Internal Revenue Bulletin 2014-46 (PDF rendition): IRS Notices

Preserve advance releases and the authoritative Internal Revenue Bulletin rendition; directory timestamps are file-publication metadata, not legal effective dates. HTML bulletins begin June 2003; earlier available issues require full PDF parsing. Whole bulletin rendition: numbered items are identified below; other legal material and publisher context remain included. This is not a new standalone advance release.

# Internal Revenue bulletin

## 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.

## INCOME TAX

Announcement 2014-31, page 827.

The Office of Professional Responsibility (OPR) announces re-
cent disciplinary sanctions involving attorneys, certified public
accountants, enrolled agents, enrolled actuaries, enrolled re-
tirement plan agents, and appraisers. These individuals are
subject to the regulations governing practice before the Inter-
nal Revenue Service (IRS), which are set out in Title 31, Code
of Federal Regulations, Part 10, and which are published in
pamphlet form as Treasury Department Circular No. 230. The
regulations prescribe the duties and restrictions relating to
such practice and prescribe the disciplinary sanctions for vio-
lating the regulations.

### Notice 2014-67, page 822.

Guidance for determining whether a State or local government
entity or an organization described in § 501(c)(3) of the Code
that benefits from tax-exempt bond financing will be considered
to have private business use of its bond-financed facilities
under § 141 or § 145(a)(2)(B) of the Code as a result of its
participation in the Medicare Shared Savings Program through
an "accountable care organization." In addition, this notice
amplifies Rev. Proc. 97-13, 1997-1 C.B. 632, as amended by
Rev. Proc. 2001-39, 2001-2 C.B. 38, regarding certain man-
agement contracts that do not result in private business use.

### T.D. 9699, page 818.

This document contains final regulations that will remove reg-
ulations relating to information reporting and backup withhold-
ing for the Qualified Payment Card Agent (QPCA) Program.

## EMPLOYEE PLANS

Notice 2014-66, page 820.

This notice provides a special rule that enables qualified de-
fined contribution plans to provide lifetime income by offering,
as investment options, a series of target date funds (TDFs) that
include deferred annuities among their assets, even if some of
the TDFs within the series are available only to older partici-
pants. This special rule provides that, if certain conditions are
satisfied, a series of TDFs in a defined contribution plan is
treated as a single right or feature for purposes of the nondis-
crimination requirements of § 401(a)(4) of the Internal Revenue
Code. This permits the TDFs to satisfy those nondiscrimination
requirements as they apply to rights or features even if one or
more of the TDFs considered on its own would not satisfy those
requirements.

Finding Lists begin on page ii.

Department of the Treasury
Internal Revenue Service

## 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 official
rulings and procedures of the Internal Revenue Service and for
publishing Treasury Decisions, Executive Orders, Tax Conven-
tions, 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
substantive 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 internal
management are not published; however, statements of inter-
nal 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 rulings to
taxpayers or technical advice to Service field offices, identify-
ing 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, Legisla-
tion 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 Rul-
ings. Bank Secrecy Act Administrative Rulings are issued by
the Department of the Treasury's Office of the Assistant Sec-
retary (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.

# Part I. Rulings and Decisions Under the Internal Revenue Code of 1986

## Code section 103 .- Interest on State and local bonds

Guidance for determining whether a State or
local government entity or an organization described
in § 501(c)(3) of the Code that benefits from tax-
exempt bond financing will be considered to have
private business use of its bond-financed facilities
under § 141 or § 145(a)(2)(B) of the Code as a result
of its participation in the Medicare Shared Savings
Program through an "accountable care organization"
and amplifying Rev. Proc. 97-13, 1997-1 C.B. 632,
as amended by Rev. Proc. 2001-39, 2001-2 C.B. 38,
regarding certain management contracts that do not
result in private business use, see 822 page.

## Section 3406 .- Outline of the backup withholding regulations

### Section 6724 .- Reasonable cause

26 CFR 31.3406(g)-1: Exception for payments to
certain payees and certain other payments.
26 CFR 301.6724-1: Reasonable cause.

T.D. 9699

DEPARTMENT OF THE
TREASURY
Internal Revenue Service
26 CFR Parts 31 and 301

## Removal of the Qualified Payment Card Agent Program

AGENCY: Internal Revenue Service (IRS),
Treasury.

ACTION: Final regulations.

SUMMARY: This document contains fi-
nal regulations that will remove regula-
tions relating to information reporting and
backup withholding for the Qualified Pay-
ment Card Agent (QPCA) Program. This
document also amends regulations to re-
move references to the QPCA Program.
Enactment of the payment card and third
party network reporting requirements in
the Housing Assistance Tax Act of 2008
made the QPCA Program obsolete. Be-

cause no payors have applied to be desig-
nated as a QPCA (and no payors have
been designated as a QPCA), no taxpayers
will be affected by these final regulations.

