those previously published in the
Bulletin. All published rulings apply retroactively unless other-
wise indicated. Procedures relating solely to matters of inter-
nal management are not published; however, statements of
internal practices and procedures that affect the rights and
duties of taxpayers are published.
Revenue rulings represent the conclusions of the Service
on the application of the law to the pivotal facts stated in
the revenue ruling. In those based on positions taken in rul-
ings to taxpayers or technical advice to Service field offices,
identifying details and information of a confidential nature are
deleted to prevent unwarranted invasions of privacy and to
comply with statutory requirements.
Rulings and procedures reported in the Bulletin do not have the
force and effect of Treasury Department Regulations, but they
may be used as precedents. Unpublished rulings will not be
relied on, used, or cited as precedents by Service personnel in
the disposition of other cases. In applying published rulings and
procedures, the effect of subsequent legislation, regulations,
court decisions, rulings, and procedures must be considered,
and Service personnel and others concerned are cautioned
against reaching the same conclusions in other cases unless
the facts and circumstances are substantially the same.
The Bulletin is divided into four parts as follows:
Part I.—1986 Code.
This part includes rulings and decisions based on provisions
of the Internal Revenue Code of 1986.
Part II.—Treaties and Tax Legislation.
This part is divided into two subparts as follows: Subpart A,
Tax Conventions and Other Related Items, and Subpart B,
Legislation and Related Committee Reports.
Part III.—Administrative, Procedural, and Miscellaneous.
To the extent practicable, pertinent cross references to these
subjects are contained in the other Parts and Subparts. Also
included in this part are Bank Secrecy Act Administrative
Rulings. Bank Secrecy Act Administrative Rulings are issued
by the Department of the Treasury’s Office of the Assistant
Secretary (Enforcement).
Part IV.—Items of General Interest.
This part includes notices of proposed rulemakings, disbar-
ment and suspension lists, and announcements.
The last Bulletin for each month includes a cumulative index
for the matters published during the preceding months. These
monthly indexes are cumulated on a semiannual basis, and are
published in the last Bulletin of each semiannual period.
The contents of this publication are not copyrighted and may be reprinted freely. A citation of the Internal Revenue Bulletin as the source would be appropriate.
September 16, 2019 Bulletin No. 2019–38

Part I.
Section 6621.—
Determination of Rate of
Interest
26 CFR 301.6621-1: Interest rate.
Rev. Rul. 2019-21
Section 6621 of the Internal Reve-
nue Code establishes the interest rates
on overpayments and underpayments of
tax. Under section 6621(a)(1), the over-
payment rate is the sum of the federal
short-term rate plus 3 percentage points (2
percentage points in the case of a corpo-
ration), except the rate for the portion of
a corporate overpayment of tax exceeding
$10,000 for a taxable period is the sum
of the federal short-term rate plus 0.5 of
a percentage point. Under section 6621(a)
(2), the underpayment rate is the sum of
the federal short-term rate plus 3 percent-
age points.
Section 6621(c) provides that for pur-
poses of interest payable under section
6601 on any large corporate underpay-
ment, the underpayment rate under sec-
tion 6621(a)(2) is determined by sub-
stituting “5 percentage points” for “3
percentage points.” See section 6621(c)
and section 301.6621-3 of the Regula-
tions on Procedure and Administration
for the definition of a large corporate
underpayment and for the rules for de-
termining the applicable date. Section
6621(c) and section 301.6621-3 are gen-
erally effective for periods after Decem-
ber 31, 1990.
Section 6621(b)(1) provides that the
Secretary will determine the federal short-
term rate for the first month in each calen-
dar quarter. Section 6621(b)(2)(A) provides
that the federal short-term rate determined
under section 6621(b)(1) for any month
applies during the first calendar quarter be-
ginning after that month. Section 6621(b)
(3) provides that the federal short-term rate
for any month is the federal short-term rate
determined during that month by the Sec-
retary in accordance with section 1274(d),
rounded to the nearest full percent (or, if a
multiple of 1/2 of 1 percent, the rate is in-
creased to the next highest full percent).
Notice 88-59, 1988-1 C.B. 546, an-
nounced that in determining the quarterly
interest rates to be used for overpayments
and underpayments of tax under section
6621, the Internal Revenue Service will
use the federal short-term rate based on
daily compounding because that rate is
most consistent with section 6621 which,
pursuant to section 6622, is subject to dai-
ly compounding.
The federal short-term rate determined
in accordance with section 1274(d) during
July 2019 is the rate published in Revenue
Ruling 2019-17, 2019-32 IRB 583, to take
effect beginning August 1, 2019. The fed-
eral short-term rate, rounded to the nearest
full percent, based on daily compounding
determined during the month of July 2019
is 2 percent. Accordingly, an overpayment
rate of 5 percent (4 percent in the case of a
corporation) and an underpayment rate of
5 percent are established for the calendar
quarter beginning October 1, 2019. The
overpayment rate for the portion of a cor-
porate overpayment exceeding $10,000
for the calendar quarter beginning Octo-
ber 1, 2019 is 2.5 percent. The underpay-
ment rate for large corporate underpay-
ments for the calendar quarter beginning
October 1, 2019, is 7 percent. These rates
apply to amounts bearing interest during
that calendar quarter.
Sections 6654(a)(1) and 6655(a)(1)
provide that the underpayment rate es-
tablished under section 6621 applies in
determining the addition to tax under
sections 6654 and 6655 for failure to pay
estimated tax for any taxable year. Thus,
the 5 percent rate also applies to estimated
tax underpayments for the fourth calendar
quarter beginning October 1, 2019. In ad-
dition, pursuant to section 6603(d)(4), the
rate of interest on section 6603 deposits is
2 percent for the fourth calendar quarter
in 2019.
Interest factors for daily compound
interest for annual rates of 2.5 percent, 4
percent, 5 percent and 7 percent are pub-
lished in Tables 10, 13, 15 and 19 of Rev.
Proc. 95-17, 1995-1 C.B. 564, 567, 569
and 573.
Annual interest rates to be compound-
ed daily pursuant to section 6622 that ap-
ply for prior periods are set forth in the
tables accompanying this revenue ruling.
DRAFTING INFORMATION
The principal author of this revenue
ruling is Casey R. Conrad of the Office of
the Associate Chief Counsel (Procedure
and Administration). For further informa-
tion regarding this revenue ruling, contact
Mr. Conrad at (202) 317-6844 (not a toll-
free number).
September 16, 2019 708 Bulletin No. 2019–38

APPENDIX A
365 Day Year
0.5% Compound Rate 184 Days
DaysFactorDaysFactorDaysFactor
10.000013699630.0008633801250.001713784
20.000027397640.0008770911260.001727506
30.000041096650.0008908011270.001741228
40.000054796660.0009045121280.001754951
50.000068495670.0009182231290.001768673
60.000082195680.0009319341300.001782396
70.000095894690.0009456461310.001796119
80.000109594700.0009593571320.001809843
90.000123294710.0009730691330.001823566
100.000136995720.0009867811340.001837290
110.000150695730.0010004931350.001851013
120.000164396740.0010142061360.001864737
130.000178097750.0010279181370.001878462
140.000191798760.0010416311380.001892186
150.000205499770.0010553441390.001905910
160.000219201780.0010690571400.001919635
170.000232902790.0010827701410.001933360
180.000246604800.0010964841420.001947085
190.000260306810.0011101971430.001960811
200.000274008820.0011239111440.001974536
210.000287711830.0011376251450.001988262
220.000301413840.0011513391460.002001988
230.000315116850.0011650541470.002015714
240.000328819860.0011787681480.002029440
250.000342522870.0011924831490.002043166
260.000356225880.0012061981500.002056893
270.000369929890.0012199131510.002070620
280.000383633900.0012336291520.002084347
290.000397336910.0012473441530.002098074
300.000411041920.0012610601540.002111801
310.000424745930.0012747761550.002125529
320.000438449940.0012884921560.002139257
330.000452154950.0013022081570.002152985
340.000465859960.0013159251580.002166713
350.000479564970.0013296411590.002180441
360.000493269980.0013433581600.002194169
370.000506974990.0013570751610.002207898
380.0005206801000.0013707921620.002221627
390.0005343861010.0013845101630.002235356
400.0005480921020.0013982271640.002249085
410.0005617981030.0014119451650.002262815
Bulletin No. 2019–38 709 September 16, 2019