DATES: These regulations are effective
on October 27, 2014.

FOR FURTHER INFORMATION
CONTACT: Michael Hara, (202) 317-
5413 (not a toll-free number).

SUPPLEMENTARY INFORMATION:
Background

This document amends the Employ-
ment Tax Regulations (26 CFR Part 31)
and the Procedure and Administration
Regulations (26 CFR Part 301) to remove
deadwood provisions relating to the now
obsolete QPCA Program. On March 24,
2014, a notice of proposed rulemaking
(REG-163195-05) was published in the
Federal Register (79 FR 15926) propos-
ing to remove §§ 31.3406(g)-1(f),
301.6724-1(e)(1)(vi)(H), and 301.6724-
1(f)(5)(vii) and amend § 301.6724-1(c)(6) to
remove references to QPCAs. The notice
of proposed rulemaking also withdrew
proposed regulations published in the
Federal Register on July 13, 2007 relat-
ing to the QPCA Program (72 FR 38534).
No comments were received in response
to the proposed regulations.

Section 6041(a) requires persons en-
gaged in a trade or business and making
payments in the course of such trade or
business to another person of rent, sala-
ries, wages, premiums, annuities, com-
pensations, remunerations, emoluments,
or other fixed or determinable gains, prof-
its, and income of $600 or more in any
one taxable year to file information re-
turns with the IRS and to furnish informa-
tion statements to payees. Among other
items, the payor must include the payee's
name and taxpayer identification number
(TIN) on the information return and the
information statement. Section 3406(a)(1)
requires a payor to withhold on any re-
portable payment (as defined in section
3406(b)(1)) if: (1) the payee fails to fur-
nish the payee's TIN to the payor as re-
quired; or (2) the Secretary notifies the

payor that the TIN furnished by the payee
is incorrect.

The QPCA Program was developed by
the IRS to enhance the accuracy of section
6041 information reporting in transactions
where a payment card, such as a credit
card, is accepted as payment. To imple-
ment the QPCA Program, on July 13,
2004, the Treasury Department and the
IRS published final regulations in the
Federal Register (TD 9136) (69 FR
41938) under sections 6041, 3406, and
6724. The Treasury Department and the
IRS also published several pieces of guid-
ance in the Internal Revenue Bulletin to
implement the program. See Notice
2003-13 (2003-1 CB 513 (February 24,
2003)); Revenue Procedure 2004-42
(2004-2 CB 121 (August 2, 2004)); Rev-
enue Procedure 2004-43 (2004-2 CB 124
(August 2, 2004)) (see § 601.601(d)(2)(ii)(b)
of the chapter). In addition, proposed reg-
ulations were published on July 13, 2007
(REG-163195-05 published in the Fed-
eral Register (72 FR 38534) and a pro-
posed revenue procedure (Notice 2007-59
(2007-30 IRB 135)) was published on
July 23, 2007. The 2007 proposed regula-
tions were withdrawn by the notice of
proposed rulemaking (REG-163195-05)
published in the Federal Register (79 FR
15926) on March 25, 2014.

Under the QPCA Program, a payment
card organization may apply to the IRS to
be designated as a QPCA. For this pur-
pose, a payment card organization was
defined as an entity that set the standards
and provided the mechanism, either di-
rectly or indirectly through members and
affiliates, for effectuating payment be-
tween a purchaser and a merchant in a
payment card transaction. See section
5.06 of Notice 2007-59. Once designated,
the QPCA was permitted to act on behalf
of a payor/cardholder to solicit, collect,
and validate the name and TIN of a payee/
merchant, and to provide that information
to the payor/cardholder to enable the pay-
or/cardholder to meet its section 6041 re-
porting obligation, if any.

Section 6050W, enacted by the Hous-
ing Assistance Tax Act of 2008, Public
Law 110-289, obsoleted the QPCA Pro-

gram. Section 6050W requires payment
settlement entities, including payment
card organizations, to report payments
made in settlement of payment card and
third party network transactions. Regula-
tions published under section 6050W and
section 6041 provide, among other things,
that payments required to be reported un-
der section 6050W are not also required to
be reported under section 6041. See
§ 1.6041-1(a)(1)(iv). Because payment
card organizations now have a reporting
obligation with respect to payment card
transactions, there is no longer a need for
payment card organizations to solicit, col-
lect, and verify payee/merchant names/
TINs for the payor/cardholder. Thus, en-
actment of section 6050W made the
QPCA Program obsolete.

### Explanation of Provisions

These final regulations adopt the pro-
posed regulations without change. Accord-
ingly, the regulations under §§ 31.3406(g)-
1(f), 301.6724-1(e)(1)(vi)(H), and 301.6724-
1(f)(5)(vii) are removed, and the regulations
under § 301.6724-1(c)(6) are amended. In
addition, Revenue Procedure 2004-42,
Revenue Procedure 2004-43, Notice 2003-
13, Notice 2003-37, and Notice 2007-59
are obsoleted. See § 601.601(d)(2)(ii)(b) of
the chapter.