September 16, 2019 710 Bulletin No. 2019–38
420.0005755041040.0014256631660.002276544
430.0005892111050.0014393811670.002290274
440.0006029171060.0014531001680.002304004
450.0006166241070.0014668181690.002317734
460.0006303311080.0014805371700.002331465
470.0006440391090.0014942561710.002345195
480.0006577461100.0015079751720.002358926
490.0006714541110.0015216941730.002372657
500.0006851611120.0015354141740.002386388
510.0006988691130.0015491331750.002400120
520.0007125781140.0015628531760.002413851
530.0007262861150.0015765731770.002427583
540.0007399951160.0015902931780.002441315
550.0007537031170.0016040141790.002455047
560.0007674121180.0016177341800.002468779
570.0007811211190.0016314551810.002482511
580.0007948311200.0016451761820.002496244
590.0008085401210.0016588971830.002509977
600.0008222501220.0016726191840.002523710
610.0008359601230.001686340
620.0008496701240.001700062

Bulletin No. 2019–38 711 September 16, 2019
366 Day Year
0.5% Compound Rate 184 Days
DaysFactorDaysFactorDaysFactor
10.000013661630.0008610201250.001709097
20.000027323640.0008746931260.001722782
30.000040984650.0008883661270.001736467
40.000054646660.0009020401280.001750152
50.000068308670.0009157131290.001763837
60.000081970680.0009293871300.001777522
70.000095632690.0009430611310.001791208
80.000109295700.0009567351320.001804893
90.000122958710.0009704091330.001818579
100.000136620720.0009840841340.001832265
110.000150283730.0009977581350.001845951
120.000163947740.0010114331360.001859638
130.000177610750.0010251081370.001873324
140.000191274760.0010387831380.001887011
150.000204938770.0010524591390.001900698
160.000218602780.0010661341400.001914385
170.000232266790.0010798101410.001928073
180.000245930800.0010934861420.001941760
190.000259595810.0011071621430.001955448
200.000273260820.0011208391440.001969136
210.000286924830.0011345151450.001982824
220.000300590840.0011481921460.001996512
230.000314255850.0011618691470.002010201
240.000327920860.0011755461480.002023889
250.000341586870.0011892231490.002037578
260.000355252880.0012029001500.002051267
270.000368918890.0012165781510.002064957
280.000382584900.0012302561520.002078646
290.000396251910.0012439341530.002092336
300.000409917920.0012576121540.002106025
310.000423584930.0012712911550.002119715
320.000437251940.0012849691560.002133405
330.000450918950.0012986481570.002147096
340.000464586960.0013123271580.002160786
350.000478253970.0013260061590.002174477
360.000491921980.0013396851600.002188168
370.000505589990.0013533651610.002201859
380.0005192571000.0013670441620.002215550
390.0005329251010.0013807241630.002229242
400.0005465941020.0013944041640.002242933
410.0005602621030.0014080851650.002256625
420.0005739311040.0014217651660.002270317

September 16, 2019 712 Bulletin No. 2019–38
430.0005876001050.0014354461670.002284010
440.0006012691060.0014491271680.002297702
450.0006149391070.0014628081690.002311395
460.0006286081080.0014764891700.002325087
470.0006422781090.0014901701710.002338780
480.0006559481100.0015038521720.002352473
490.0006696181110.0015175331730.002366167
500.0006832891120.0015312151740.002379860
510.0006969591130.0015448971750.002393554
520.0007106301140.0015585801760.002407248
530.0007243011150.0015722621770.002420942
540.0007379721160.0015859451780.002434636
550.0007516431170.0015996281790.002448331
560.0007653151180.0016133111800.002462025
570.0007789861190.0016269941810.002475720
580.0007926581200.0016406781820.002489415
590.0008063301210.0016543611830.002503110
600.0008200031220.0016680451840.002516806
610.0008336751230.001681729
620.0008473481240.001695413

Bulletin No. 2019–38 713 September 16, 2019
TABLE OF INTEREST RATES
PERIODS BEFORE JUL. 1, 1975 - PERIODS ENDING DEC. 31, 1986
OVERPAYMENTS AND UNDERPAYMENTS
PERIODRATEIn 1995-1 C.B.
DAILY RATE TABLE
Before Jul. 1, 19756%Table 2,pg. 557
Jul.1,1975–Jan.31,19769%Table4,pg.559
Feb.1,1976–Jan.31,19787%Table3,pg.558
Feb.1,1978–Jan.31,19806%Table2,pg.557
Feb.1,1980–Jan.31,198212%Table5,pg.560
Feb.1,1982–Dec.31,198220%Table6,pg.560
Jan.1,1983–Jun.30,198316%Table37,pg.591
Jul.1,1983–Dec.31,198311%Table27,pg.581
Jan.1,1984–Jun.30,198411%Table75,pg.629
Jul.1,1984–Dec.31,198411%Table75,pg.629
Jan.1,1985–Jun.30,198513%Table31,pg.585
Jul.1,1985–Dec.31,198511%Table27,pg.581
Jan.1,1986–Jun.30,198610%Table25,pg.579
Jul.1,1986–Dec.31,19869%Table23,pg.577
TABLE OF INTEREST RATES
FROM JAN. 1, 1987 - Dec. 31, 1998
OVERPAYMENTSUNDERPAYMENTS
1995-1 C.B.1995-1 C.B. RATE
TABLEPGRATETABLEPG
Jan.1,1987–Mar.31,19878%215759%23577
Apr.1,1987–Jun.30,19878%215759%23577
Jul.1,1987–Sep.30,19878%215759%23577
Oct.1,1987–Dec.31,19879%2357710%25579
Jan.1,1988–Mar.31,198810%7362711%75629
Apr.1,1988–Jun.30,19889%7162510%73627
Jul.1,1988–Sep.30,19889%7162510%73627
Oct.1,1988–Dec.31,198810%7362711%75629
Jan.1,1989–Mar.31,198910%2557911%27581
Apr.1,1989–Jun.30,198911%2758112%29583
Jul.1,1989–Sep.30,198911%2758112%29583
Oct.1,1989–Dec.31,198910%2557911%27581
Jan.1,1990–Mar.31,199010%2557911%27581
Apr.1,1990–Jun.30,199010%2557911%27581
Jul.1,1990–Sep.30,199010%2557911%27581
Oct.1,1990–Dec.31,199010%2557911%27581
Jan.1,1991–Mar.31,199110%2557911%27581

September 16, 2019 714 Bulletin No. 2019–38
Apr.1,1991–Jun.30,19919%2357710%25579
Jul.1,1991–Sep.30,19919%2357710%25579
Oct.1,1991–Dec.31,19919%2357710%25579
Jan.1,1992–Mar.31,19928%696239%71625
Apr.1,1992–Jun.30,19927%676218%69623
Jul.1,1992–Sep.30,19927%676218%69623
Oct.1,1992–Dec.31,19926%656197%67621
Jan.1,1993–Mar.31,19936%175717%19573
Apr.1,1993–Jun.30,19936%175717%19573
Jul.1,1993–Sep.30,19936%175717%19573
Oct.1,1993–Dec.31,19936%175717%19573
Jan.1,1994–Mar.31,19946%175717%19573
Apr.1,1994–Jun.30,19946%175717%19573
Jul.1,1994–Sep.30,19947%195738%21575
Oct.1,1994–Dec.31,19948%215759%23577
Jan.1,1995–Mar.31,19958%215759%23577
Apr.1,1995–Jun.30,19959%2357710%25579
Jul.1,1995–Sep.30,19958%215759%23577
Oct.1,1995–Dec.31,19958%215759%23577
Jan.1,1996–Mar.31,19968%696239%71625
Apr.1,1996–Jun.30,19967%676218%69623
Jul.1,1996–Sep.30,19968%696239%71625
Oct.1,1996–Dec.31,19968%696239%71625
Jan.1,1997–Mar.31,19978%215759%23577
Apr.1,1997–Jun.30,19978%215759%23577
Jul.1,1997–Sep.30,19978%215759%23577
Oct.1,1997–Dec.31,19978%215759%23577
Jan.1,1998–Mar.31,19988%215759%23577
Apr.1,1998–Jun.30,19987%195738%21575
Jul.1,1998–Sep.30,19987%195738%21575
Oct.1,1998–Dec.31,19987%195738%21575

Bulletin No. 2019–38 715 September 16, 2019
TABLE OF INTEREST RATES FROM JANUARY 1, 1999 - PRESENT
NONCORPORATE OVERPAYMENTS AND UNDERPAYMENTS
1995-1 C.B.
RATETABLEPAGE
Jan.1,1999–Mar.31,19997%19573
Apr.1,1999–Jun.30,19998%21575
Jul.1,1999–Sep.30,19998%21575
Oct.1,1999–Dec.31,19998%21575
Jan.1,2000–Mar.31,20008%69623
Apr.1,2000–Jun.30,20009%71625
Jul.1,2000–Sep.30,20009%71625
Oct.1,2000–Dec.31,20009%71625
Jan.1,2001–Mar.31,20019%23577
Apr.1,2001–Jun.30,20018%21575
Jul.1,2001–Sep.30,20017%19573
Oct.1,2001–Dec.31,20017%19573
Jan.1,2002–Mar.31,20026%17571
Apr.1,2002–Jun.30,20026%17571
Jul.1,2002–Sep.30,20026%17571
Oct.1,2002–Dec.31,20026%17571
Jan.1,2003–Mar.31,20035%15569
Apr.1,2003–Jun.30,20035%15569
Jul.1,2003–Sep.30,20035%15569
Oct.1,2003–Dec.31,20034%13567
Jan.1,2004–Mar.31,20044%61615
Apr.1,2004–Jun.30,20045%63617
Jul.1,2004–Sep.30,20044%61615
Oct.1,2004–Dec.31,20045%63617
Jan.1,2005–Mar.31,20055%15569
Apr.1,2005–Jun.30,20056%17571
Jul.1,2005–Sep.30,20056%17571
Oct.1,2005–Dec.31,20057%19573
Jan.1,2006–Mar.31,20067%19573
Apr.1,2006–Jun.30,20067%19573
Jul.1,2006–Sep.30,20068%21575
Oct.1,2006–Dec.31,20068%21575
Jan.1,2007–Mar.31,20078%21575
Apr.1,2007–Jun.30,20078%21575
Jul.1,2007–Sep.30,20078%21575
Oct.1,2007–Dec.31,20078%21575
Jan.1,2008–Mar.31,20087%67621
Apr.1,2008–Jun.30,20086%65619
Jul.1,2008–Sep.30,20085%63617

September 16, 2019 716 Bulletin No. 2019–38
Oct.1,2008–Dec.31,20086%65619
Jan.1,2009–Mar.31,20095%15569
Apr.1,2009–Jun.30,20094%13567
Jul.1,2009–Sep.30,20094%13567
Oct.1,2009–Dec.31,20094%13567
Jan.1,2010–Mar.31,20104%13567
Apr.1,2010–Jun.30,20104%13567
Jul.1,2010–Sep.30,20104%13567
Oct.1,2010–Dec.31,20104%13567
Jan.1,2011–Mar.31,20113%11565
Apr.1,2011–Jun.30,20114%13567
Jul.1,2011–Sep.30,20114%13567
Oct.1,2011–Dec.31,20113%11565
Jan.1,2012–Mar.31,20123%59613
Apr.1,2012–Jun.30,20123%59613
Jul.1,2012–Sep.30,20123%59613
Oct.1,2012–Dec.31,20123%59613
Jan.1,2013–Mar.31,20133%11565
Apr.1,2013–Jun.30,20133%11565
Jul.1,2013–Sep.30,20133%11565
Oct.1,2013–Dec.31,20133%11565
Jan.1,2014–Mar.31,20143%11565
Apr.1,2014–Jun.30,20143%11565
Jul.1,2014–Sep.30,20143%11565
Oct.1,2014–Dec.31,20143%11565
Jan.1,2015–Mar.31,20153%11565
Apr.1,2015–Jun.30,20153%11565
Jul.1,2015–Sep.30,20153%11565
Oct.1.2015–Dec.31,20153%11565
Jan.1,2016–Mar.31,20163%59613
Apr.1,2016–Jun.30,20164%61615
Jul.1,2016–Sep.30,20164%61615
Oct.1,2016–Dec.31,20164%61615
Jan.1,2017–Mar.31,20174%13567
Apr.1,2017–Jun.30,20174%13567
Jul.1,2017–Sep.30,20174%13567
Oct.1,2017–Dec.31,20174%13567
Jan.1,2018–Mar.31,20184%13567
Apr.1,2018–Jun.30,20185%15569
Jul.1,2018–Sep.30,20185%15569
Oct.1,2018–Dec.31,20185%15569
Jan.1,2019–Mar.31,20196%17571
Apr.1,2019–Jun.30,20196%17571
Jul.1,2019–Sep.30,20195%15569
Oct.1,2019–Dec. 31, 20195%15569

Bulletin No. 2019–38 717 September 16, 2019
TABLE OF INTEREST RATES FROM JANUARY 1, 1999 - PRESENT
CORPORATE OVERPAYMENTS AND UNDERPAYMENTS
OVERPAYMENTSUNDERPAYMENTS
1995-1 C.B.1995-1 C.B.
RATETABLEPGRATETABLEPG
Jan.1,1999–Mar.31,19996%175717%19573
Apr.1,1999–Jun.30,19997%195738%21575
Jul.1,1999–Sep.30,19997%195738%21575
Oct.1,1999–Dec.31,19997%195738%21575
Jan.1,2000–Mar.31,20007%676218%69623
Apr.1,2000–Jun.30,20008%696239%71625
Jul.1,2000–Sep.30,20008%696239%71625
Oct.1,2000–Dec.31,20008%696239%71625
Jan.1,2001–Mar.31,20018%215759%23577
Apr.1,2001–Jun.30,20017%195738%21575
Jul.1,2001–Sep.30,20016%175717%19573
Oct.1,2001–Dec.31,20016%175717%19573
Jan.1,2002–Mar.31,20025%155696%17571
Apr.1,2002–Jun.30,20025%155696%17571
Jul.1,2002–Sep.30,20025%155696%17571
Oct.1,2002–Dec.31,20025%155696%17571
Jan.1,2003–Mar.31,20034%135675%15569
Apr.1,2003–Jun.30,20034%135675%15569
Jul.1,2003–Sep.30,20034%135675%15569
Oct.1,2003–Dec.31,20033%115654%13567
Jan.1,2004–Mar.31,20043%596134%61615
Apr.1,2004–Jun.30,20044%616155%63617
Jul.1,2004–Sep.30,20043%596134%61615
Oct.1,2004–Dec.31,20044%616155%63617
Jan.1,2005–Mar.31,20054%135675%15569
Apr.1,2005–Jun.30,20055%155696%17571
Jul.1,2005–Sep.30,20055%155696%17571
Oct.1,2005–Dec.31,20056%175717%19573
Jan.1,2006–Mar.31,20066%175717%19573
Apr.1,2006–Jun.30,20066%175717%19573
Jul.1,2006–Sep.30,20067%195738%21575
Oct.1,2006–Dec.31,20067%195738%21575
Jan.1,2007–Mar.31,20077%195738%21575
Apr.1,2007–Jun.30,20077%195738%21575
Jul.1,2007–Sep.30,20077%195738%21575
Oct.1,2007–Dec.31,20077%195738%21575
Jan.1,2008–Mar.31,20086%656197%67621
Apr.1,2008–Jun.30,20085%636176%65619
Jul.1,2008–Sep.30,20084%616155%63617
Oct.1,2008–Dec.31,20085%636176%65619