### Effective Date

Sections 31.3406(g)-1(f), 301.6724-
1(e)(1)(vi)(H), and 301.6724-1(f)(5)(vii)
would be removed on the date these reg-
ulations are published as final regulations
in the Federal Register. Amendments to
§ 301.6724-1(c)(6) would be effective on
the date these regulations are published as
final in the Federal Register.

### Special Analyses

It has been determined that this Trea-
sury Decision is not a significant regula-
tory action as defined in Executive Order
12866, as supplemented by Executive Or-

der 13563. Therefore, a regulatory assess-
ment is not required. It also has been
determined that section 553(b) of the Ad-
ministrative Procedure Act (5 U.S.C.
chapter 5) does not apply to these regula-
tions. Because the regulations do not im-
pose a collection of information on small
entities, the Regulatory Flexibility Act (5
U.S.C. chapter 6) does not apply. Pursuant
to section 7805(f) of the Code, the notice
of proposed rulemaking that preceded
these final regulations was submitted to
the Chief Counsel for Advocacy of the
Small Business Administration for com-
ment on its impact on small business and
no comments were received.

### Effect on Other Documents

The following publications are obso-
lete as of October 27, 2014:

Notice 2003-13 (2003-1 CB 513); No-
tice 2003-37 (2003-1 CB 1121); Rev.
Proc. 2004-42 (2004-2 CB 121); Rev.
Proc. 2004-43 (2004-2 CB 124); and
Notice 2007-59 (2007-30 IRB 135) (see
§ 601.601(d)(2)(ii)(b) of the chapter).

### Drafting Information

The principal author of these final reg-
ulations is Michael Hara of the Office of
Associate Chief Counsel (Procedure and
Administration).

### List of Subjects

#### 26 CFR Part 31

Employment taxes, Income taxes, Pen-
alties, Pensions, Railroad retirement, Re-
porting and recordkeeping requirements,
Social security, Unemployment compen-
sation.

#### 26 CFR Part 301

Employment taxes, Estate taxes, Ex-
cise taxes, Income taxes, Gift taxes, Pen-
alties, Reporting and recordkeeping re-
quirements.

### Amendments to the Regulations

Accordingly, 26 CFR parts 31 and 301
are amended as follows:

PART 31-EMPLOYMENT TAXES
AND COLLECTION OF INCOME
TAX AT SOURCE

Paragraph 1. The authority citation for
part 31 continues to read in part as fol-
lows:

Authority: 26 U.S.C. 7805 * *

#### § 31.3406(g)-1 [Amended]

Par. 2. Section 31.3406(g)-1 is
amended by removing paragraph (f).

PART 301-PROCEDURE AND
ADMINISTRATION

Par. 3. The authority citation for part
301 continues to read in part as follows:
Authority: 26 U.S.C. 7805 * * *

§ 301.6724-1 [Amended]

Par. 4. Section 301.6724-1 is amended
by:

a. Removing the language "or a Qual-
ified Payment Card Agent (QPCA) as de-
fined in § 31.3406(g)-1(f)(2)(v) of this
chapter," from the introductory text of
paragraph (c)(6).

b. Removing paragraphs (e)(1)(vi)(H)
and (f)(5)(vii).

John Dalrymple,
Deputy Commissioner
for Services and Enforcement.

Approved: October 9, 2014.

Mark J. Mazur,
Assistant Secretary of Treasury
(Tax Policy).

(Filed by the Office of the Federal Register on October 24,
2014, 8:45 a.m., and published in the issue of the Federal
Register for October 27, 2014, 79 F.R. 63811)

# Part III. Administrative, Procedural, and Miscellaneous

Lifetime Income Provided
Through Target Date Funds
in Section 401(k) Plans and
Other Qualified Defined
Contribution Plans

Notice 2014-66

## I. PURPOSE

This notice provides a special rule that
enables qualified defined contribution
plans to provide lifetime income by offer-
ing, as investment options, a series of tar-
get date funds (TDFs) that include de-
ferred annuities among their assets, even
if some of the TDFs within the series are
available only to older participants. This
special rule provides that, if certain con-
ditions are satisfied, a series of TDFs in a
defined contribution plan is treated as a
single right or feature for purposes of the
nondiscrimination requirements of § 401(a)(4)
of the Internal Revenue Code. This permits
the TDFs to satisfy those nondiscrimina-
tion requirements as they apply to rights
or features even if one or more of the
TDFs considered on its own would not
satisfy those requirements.

## II. BACKGROUND

Section 401(a)(4) provides in general
that a plan is a qualified plan only if the
contributions or the benefits provided un-
der the plan do not discriminate in favor
of highly compensated employees.