September 16, 2019 718 Bulletin No. 2019–38
Jan.1,2009–Mar.31,20094%135675%15569
Apr.1,2009–Jun.30,20093%115654%13567
Jul.1,2009–Sep.30,20093%115654%13567
Oct.1,2009–Dec.31,20093%115654%13567
Jan.1,2010–Mar.31,20103%115654%13567
Apr.1,2010–Jun.30,20103%115654%13567
Jul.1,2010–Sep.30,20103%115654%13567
Oct.1,2010–Dec.31,20103%115654%13567
Jan.1,2011–Mar.31,20112%95633%11565
Apr.1,2011–Jun.30,20113%115654%13567
Jul.1,2011–Sep.30,20113%115654%13567
Oct.1,2011–Dec.31,20112%95633%11565
Jan.1,2012–Mar.31,20122%576113%59613
Apr.1,2012–Jun.30,20122%576113%59613
Jul.1,2012–Sep.30,20122%576113%59613
Oct.1,2012–Dec.31,20122%576113%59613
Jan.1,2013–Mar.31,20132%95633%11565
Apr.1,2013–Jun.30,20132%95633%11565
Jul.1,2013–Sep.30,20132%95633%11565
Oct.1,2013–Dec.31,20132%95633%11565
Jan.1,2014–Mar.31,20142%95633%11565
Apr.1,2014–Jun.30,20142%95633%11565
Jul.1,2014–Sep.30,20142%95633%11565
Oct.1,2014–Dec.31,20142%95633%11565
Jan.1,2015–Mar.31,20152%95633%11565
Apr.1,2015–Jun.30,20152%95633%11565
Jul.1,z2015–Sep.30,20152%95633%11565
Oct.1,2015–Dec.31,20152%95633%11565
Jan.1,2016–Mar.31,20162%576113%59613
Apr.1,2016–Jun.30,20163%596134%61615
Jul.1,2016–Sep.30,20163%596134%61615
Oct.1,2016–Dec.31,20163%596134%61615
Jan.1,2017–Mar.31,20173%115654%13567
Apr.1,2017–Jun.30,20173%115654%13567
Jul.1,2017–Sep.30,20173%115654%13567
Oct.1,2017–Dec.31,,20173%115654%13567
Jan.1,2018–Mar.31,20183%115654%13567
Apr.1,2018–Jun.30,20184%135675%15569
Jul.1,2018–Sep.30,20184%135675%15569
Oct.1,2018–Dec.31,20184%135675%15569
Jan.1,2019–Mar.31,20195%155696%17571
Apr.1,2019–Jun.30,20195%155696%17571
Jul.1,2019–Sep.30,20194%135675%15569
Oct.1,2019–Dec. 31,20194%135675%15569

Bulletin No. 2019–38 719 September 16, 2019
TABLE OF INTEREST RATES FOR LARGE CORPORATE UNDERPAYMENTS
FROM JANUARY 1, 1991 - PRESENT
1995-1 C.B.
RATETABLEPG
Jan.1,1991–Mar.31,199113%31585
Apr.1,1991–Jun.30,199112%29583
Jul.1,1991–Sep.30,199112%29583
Oct.1,1991–Dec.31,199112%29583
Jan.1,1992–Mar.31,199211%75629
Apr.1,1992–Jun.30,199210%73627
Jul.1,1992–Sep.30,199210%73627
Oct.1,1992–Dec.31,19929%71625
Jan.1,1993–Mar.31,19939%23577
Apr.1,1993–Jun.30,19939%23577
Jul.1,1993–Sep.30,19939%23577
Oct.1,1993–Dec.31,19939%23577
Jan.1,1994–Mar.31,19949%23577
Apr.1,1994–Jun.30,19949%23577
Jul.1,1994–Sep.30,199410%25579
Oct.1,1994–Dec.31,199411%27581
Jan.1,1995–Mar.31,199511%27581
Apr.1,1995–Jun.30,199512%29583
Jul.1,1995–Sep.30,199511%27581
Oct.1,1995–Dec.31,199511%27581
Jan.1,1996–Mar.31,199611%75629
Apr.1,1996–Jun.30,199610%73627
Jul.1,1996–Sep.30,199611%75629
Oct.1,1996–Dec.31,199611%75629
Jan.1,1997–Mar.31,199711%27581
Apr.1,1997–Jun.30,199711%27581
Jul.1,1997–Sep.30,199711%27581
Oct.1,1997–Dec.31,199711%27581
Jan.1,1998–Mar.31,199811%27581
Apr.1,1998–Jun.30,199810%25579
Jul.1,1998–Sep.30,199810%25579
Oct.1,1998–Dec.31,199810%25579
Jan.1,1999–Mar.31,19999%23577
Apr.1,1999–Jun.30,199910%25579
Jul.1,1999–Sep.30,199910%25579
Oct.1,1999–Dec.31,199910%25579
Jan.1,2000–Mar.31,200010%73627
Apr.1,2000–Jun.30,200011%75629
Jul.1,2000–Sep.30,200011%75629
Oct.1,2000–Dec.31,200011%75629
Jan.1,2001–Mar.31,200111%27581

September 16, 2019 720 Bulletin No. 2019–38
Apr.1,2001–Jun.30,200110%25579
Jul.1,2001–Sep.30,20019%23577
Oct.1,2001–Dec.31,20019%23577
Jan.1,2002–Mar.31,20028%21575
Apr.1,2002–Jun.30,20028%21575
Jul.1,2002–Sep.30,20028%21575
Oct.1,2002–Dec.31,20028%21575
Jan.1,2003–Mar.31,20037%19573
Apr.1,2003–Jun.30,20037%19573
Jul.1,2003–Sep.30,20037%19573
Oct.1,2003–Dec.31,20036%17571
Jan.1,2004–Mar.31,20046%65619
Apr.1,2004–Jun.30,20047%67621
Jul.1,2004–Sep.30,20046%65619
Oct.1,2004–Dec.31,20047%67621
Jan.1,2005–Mar.31,20057%19573
Apr.1,2005–Jun.30,20058%21575
Jul.1,2005–Sep.30,20058%21575
Oct.1,2005–Dec.31,20059%23577
Jan.1,2006–Mar.31,20069%23577
Apr.1,2006–Jun.30,20069%23577
Jul.1,2006–Sep.30,200610%25579
Oct.1,2006–Dec.31,200610%25579
Jan.1,2007–Mar.31,200710%25579
Apr.1,2007–Jun.30,200710%25579
Jul.1,2007–Sep.30,200710%25579
Oct.1,2007–Dec.31,200710%25579
Jan.1,2008–Mar.31,20089%71625
Apr.1,2008–Jun.30,20088%69623
Jul.1,2008–Sep.30,20087%67621
Oct.1,2008–Dec.31,20088%69623
Jan.1,2009–Mar.31,20097%19573
Apr.1,2009–Jun.30,20096%17571
Jul.1,2009–Sep.30,20096%17571
Oct.1,2009–Dec.31,20096%17571
Jan.1,2010–Mar.31,20106%17571
Apr.1,2010–Jun.30,20106%17571
Jul.1,2010–Sep.30,20106%17571
Oct.1,2010–Dec.31,20106%17571
Jan.1,2011–Mar.31,20115%15569
Apr.1,2011–Jun.30,20116%17571
Jul.1,2011–Sep.30,20116%17571
Oct.1,2011–Dec.31,20115%15569
Jan.1,2012–Mar.31,20125%63617
Apr.1,2012–Jun.30,20125%63617