Section 1.401(a)(4)-4 of the Income
Tax Regulations provides that optional
forms of benefit, ancillary benefits, and
other rights and features must be currently
available to a group of employees that
satisfies the nondiscriminatory classifica-
tion requirement of § 410(b) (without re-
gard to the average benefit percentage
test). In addition, the group of employees
to whom these benefits, rights, and fea-
tures are effectively available must not
substantially favor highly compensated
employees.

Section 1.401(a)(4)-4(e)(1) provides
that the term "optional form of benefit"
means a distribution alternative (including
the normal form of benefit) that is avail-
able under a plan with respect to benefits

described in § 411(d)(6)(A) or a distribu-
tion alternative that is an early retirement
benefit or retirement-type subsidy de-
scribed in § 411(d)(6)(B)(i), including a
"qualified social security supplement"
(QSUPP) as defined in § 1.401(a)(4)-12.

Section 1.401(a)(4)-4(e)(2) provides
that the term "ancillary benefit" means
social security supplements (other than
QSUPPs), disability benefits not in excess
of a qualified disability benefit described
in § 411(a)(9), ancillary life insurance and
health insurance benefits, death benefits
under a defined contribution plan, prere-
tirement death benefits under a defined
benefit plan, shut-down benefits not pro-
tected under § 411(d)(6), and other similar
benefits.

Section 1.401(a)(4)-4(e)(3)(i) pro-
vides that the term "other right or feature"
generally means any right or feature ap-
plicable to employees under the plan. Dif-
ferent rights or features exist if a right or
feature is not available on substantially
the same terms as another right or feature.
Section 1.401(a)(4)-4(e)(3)(ii) provides
that a right or feature is not considered an
other right or feature if it is an optional form
of benefit or ancillary benefit, or cannot be
expected to be of meaningful value to an em-
ployee. Section 1.401(a)(4)-4(e)(3)(iii)(C)
provides, as an example, that the right to a
particular form of investment is an other
right or feature.

Section 1.401(a)(4)-1(d) provides that
the Commissioner may, in revenue rul-
ings, notices, and other guidance, pub-
lished in the Internal Revenue Bulletin,
provide any additional guidance that may
be necessary or appropriate in applying
the nondiscrimination requirements of
§ 401(a)(4), including additional safe har-
bors and alternative methods and proce-
dures for satisfying those requirements.

Questions have arisen regarding com-
pliance with the nondiscrimination re-
quirements of § 401(a)(4) for an arrange-
ment under which a plan's investment
options include a series of TDFs, some of
which hold deferred annuities. Under the
arrangement, the TDF series is a group of
TDFs managed by an investment manager
and each of the TDFs is invested in a
manner appropriate for a particular age
group, with the mix of equity and fixed

income exposure becoming more conser-
vative over time in order to reflect the
applicable age group's advancing age.

Some of the fixed income exposure in
the TDFs for older age groups results
from the purchase of deferred annuities,
which will be distributed to participants
when the TDF is dissolved at its target
date. As each group's age advances, an
increasing portion of the portfolio is ap-
plied to the purchase of deferred annuities.
Stakeholders indicate that it would not be
actuarially reasonable for an insurer to
offer a deferred annuity at a price that
does not vary based on the age of the
purchaser, and that, accordingly, a TDF
that holds deferred annuities should not be
expected to permit participants whose
ages fall outside the designated age-band
for the TDF to hold an interest in that
TDF.

If the deferred annuity within a TDF is
made available only to older participants,
these participants could disproportion-
ately consist of highly compensated em-
ployees (because, as a group, older em-
ployees are often higher paid than
younger employees). If so, making TDFs
with deferred annuities available only to
older participants presents the question of
whether the use of age-restricted TDFs
could violate the current availability or ef-
fective availability requirement for benefits,
rights, and features under § 1.401(a)(4)-4.
Stakeholders have requested guidance that
the use of a series of TDFs to provide life-
time income in this manner does not violate
those nondiscrimination requirements of
§ 401(a)(4).

## III. TREATMENT OF A TDF SERIES AS A SINGLE RIGHT OR FEATURE

The right to each form of investment
available under a plan, including each
TDF in a series of TDFs, is an other right
or feature within the meaning of
§ 1.401(a)(4)-(4)(e)(3)(iii)(C). Therefore,
each TDF must be made available in a non-
discriminatory manner and must otherwise
satisfy the nondiscrimination requirements
under § 401(a)(4) and § 1.401(a)(4)-4.