Bulletin No. 2019–38 721 September 16, 2019
Jul.1,2012–Sep.30,20125%63617
Oct.1,2012–Dec.31,20125%63617
Jan.1,2013–Mar.31,20135%15569
Apr.1,2013–Jun.30,20135%15569
Jul.1,2013–Sep.30,20135%15569
Oct.1,2013–Dec.31,20135%15569
Jan.1,2014–Mar.31,20145%15569
Apr.1,2014–Jun.30,20145%15569
Jul.1,2014–Sep.30,20145%15569
Oct.1,2014–Dec.31,20145%15569
Jan.1,2015–Mar.31,20155%15569
Apr.1,2015–Jun.30,20155%15569
Jul.1,2015–Sep.30,20155%15569
Oct.1,2015–Dec.31,20155%15569
Jan.1,2016–Mar.31,20165%63617
Apr.1,2016–Jun.30,20166%65619
Jul.1,2016–Sep.30,20166%65619
Oct.1,2016–Dec.31,20166%65619
Jan.1,2017–Mar.31,20176%17571
Apr.1,2017–Jun.30,20176%17571
Jul.1,2017–Sep.30,20176%17571
Oct.1,2017–Dec.31,20176%17571
Jan.1,2018–Mar.31,20186%17571
Apr.1,2018–Jun.30,20187%19573
Jul.1,2018–Sep.30,20187%19573
Oct.1,2018–Dec.31,20187%19573
Jan.1,2019–Mar.31,20198%21575
Apr.1,2019–Jun.30,20198%21575
Jul.1,2019–Sep.30,20197%19573
Oct.1,2019–Dec. 31,20197%19573

September 16, 2019 722 Bulletin No. 2019–38
TABLE OF INTEREST RATES FOR CORPORATE OVERPAYMENTS EXCEEDING $10,000
FROM JANUARY 1, 1995 – PRESENT
1995-1 C.B.
RATETABLEPG
Jan.1,1995–Mar.31,19956.5%18572
Apr.1,1995–Jun.30,19957.5%20574
Jul.1,1995–Sep.30,19956.5%18572
Oct.1,1995–Dec.31,19956.5%18572
Jan.1,1996–Mar.31,19966.5%66620
Apr.1,1996–Jun.30,19965.5%64618
Jul.1,1996–Sep.30,19966.5%66620
Oct.1,1996–Dec.31,19966.5%66620
Jan.1,1997–Mar.31,19976.5%18572
Apr.1,1997–Jun.30,19976.5%18572
Jul.1,1997–Sep.30,19976.5%18572
Oct.1,1997–Dec.31,19976.5%18572
Jan.1,1998–Mar.31,19986.5%18572
Apr.1,1998–Jun.30,19985.5%16570
Jul.1.1998–Sep.30,19985.5%16570
Oct.1,1998–Dec.31,19985.5%16570
Jan.1,1999–Mar.31,19994.5%14568
Apr.1,1999–Jun.30,19995.5%16570
Jul.1,1999–Sep.30,19995.5%16570
Oct.1,1999–Dec.31,19995.5%16570
Jan.1,2000–Mar.31,20005.5%64618
Apr.1,2000–Jun.30,20006.5%66620
Jul.1,2000–Sep.30,20006.5%66620
Oct.1,2000–Dec.31,20006.5%66620
Jan.1,2001–Mar.31,20016.5%18572
Apr.1,2001–Jun.30,20015.5%16570
Jul.1,2001–Sep.30,20014.5%14568
Oct.1,2001–Dec.31,20014.5%14568
Jan.1,2002–Mar.31,20023.5%12566
Apr.1,2002–Jun.30,20023.5%12566
Jul.1,2002–Sep.30,20023.5%12566
Oct.1,2002–Dec.31,20023.5%12566
Jan.1,2003–Mar.31,20032.5%10564
Apr.1,2003–Jun.30,20032.5%10564
Jul.1,2003–Sep.30,20032.5%10564
Oct.1,2003–Dec.31,20031.5%8562
Jan.1,2004–Mar.31,20041.5%56610
Apr.1,2004–Jun.30,20042.5%58612
Jul.1,2004–Sep.30,20041.5%56610

Bulletin No. 2019–38 723 September 16, 2019
Oct.1,2004–Dec.31,20042.5%58612
Jan.1,2005–Mar.31,20052.5%10564
Apr.1,2005–Jun.30,20053.5%12566
Jul.1,2005–Sep.30,20053.5%12566
Oct.1,2005–Dec.31,20054.5%14568
Jan.1,2006–Mar.31,20064.5%14568
Apr.1,2006–Jun.30,20064.5%14568
Jul.1,2006–Sep.30,20065.5%16570
Oct.1,2006–Dec.31,20065.5%16570
Jan.1,2007–Mar.31,20075.5%16570
Apr.1,2007–Jun.30,20075.5%16570
Jul.1,2007–Sep.30,20075.5%16570
Oct.1,2007–Dec.31,20075.5%16570
Jan.1,2008–Mar.31,20084.5%62616
Apr.1,2008–Jun.30,20083.5%60614
Jul.1,2008–Sep.30,20082.5%58612
Oct.1,2008–Dec.31,20083.5%60614
Jan.1,2009–Mar.31,20092.5%10564
Apr.1,2009–Jun.30,20091.5%8562
Jul.1,2009–Sep.30,20091.5%8562
Oct.1,2009–Dec.31,20091.5%8562
Jan.1,2010–Mar.31,20101.5%8562
Apr.1,2010–Jun.30,20101.5%8562
Jul.1,2010–Sep.30,20101.5%8562
Oct.1,2010–Dec.31,20101.5%8562
Jan.1,2011–Mar.31,20110.5%*
Apr.1,2011–Jun.30,20111.5%8562
Jul.1,2011–Sep.30,20111.5%8562
Oct.1,2011–Dec.31,20110.5%*
Jan.1,2012–Mar.31,20120.5%*
Apr.1,2012–Jun.30,20120.5%*
Jul.1,2012–Sep.30,20120.5%*
Oct.1,2012–Dec.31,20120.5%*
Jan.1,2013–Mar.31,20130.5%*
Apr.1,2013–Jun.30,20130.5%*
Jul.1,2013–Sep.30,20130.5%*
Oct.1,2013–Dec.31,20130.5%*
Jan.1,2014–Mar.31,20140.5%*
Apr.1,2014–Jun.30,20140.5%*
Jul.1,2014–Sep.30,20140.5%*

September 16, 2019 724 Bulletin No. 2019–38
Oct.1,2014–Dec.31,20140.5%*
Jan.1,2015–Mar.31,20150.5%*
Apr.1,2015–Jun.30,20150.5%*
Jul.1,2015–Sep.30,20150.5%*
Oct.1,2015–Dec.31,20150.5%*
Jan.1,2016–Mar.31,20160.5%*
Apr.1,2016–Jun.30,20161.5%56610
Jul.1,2016–Sep.30,20161.5%56610
Oct.1,2016–Dec.31,20161.5%56610
Jan.1,2017–Mar.31,20171.5%8562
Apr.1,2017–Jun.30,20171.5%8562
Jul.1,2017–Sep.30,20171.5%8562
Oct.1,2017–Dec.31,20171.5%8562
Jan.1,2018–Mar.31,20181.5%8562
Apr.1,2018–Jun.30,20182.5%10564
Jul.1,2018–Sep.30,20182.5%10564
Oct.1,2018–Dec.31,20182.5%10564
Jan.1,2019–Mar.31,20193.5%12566
Apr.1,2019–Jun.30,20193.5%12566
Jul.1,2019–Sep.30,20192.5%10564
Oct.1,2019–Dec. 31,20192.5%10564
* The asterisk reflects the interest factors for daily compound interest for annual rates of 0.5 percent published in Appendix A of
this Revenue Ruling.