Pursuant to the Commissioner's au-
thority under § 1.401(a)(4)-1(d) to pro-
vide an alternative method for satisfying

the nondiscrimination requirements, a se-
ries of TDFs under a defined contribution
plan in which participation in some TDFs
is restricted to participants in particular
age-bands is permitted to be treated as a
single "other right or feature" for purposes
of § 1.401(a)(4)-4, provided that the fol-
lowing conditions are satisfied:

1\. The series of TDFs is designed to
serve as a single integrated investment
program under which the same investment
manager manages each TDF and applies
the same generally accepted investment
theories across the series of TDFs. Thus,
the only difference among the TDFs is the
mix of assets selected by the investment
manager, which difference results solely
from the intent to achieve the level of risk
appropriate for the age-band of individu-
als participating in each TDF. In accor-
dance with the consistent investment strat-
egy used to manage the series of TDFs,
the design for the series is for the mix of
assets in a TDF currently available for
older participants to become available to
each younger participant as the asset mix
of each TDF for younger participants
changes to reflect the increasing age of
those participants.

2\. Some of the TDFs available to par-
ticipants in older age-bands include de-
ferred annuities, and none of the deferred
annuities provide a guaranteed lifetime
withdrawal benefit (GLWB) or guaran-
teed minimum withdrawal benefit
(GMWB) feature.1

3\. The TDFs do not hold employer
securities, as described in section
407(d)(1) of the Employee Retirement In-
come Security Act of 1974, Public Law
93-406, as amended (ERISA), that are
not readily tradable on an established se-
curities market.

4\. Each TDF in the series is treated in
the same manner with respect to rights or
features other than the mix of assets. For
example, the fees and administrative ex-
penses for each TDF are determined in a

consistent manner, and the extent to which
those fees and expenses are paid from
plan assets (rather than by the employer)
is the same.

## IV. EXAMPLE OF A TDF SERIES ELIGIBLE FOR RELIEF

Employer X sponsors Plan A, which is
a profit-sharing plan qualified under
§ 401(a) that includes a qualified cash or
deferred arrangement described in
§ 401(k). Participants in Plan A can com-
mence distribution upon attainment of age
65, the normal retirement age under Plan
A, or upon severance from employment.
Plan A provides participants the opportu-
nity daily to direct the investment of as-
sets held in, or contributed to, their ac-
counts in a broad array of investment
alternatives.

The designated investment alternatives
available to all participants under Plan A
include a series of TDFs managed by an
investment manager (as defined in section
3(38) of ERISA) who acknowledges in
writing that the investment manager is a
fiduciary with respect to the plan. The
TDFs are designed to provide varying de-
grees of long-term appreciation and capi-
tal preservation through a mix of equity
and fixed-income exposures based on gen-
erally accepted investment theories. The
same investment manager manages all the
TDFs under Plan A, and makes asset al-
location decisions using a consistent in-
vestment strategy under which the asset
mix is designed to change over time, be-
coming more conservative through a grad-
ual reduction in the allocation to equity
investments and a gradual increase in the
allocation to fixed-income exposure as the
participants in each TDF grow older.
None of the TDFs holds or permits the
acquisition of employer securities.

Each TDF is available only to partici-
pants who will attain normal retirement
age within a limited number of years
around the target date for the fund. For

example, investment in the 2020 TDF is
restricted to participants who will attain
normal retirement age in 2019, 2020 or
2021.

Each TDF is intended to be a qualified
default investment alternative (QDIA)
within the meaning of § 2550.404c-5(e)
of the Department of Labor regulations,
which describes the attributes necessary
for an investment fund, product, model
portfolio, or managed account to be a
QDIA.2 The plan sponsor also represents
that it will satisfy the conditions of
§ 2550.404c-5(c) of the QDIA regulation,
including the requirement that participants
be furnished a notice of the circumstances
under which their assets may be invested
in the QDIA, their right to direct the in-
vestment of their assets into any other
plan investment alternatives, and the in-
vestment objectives, risk and return char-
acteristics, and fees and expenses atten-
dant to the QDIA.

Each TDF available to participants age
55 or older holds unallocated deferred an-
nuity contracts as a portion of its fixed-
income exposure. The deferred annuity
contracts are purchased from an insurance
company that is independent from the in-
vestment manager. None of the TDFs pro-
vides a GLWB or GMWB feature.

As the age of the group of participants
in such a TDF increases, a larger portion
of the assets in the TDF will be used to
purchase deferred annuities each year.
The TDFs available to participants
younger than age 55 do not include de-
ferred annuity contracts. However, the se-
ries of TDFs is designed so that, as the
asset allocation changes over time, each
TDF will include deferred annuity con-
tracts beginning when the participants in
that TDF attain age 55.

Each TDF is dissolved at its target
date. When a TDF is dissolved, a partici-
pant who has an interest in that TDF will
receive an annuity certificate representing
the participant's interest in the annuity

1Under a contract that provides GLWBs with respect to a participant's account, the participant is guaranteed to receive a specified lifetime stream of income regardless of the investment
performance of the account, while still retaining access to the funds in the account. This GLWB feature permits a participant to withdraw annually a certain percentage (for example, 5
percent) of a contractually specified income or benefit base. In the event that the participant's account balance (determined without regard to any potential future GLWB payments) is reduced
to $0 as a result of these guaranteed annual withdrawal amounts, the insurer will continue to pay the guaranteed withdrawal amount annually for the remainder of the participant's life. A
GMWB feature is similar to a GLWB feature, but a stream of income is guaranteed for a specified period rather than for the lifetime of the contract owner or annuitant. Treasury and the
IRS are considering whether or not to provide guidance related to issues arising from the use of GLWB and GMWB features in defined contribution plans.