Bulletin No. 2019–38 725 September 16, 2019
Part III.
26 CFR 601.601: Rules and regulations
(Also Part 1, §§ 6049; 1.6049-4, 1.6049-8)
Rev. Proc. 2019-23
SECTION 1. PURPOSE
This revenue procedure provides a list
of the jurisdictions with respect to which
the reporting requirement of §§ 1.6049-
4(b)(5) and 1.6049-8(a) of the Income
Tax Regulations applies.
This revenue procedure also provides
a list of the jurisdictions with which the
Department of the Treasury (Treasury De-
partment) and the Internal Revenue Service
(IRS) have determined that it is appropriate
to have an automatic exchange relationship
with respect to the information collected
under §§ 1.6049-4(b)(5) and 1.6049-8(a).
These lists are updated and restated ver-
sions of those set forth in Rev. Proc. 2018-
36, 2018-38 I.R.B. 442. Georgia has been
added to the list of jurisdictions with which
the United States has in effect a relevant
information exchange agreement. Curaçao
and Cyprus have been added to the list of
jurisdictions with which the relevant auto-
matic exchange of information has been de-
termined appropriate. This updated and re-
stated revenue procedure also adds a column
to each list indicating for the listed jurisdic-
tion the number of the revenue procedure
that first included the jurisdiction in the list.
SECTION 2. BACKGROUND
Sections 1.6049-4(b)(5) and 1.6049-
8(a), as revised by TD 9584, 2012-20
I.R.B. 900, require the reporting of certain
deposit interest paid to nonresident alien
individuals on or after January 1, 2013.
Section 1.6049-4(b)(5) provides that in
the case of interest aggregating $10 or
more paid to a nonresident alien individ-
ual (as defined in section 7701(b)(1)(B))
that is reportable under § 1.6049-8(a), the
payor is required to make an information
return on Form 1042-S, Foreign Person’s
U.S. Source Income Subject to Withhold-
ing, for the calendar year in which the in-
terest is paid.
Interest that is reportable under §
1.6049-8(a) is interest described in sec-
tion 871(i)(2)(A) that relates to a deposit
maintained at an office within the United
States. The regulations also provide that
such deposit interest is reportable only
if paid to a resident of a jurisdiction that
is identified as a jurisdiction with which
the United States has in effect an income
tax or other convention or bilateral agree-
ment relating to the exchange of tax in-
formation within the meaning of section
6103(k)(4), under which the competent
authority is the Secretary of the Trea-
sury or his delegate and the United States
agrees to provide, as well as receive, in-
formation. Finally, the regulations pro-
vide that jurisdictions are so identified in
an applicable revenue procedure (see §
601.601(d)(2)) as of December 31 before
the calendar year in which the interest
is paid. The preamble to the regulations
(at 2012-20 I.R.B. 901-02) notes that the
IRS will not exchange information with
another jurisdiction, even if an informa-
tion exchange agreement is in effect, if
there are concerns about confidentiality,
safeguarding of data exchanged, the use
of the information, or other factors that
would make the exchange of information
inappropriate.
Rev. Proc. 2012-24, 2012-20 I.R.B.
913, was published contemporaneous-
ly with the publication of TD 9584 to
provide a list of those jurisdictions with
which the United States has in effect an in-
formation exchange agreement, such that
interest paid to residents of such jurisdic-
tions must be reported by payors to the ex-
tent required under §§ 1.6049-4(b)(5) and
1.6049-8(a), and to provide a separate list
identifying those jurisdictions with which
the automatic exchange of the information
collected under the regulations has been
determined by the Treasury Department
and the IRS to be appropriate. The current
versions of those lists are set forth in Rev.
Proc. 2018-36, 2018-38 I.R.B. 442.
SECTION 3. JURISDICTIONS OF
RESIDENCE WITH RESPECT TO
WHICH THE DEPOSIT INTEREST
REPORTING REQUIREMENT
APPLIES
The following are the jurisdictions
with which the United States has in effect
an income tax or other convention or bi-
lateral agreement relating to the exchange
of tax information within the meaning of
section 6103(k)(4) pursuant to which the
United States agrees to provide, as well as
receive, information and under which the
competent authority is the Secretary of the
Treasury or his delegate:
Jurisdiction Rev. Proc. First Identifying
Jurisdiction
Antigua & Barbuda2012-24
Argentina2018-36
Aruba2012-24
Australia2012-24
Austria2012-24
Azerbaijan2012-24
Bangladesh2012-24
Barbados2012-24
Belgium2012-24

September 16, 2019 726 Bulletin No. 2019–38
Jurisdiction Rev. Proc. First Identifying
Jurisdiction
Bermuda2012-24
Brazil2014-64
British Virgin Islands2012-24
Bulgaria2012-24
Canada2012-24
Cayman Islands2014-64
China2012-24
Colombia2014-64
Costa Rica2012-24
Croatia2014-64
Curaçao2014-64
Cyprus2012-24
Czech Republic2012-24
Denmark2012-24
Dominica2012-24
Dominican Republic2012-24
Egypt2012-24
Estonia2012-24
Faroe Islands2017-46
Finland2012-24
France2012-24
Georgia2019-23
Germany2012-24
Gibraltar2012-24
Greece2012-24
Greenland2017-46
Grenada2012-24
Guernsey2012-24
Guyana2012-24
Honduras2012-24
Hong Kong2014-64
Hungary2012-24
Iceland2012-24
India2012-24
Indonesia2012-24
Ireland2012-24
Isle of Man2012-24
Israel2012-24
Italy2012-24
Jamaica2012-24
Japan2012-24
Jersey2012-24
Kazakhstan2012-24

Bulletin No. 2019–38 727 September 16, 2019
Jurisdiction Rev. Proc. First Identifying
Jurisdiction
Korea, Republic of2012-24
Latvia2012-24
Liechtenstein2012-24
Lithuania2012-24
Luxembourg2012-24
Malta2012-24
Marshall Islands2012-24
Mauritius2014-64
Mexico2012-64
Moldova2018-36
Monaco2012-24
Morocco2012-24
Netherlands2012-24
Netherlands special municipalities: Bonaire, Sint
Eustatius, and Saba
2012-24
New Zealand2012-24
Norway2012-24
Pakistan2012-24
Panama2012-24
Peru2012-24
Philippines2012-24
Poland2012-24
Portugal2012-24
Romania2012-24
Russian Federation2012-24
Saint Lucia2016-56
Sint Maarten 2014-64
Slovak Republic2012-24
Slovenia2012-24
South Africa2012-24
Spain2012-24
Sri Lanka2012-24
Sweden2012-24
Switzerland2012-24
Thailand2012-24
Trinidad and Tobago2012-24
Tunisia2012-24
Turkey2012-24
Ukraine2012-24
United Kingdom2012-24
Venezuela2012-24

September 16, 2019 728 Bulletin No. 2019–38
SECTION 4. JURISDICTIONS
WITH WHICH THE TREASURY
DEPARTMENT AND THE IRS HAVE
DETERMINED THAT AUTOMATIC
EXCHANGE OF DEPOSIT
INTEREST INFORMATION IS
APPROPRIATE
The following list identifies the ju-
risdictions with which the automatic ex-
change of the information collected under
§§ 1.6049-4(b)(5) and 1.6049-8 has been
determined by the Treasury Department
and the IRS to be appropriate:
JurisdictionRev. Proc. First Memorializing
Determination on Automatic Exchange with
Jurisdiction
Australia2014-64
Azerbaijan2016-18
Belgium2017-31
Brazil2015-50
Canada2012-24
Colombia2017-31
Croatia2017-46
Curaçao2019-23
Cyprus 2019-23
Czech Republic2015-50
Denmark 2014-64
Estonia2015-50
Finland2014-64
France2014-64
Germany 2014-64
Gibraltar2015-50
Greece2018-36
Guernsey 2014-64
Hungary2015-50
Iceland2015-50
India2015-50
Ireland2014-64
Isle of Man2014-64
Israel2016-56
Italy2014-64
Jamaica2016-18
Jersey 2014-64
Korea, Republic of2016-56
Latvia2015-50
Liechtenstein2015-50
Lithuania2015-50
Luxembourg2015-50
Malta2014-64
Mauritius2014-64
Mexico2014-64
Netherlands2014-64
New Zealand2015-50

Bulletin No. 2019–38 729 September 16, 2019
JurisdictionRev. Proc. First Memorializing
Determination on Automatic Exchange with
Jurisdiction
Norway2014-64
Panama2017-46
Poland2015-50
Portugal2017-31
Saint Lucia2016-56
Slovak Republic2016-18
Slovenia2015-50
South Africa2015-50
Spain2014-64
Sweden2015-50
United Kingdom2014-64
SECTION 5. EFFECT ON OTHER
DOCUMENTS
Rev. Proc. 2018-36 is superseded.
SECTION 6. EFFECTIVE DATES
For purposes of the reporting require-
ments of § 1.6049-4(b)(5), the list of juris-
dictions in Section 3 of this revenue pro-
cedure is effective: (i) with respect to the
jurisdiction newly added to such list, for
interest paid on or after January 1, 2020;
and (ii) with respect to each other listed
jurisdiction, for interest paid on or after
January 1 of the calendar year following
the issuance of the revenue procedure (as
cited in Section 3) first identifying the ju-
risdiction as having in effect an agreement
with the United States as described in §
1.6049-8(a).
The list of jurisdictions in Section 4 of
this revenue procedure is effective from
the date of issuance of this revenue pro-
cedure with respect to information report-
ed to the IRS pursuant to §§ 1.6049-4(b)
(5) and 1.6049-8(a) for any tax year for
which the jurisdiction was included in the
list in Section 3. The revenue procedure
citations in the Section 4 list are included
for historical reference.
SECTION 7. DRAFTING
INFORMATION
The principal author of this revenue
procedure is Jackie Bennett Manasterli
of the Office of Associate Chief Counsel
(International). For further information
regarding this revenue procedure, contact
Ms. Manasterli at (202) 317-6941 (not a
toll-free number).
26 CFR 601.105:

Examination of returns and claims
for refund, credit, or abatement; determination of tax
liability
(Also: 842(b))
Rev. Proc. 2019-36
SECTION 1. PURPOSE
This revenue procedure provides the
domestic asset/liability percentages and
domestic investment yields needed by
foreign life insurance companies and
foreign property and liability insurance
companies to compute their minimum
effectively connected net investment in-
come under section 842(b) of the Internal
Revenue Code for taxable years begin-
ning after December 31, 2017. Instruc-
tions are provided for computing foreign
insurance companies’ liabilities for the
estimated tax and installment payments
of estimated tax for taxable years begin-
ning after December 31, 2017. For more
specific guidance regarding the compu-
tation of the amount of net investment
income to be included by a foreign in-
surance company on its U.S. income tax
return, see Notice 89-96, 1989-2 C.B.
417. For the domestic asset/liability per-
centage and domestic investment yield,
as well as instructions for computing for-
eign insurance companies’ liabilities for
estimated tax and installment payments
of estimated tax for taxable years begin-
ning after December 31, 2016, see Rev.
Proc. 2018-45, 2018-37 I.R.B. 428.
SECTION 2. PERCENTAGES AND
YIELDS
.01 DOMESTIC ASSET/LIABILITY
PERCENTAGES FOR 2018. The Secre-
tary determines the domestic asset/liabili-
ty percentage separately for life insurance
companies and property and liability in-
surance companies. For the first taxable
year beginning after December 31, 2017,
the relevant domestic asset/liability per-
centages are:
118.3 percent for foreign life insurance
companies, and
201.2 percent for foreign property and lia-
bility insurance companies.
.02 DOMESTIC INVESTMENT YIELDS
FOR 2018. The Secretary prescribes sep-
arate domestic investment yields for for-
eign life insurance companies and for
foreign property and liability insurance
companies. For the first taxable year be-
ginning after December 31, 2017, the rel-
evant domestic investment yields are:
4.5 percent for foreign life insurance com-
panies, and

September 16, 2019 730 Bulletin No. 2019–38
3.5 percent for foreign property and liabil-
ity insurance companies.
.03 SOURCE OF DATA FOR 2018. The
section 842(b) percentages to be used for
the 2018 tax year are based on tax return
data following similar methodology as
used for the 2017 year.
SECTION 3. ESTIMATED TAXES
To compute estimated tax and the in-
stallment payments of estimated tax due
for taxable years beginning after Decem-
ber 31, 2017, a foreign insurance compa-
ny must compute its estimated tax pay-
ments by adding to its income other than
net investment income the greater of (i)
its net investment income as determined
under section 842(b)(5) that is actually
effectively connected with the conduct
of a trade or business within the United
States for the relevant period, or (ii) the
minimum effectively connected net in-
vestment income under section 842(b)
that would result from using the most
recently available domestic asset/liabil-
ity percentage and domestic investment
yield. Thus, for installment payments
due after the publication of this revenue
procedure, the domestic asset/liability
percentages and the domestic investment
yields provided in this revenue procedure
must be used to compute the minimum
effectively connected net investment
income. However, if the due date of an
installment is less than 20 days after the
date this revenue procedure is published
in the Internal Revenue Bulletin, the
asset/liability percentages and domes-
tic investment yields provided in Rev.
Proc. 2018-45 may be used to compute
the minimum effectively connected net
investment income for such installment.
For further guidance in computing esti-
mated tax, see Notice 89-96.
SECTION 4. EFFECTIVE DATE
This revenue procedure is effective for
taxable years beginning after December
31, 2017.
SECTION 5. DRAFTING
INFORMATION
The principal author of this revenue
procedure is Sheila Ramaswamy of the
Office of Associate Chief Counsel (Inter-
national). For further information regard-
ing this revenue procedure contact Shei-
la Ramaswamy at (202) 317-6938 (not a
toll-free number).