2The Department of Labor has informed the Department of the Treasury that the use of unallocated deferred annuity contracts as fixed income investments would not cause the TDFs to
fail to meet the requirements of § 2550.404c-5(e)(4)(i) of the QDIA regulation. It is also the Department of Labor's view that the distribution of annuity certificates as each TDF dissolves
on its target date, as described in the example in this notice, is consistent with § 2550.404c-5(e)(4)(vi) of the QDIA regulation. See the Letter to J. Mark Iwry at the Department of the
Treasury (October 23, 2014) from Phyllis C. Borzi, at http://www.dol.gov/ebsa/regs/ils.

contract held in the TDF. The certificate
provides for immediate or deferred com-
mencement of annuity payments in accor-
dance with the terms of the annuity con-
tract and the plan. The remaining portion
of a participant's interest in that TDF is
reinvested in other investment options
within Plan A.

The investment manager and Employer
X treat each TDF in the series in the same
manner with respect to rights or features
other than the mix of assets. For example,
with respect to each TDF, the investment
manager determines the fees and admin-
istrative expenses in a consistent manner,
and the percentage of those fees and ex-
penses that are paid from plan assets
(rather than by Employer X) is the same.

Pursuant to the alternative method of
compliance with the nondiscrimination re-
quirements of § 401(a)(4) under section
III of this notice, the series of TDFs in this
example is treated as a single other right
or feature for purposes of § 1.401(a)(4)-4.
Therefore, each of the TDFs will satisfy
the nondiscrimination requirements of
§ 1.401(a)(4)-4.

## DRAFTING INFORMATION

The principal authors of this notice are
Yaguo Zhang and Diane Bloom of the
Employee Plans, Tax Exempt and Gov-
ernment Entities Division. Questions re-
garding this notice may be sent via e-mail
to RetirementPlanQuestions@irs.gov.

## Private business use of tax- exempt bond financed facilities

### Notice 2014-67

SECTION 1. INTRODUCTION

The Internal Revenue Service (IRS) is
considering the application of the provi-
sions of the Internal Revenue Code
(Code) governing tax-exempt bonds to ar-
rangements entered into by hospitals or
other health care organizations participat-
ing in the Medicare Shared Savings Pro-
gram (Shared Savings Program) described
in §§ 3022 and 10307 of the Patient Pro-
tection and Affordable Care Act, Pub. L.
111-148, 124 Stat. 119 (Affordable Care
Act), enacted March 23, 2010. This notice

provides interim guidance for determining
whether a State or local government entity
or an organization described in
§ 501(c)(3) of the Code that benefits from
tax-exempt bond financing will be consid-
ered to have private business use of its
bond-financed facilities under § 141 or
§ 145(a)(2)(B) of the Code as a result of
its participation in the Share Savings Pro-
gram through an "accountable care orga-
nization" (ACO). In addition, this notice
amplifies Rev. Proc. 97-13, 1997-1 C.B.
632, as amended by Rev. Proc. 2001-39,
2001-2 C.B. 38 (cited herein as “Rev.
Proc. 97-13"), regarding certain manage-
ment contracts that do not result in private
business use. This notice also solicits
public comments on this interim guid-
ance and on further guidance needed to
facilitate participation in the Shared
Savings Program.

## SECTION 2. BACKGROUND

ACOs and the Shared Savings Program

Section 3022 of the Affordable Care
Act amended Title XVIII of the Social
Security Act (SSA) (42 U.S.C. 1395 et
seq.) by adding a new § 1899, which
directs the Secretary of the Department of
Health and Human Services (HHS) to es-
tablish a Medicare shared savings pro-
gram that promotes accountability for care
of Medicare beneficiaries, improves the
coordination of Medicare fee-for-service
items and services, and encourages invest-
ment in infrastructure and redesigned care
processes for high quality and efficient
service delivery. Under § 1899(b)(1) of
the SSA, groups of health care service
providers and suppliers that have estab-
lished a mechanism for shared governance
and that meet criteria specified by HHS
are eligible to participate as ACOs under
the program.