Bulletin No. 2019–38 i September 16, 2019
Definition of Terms
Revenue rulings and revenue procedures
(hereinafter referred to as “rulings”) that
have an effect on previous rulings use the
following defined terms to describe the
effect:
Amplified describes a situation where
no change is being made in a prior pub-
lished position, but the prior position is
being extended to apply to a variation of
the fact situation set forth therein. Thus, if
an earlier ruling held that a principle ap-
plied to A, and the new ruling holds that
the same principle also applies to B, the
earlier ruling is amplified. (Compare with
modified, below).
Clarified is used in those instances
where the language in a prior ruling is be-
ing made clear because the language has
caused, or may cause, some confusion. It
is not used where a position in a prior rul-
ing is being changed.
Distinguished describes a situation
where a ruling mentions a previously pub-
lished ruling and points out an essential
difference between them.
Modified is used where the substance
of a previously published position is being
changed. Thus, if a prior ruling held that a
principle applied to A but not to B, and the
new ruling holds that it applies to both A
and B, the prior ruling is modified because
it corrects a published position. (Compare
with amplified and clarified, above).
Obsoleted describes a previously pub-
lished ruling that is not considered deter-
minative with respect to future transactions.
This term is most commonly used in a ruling
that lists previously published rulings that
are obsoleted because of changes in laws or
regulations. A ruling may also be obsoleted
because the substance has been included in
regulations subsequently adopted.
Revoked describes situations where the
position in the previously published ruling
is not correct and the correct position is
being stated in a new ruling.
Superseded describes a situation where
the new ruling does nothing more than
restate the substance and situation of a
previously published ruling (or rulings).
Thus, the term is used to republish under
the 1986 Code and regulations the same
position published under the 1939 Code
and regulations. The term is also used
when it is desired to republish in a single
ruling a series of situations, names, etc.,
that were previously published over a
period of time in separate rulings. If the
new ruling does more than restate the sub-
stance of a prior ruling, a combination of
terms is used. For example, modified and
superseded describes a situation where the
substance of a previously published ruling
is being changed in part and is continued
without change in part and it is desired to
restate the valid portion of the previous-
ly published ruling in a new ruling that is
self contained. In this case, the previously
published ruling is first modified and then,
as modified, is superseded.
Supplemented is used in situations in
which a list, such as a list of the names of
countries, is published in a ruling and that
list is expanded by adding further names
in subsequent rulings. After the original
ruling has been supplemented several
times, a new ruling may be published that
includes the list in the original ruling and
the additions, and supersedes all prior rul-
ings in the series.
Suspended is used in rare situations to
show that the previous published rulings
will not be applied pending some future
action such as the issuance of new or
amended regulations, the outcome of cas-
es in litigation, or the outcome of a Ser-
vice study.
Abbreviations
The following abbreviations in current use
and formerly used will appear in material
published in the Bulletin.
A—Individual.
Acq.—Acquiescence.
B—Individual.
BE—Beneficiary.
BK—Bank.
B.T.A.—Board of Tax Appeals.
C—Individual.
C.B.—Cumulative Bulletin.
CFR—Code of Federal Regulations.
CI—City.
COOP—Cooperative.
Ct.D.—Court Decision.
CY—County.
D—Decedent.
DC—Dummy Corporation.
DE—Donee.
Del. Order—Delegation Order.
DISC—Domestic International Sales Corporation.
DR—Donor.
E—Estate.
EE—Employee.
E.O.—Executive Order.
ER—Employer.
ERISA—Employee Retirement Income Security Act.
EX—Executor.
F—Fiduciary.
FC—Foreign Country.
FICA—Federal Insurance Contributions Act.
FISC—Foreign International Sales Company.
FPH—Foreign Personal Holding Company.
F.R.—Federal Register.
FUTA—Federal Unemployment Tax Act.
FX—Foreign corporation.
G.C.M.—Chief Counsel’s Memorandum.
GE—Grantee.
GP—General Partner.
GR—Grantor.
IC—Insurance Company.
I.R.B.—Internal Revenue Bulletin.
LE—Lessee.
LP—Limited Partner.
LR—Lessor.
M—Minor.
Nonacq.—Nonacquiescence.
O—Organization.
P—Parent Corporation.
PHC—Personal Holding Company.
PO—Possession of the U.S.
PR—Partner.
PRS—Partnership.
PTE—Prohibited Transaction Exemption.
Pub. L.—Public Law.
REIT—Real Estate Investment Trust.
Rev. Proc.—Revenue Procedure.
Rev. Rul.—Revenue Ruling.
S—Subsidiary.
S.P.R.—Statement of Procedural Rules.
Stat.—Statutes at Large.
T—Target Corporation.
T.C.—Tax Court.
T.D.—Treasury Decision.
TFE—Transferee.
TFR—Transferor.
T.I.R.—Technical Information Release.
TP—Taxpayer.
TR—Trust.
TT—Trustee.
U.S.C.—United States Code.
X—Corporation.
Y—Corporation.
Z—Corporation.

September 16, 2019 ii Bulletin No. 2019–38
Numerical Finding List
1
Bulletin 2019–38
Announcements:
2019-07, 2019-27 I.R.B. 62
2019-08, 2019-32 I.R.B. 621
Notices:
2019-12, 2019-27 I.R.B. 57
2019-40, 2019-27 I.R.B. 59
2019-41, 2019-28 I.R.B. 256
2019-42, 2019-29 I.R.B. 352
2019-27, 2019-31 I.R.B. 484
2019-43, 2019-31 I.R.B. 487
2019-24, 2019-31 I.R.B. 489
2019-45, 2019-32 I.R.B. 593
2019-48, 2019-36 I.R.B. 678
2019-46, 2019-37 I.R.B. 695
2019-49, 2019-37 I.R.B. 699
2019-50, 2019-37 I.R.B. 700
Proposed Regulations:
REG-105476-18, 2019-27 I.R.B. 63
REG-106282-18, 2019-28 I.R.B. 259
REG-101828-19, 2019-29 I.R.B. 412
REG-106877-18, 2019-30 I.R.B. 441
REG-121508-18, 2019-30 I.R.B. 456
REG-105474-18, 2019-31 I.R.B. 493
REG-118425-18, 2019-31 I.R.B. 539
REG-130700-14, 2019-36 I.R.B. 681
REG-101378-19, 2019-37 I.R.B. 702
Revenue Rulings:
2019-16, 2019-28 I.R.B. 96
2019-17, 2019-32 I.R.B. 583
2019-18, 2019-35 I.R.B. 668
2019-19, 2019-36 I.R.B. 674
2019-20, 2019-36 I.R.B. 675
2019-21, 2019-38 I.R.B. 708
Revenue Procedures:
2019-24, 2019-29 I.R.B. 353
2019-28, 2019-32 I.R.B. 596
2019-29, 2019-32 I.R.B. 620
2019-30, 2019-33 I.R.B. 638
2019-31, 2019-33 I.R.B. 643
2019-32, 2019-33 I.R.B. 659
2019-33, 2019-34 I.R.B. 662
2019-34, 2019-35 I.R.B. 669
2019-23, 2019-38 I.R.B. 725
2019-36, 2019-38 I.R.B. 729
Treasury Decisions:
9863, 2019-27 I.R.B. 1
9864, 2019-27 I.R.B. 6
9865, 2019-27 I.R.B. 27
9867, 2019-28 I.R.B. 98
9868, 2019-28 I.R.B. 252
9866, 2019-29 I.R.B. 261
9861, 2019-30 I.R.B. 433
9869, 2019-30 I.R.B. 438
9862, 2019-31 I.R.B. 477
9872, 2019-32 I.R.B. 585
9871, 2019-33 I.R.B. 624
9873, 2019-33 I.R.B. 630
1
A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2018–27 through 2018–52 is in Internal Revenue Bulletin
2018–52, dated December 27, 2018.

Bulletin No. 2019–38 iii September 16, 2019
Finding List of Current Actions on
Previously Published Items
1
Bulletin 2019–38
1
A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2018–27 through 2018–52 is in Internal Revenue Bulletin
2018–52, dated December 27, 2018.

Internal Revenue Service
Washington, DC 20224
Official Business
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