Section 1899(b)(1) of the SSA pro-
vides examples of groups of service pro-
viders and suppliers that may form an
ACO, including (i) physicians and other
health care practitioners (ACO profes-
sionals) in a group practice, (ii) a network
of individual practices, (iii) a partnership
or joint venture arrangement between hos-
pitals and ACO professionals, and (iv) a
hospital employing ACO professionals.
ACOs eligible to participate in the Shared
Savings Program will manage and coordi-

nate care for their assigned Medicare fee-
for-service beneficiaries. Health care ser-
vice providers and suppliers participating
in an ACO will continue to receive Medi-
care fee-for-service payments in the same
manner as such payments would other-
wise be made. In addition, an ACO that
meets quality performance standards es-
tablished by HHS and demonstrates that it
has achieved savings against an appropri-
ate benchmark of expected average per
capita Medicare fee-for-service expendi-
tures will be eligible to receive payments
for Medicare shared savings (Shared Sav-
ings Program payments) under § 1899(d)(2)
of the SSA. Section 1899(i) of the SSA also
authorizes the use of other payment models
that the HHS Secretary determines will im-
prove the quality and efficiency of items and
services for Medicare.

Section 1899(b)(2) of the SSA estab-
lishes the following requirements for an
ACO to participate in the Shared Savings
Program:

(1) The ACO shall be willing to be-
come accountable for the quality, cost,
and overall care of the Medicare fee-for-
service beneficiaries assigned to it.

(2) The ACO shall enter into an agree-
ment with the HHS Secretary to partici-
pate in the Shared Savings Program for
not less than a 3-year period.

(3) The ACO shall have a formal legal
structure that would allow the organiza-
tion to receive and distribute Shared Sav-
ings Program payments to participating
providers of services and suppliers.

(4) The ACO shall include primary
care ACO professionals that are sufficient
for the number of Medicare fee-for-
service beneficiaries assigned to the ACO
under § 1899(c). At a minimum, the ACO
shall have at least 5,000 such beneficiaries
assigned to it under § 1899(c) to be eligi-
ble to participate in the Shared Savings
Program.

(5) The ACO shall provide the HHS
Secretary with such information regarding
ACO professionals participating in the
ACO as the Secretary determines neces-
sary to support the assignment of Medi-
care fee-for-service beneficiaries to an
ACO, the implementation of quality and
the other reporting requirements under
§ 1899(b)(3), and the determination of
Shared Savings Program payments.

(6) The ACO shall have in place a
leadership and management structure that
includes clinical and administrative sys-
tems.

(7) The ACO shall define processes to
promote evidence-based medicine and pa-
tient engagement, report on quality and
cost measures, and coordinate care, such
as through the use of telehealth, remote
patient monitoring, and other such en-
abling technologies.

(8) The ACO shall demonstrate to the
HHS Secretary that it meets patient-
centeredness criteria specified by the Secre-
tary, such as the use of patient and caregiver
assessments or the use of individualized
care plans.

On November 2, 2011, the Centers for
Medicare & Medicaid Services (CMS),
the agency within HHS that administers
the Medicare program, published final
regulations addressing § 1899 of the SSA
(76 FR 67802). The regulations contain
specific eligibility criteria for entities to
qualify as ACOs under the Shared Sav-
ings Program and describe quality mea-
sures, reporting requirements, and moni-
toring by CMS. The regulations require
the ACO to be a legal entity formed under
applicable State, Federal, or Tribal law,
identified by a taxpayer identification
number, and authorized in each State in
which it operates for purposes of (1) re-
ceiving and distributing shared savings;
(2) repaying shared losses or other monies
determined to be owed to CMS; (3) estab-
lishing, reporting, and ensuring provider
compliance with health care quality crite-
ria, including quality performance stan-
dards; and (4) fulfilling other ACO func-
tions identified in the regulations. The
regulations require an ACO to provide for
meaningful participation in the composi-
tion and control of the ACO's governing
body by ACO participants (or their desig-
nated representatives). In addition, the
regulations generally require that the
ACO's governing body include a Medi-
care beneficiary representative(s) served
by the ACO who does not have a conflict
of interest with the ACO.

The regulations require an ACO seek-
ing to participate in the Shared Savings
Program to submit a written application to
CMS describing how the ACO plans to
use and distribute any Shared Savings
Program payments and how that plan

would contribute to achieving the specific
goals of the Shared Savings Program and
the general aims of better care for individ-
uals, better health for populations, and
lower growth in expenditures.

Finally, consistent with the authoriza-
tion in § 1899(i) of the SSA of alternative
payment models, the regulations provide a
"two-sided model" under which partici-
pating ACOs not only would be eligible to
share in cost savings at higher rates but
also would be required to repay losses
resulting from spending that exceeds a
benchmark of expected average per capita
Medicare fee-for-service expenditures
(Shared Savings Program losses).

### Private Business Use of Tax-Exempt Bonds

Section 103(a) of the Code provides
that, except as provided in § 103(b) of the
Code, gross income does not include in-
terest on any State or local bond. Section
103(b)(1) of the Code provides that
§ 103(a) of the Code shall not apply to any
private activity bond that is not a qualified
bond (within the meaning of section 141
of the Code).

Section 141(a) of the Code provides
that the term "private activity bond"
means any bond issued as part of an issue
(1) that meets the private business use test
and private security or payment test, or (2)
that meets the private loan financing test.

Section 141(b)(1) of the Code provides
generally that an issue meets the private
business use test if more than 10 percent
of the proceeds of the issue are to be used
for any private business use. Section
141(b)(6) of the Code defines "private
business use" as use (directly or indi-
rectly) in a trade or business carried on by
any person other than a governmental
unit. For this purpose, any activity carried
on by a person other than a natural person
must be treated as a trade or business use.

Section 1.141-3(a) of the Income Tax
Regulations provides, in part, that the 10
percent private business use test of
§ 141(b)(1) of the Code is met if more
than 10 percent of the proceeds of an issue
is used in a trade or business of a nongov-
ernmental person. For this purpose, the
use of financed property is treated as the
direct use of proceeds. Section 1.141-1(b)
defines a nongovernmental person as a
person other than a governmental person.

Pursuant to § 1.141-1(b), a governmental
person means a State, territory, a posses-
sion of the United States, the District of
Columbia, or any political subdivision
thereof, or any instrumentality of the fore-
going. The United States and any agencies
and instrumentalities thereof are not gov-
ernmental persons.

Section 1.141-3(b)(1) provides that
both actual and beneficial use by a non-
governmental person may be treated as
private business use. In most cases, the
private business use test is met only if a
nongovernmental person has special legal
entitlements to use the financed property
under an arrangement with the issuer. In
general, a nongovernmental person is
treated as a private business user as a
result of ownership; actual or beneficial
use of property pursuant to a lease, a man-
agement contract, or an incentive payment
contract; or certain other arrangements
such as a take or pay or other output-type
contract. Section 1.141-3(b)(7) provides
that any other arrangement that conveys
special legal entitlements for beneficial
use of bond proceeds or of financed prop-
erty that are comparable to the special
legal entitlements described above results
in private business use.

Section 1.141-3(b)(4)(i) provides gen-
erally that a management contract with
respect to financed property may result in
private business use of that property,
based on all of the facts and circum-
stances. A management contract with re-
spect to financed property generally re-
sults in private business use of that
property if the contract provides for com-
pensation for services rendered with com-
pensation based, in whole or in part, on a
share of net profits from the operations of
the facility.

Section 1.141-3(b)(4)(ii) defines
"management contract" as a management,
service, or incentive payment contract be-
tween a governmental person and a ser-
vice provider under which the service pro-
vider provides services involving all, a
portion, or any function, of a facility. For
example, a contract for the provision of
management services for an entire hospi-
tal, a contract for management services for
a specific department of a hospital, and an
incentive payment contract for physician
services to patients of a hospital are each
treated as a management contract.

Section 1.141-3(b)(4)(iii) provides that
certain arrangements described therein
generally are not treated as management
contracts that give rise to private business
use. The described arrangements include
(A) contracts for services that are solely
incidental to the primary governmental
function or functions of a financed facility
(for example, contracts for janitorial, of-
fice equipment repair, hospital billing, or
similar services); and (B) the mere grant-
ing of admitting privileges by a hospital to
a doctor, even if those privileges are con-
ditioned on the provision of de minimis
services if those privileges are available to
all qualified physicians in the area, con-
sistent with the size and nature of the
hospital's facilities.

Section 141(e) of the Code provides, in
part, that the term "qualified bond" in-
cludes a qualified 501(c)(3) bond if cer-
tain requirements stated therein are met.

Section 145(a) of the Code provides
generally that the term "qualified 501(c)(3)
bond" means any private activity bond
issued as part of an issue if (1) all property
that is to be provided by the net proceeds
of the issue is to be owned by a 501(c)(3)
organization or a governmental unit, and
(2) such bond would not be a private
activity bond if (A) 501(c)(3) organiza-
tions were treated as governmental units
with respect to their activities that do not
constitute unrelated trades or businesses,
determined by applying § 513(a) of the
Code, and (B) §§ 141(b)(1) and (2) of the
Code were applied by substituting “5 per-
cent" for "10 percent" each place it appears
and by substituting "net proceeds" for "pro-
ceeds" each place it appears. Section
150(a)(4) of the Code defines the term
"501(c)(3) organization" to mean any orga-
nization described in § 501(c)(3) and ex-
empt from tax under § 501(a) of the Code.

Section 1.145-2 provides that, with
certain exceptions and modifications,
§§ 1.141-0 through 1.141-15 apply to
§ 145(a) of the Code. Section 1.145-2(b)
provides that, in applying §§ 1.141-0
through 1.141-15 to § 145(a), (1) refer-
ences to governmental persons include
501(c)(3) organizations with respect to
their activities that do not constitute unre-
lated trades or businesses under § 513(a)
of the Code; (2) references to "10 percent"
and "proceeds" in the context of the pri-
vate business use test and the private se-

curity or payment test mean "5 percent"
and "net proceeds", respectively; and (3)
references to the private business use test
in §§ 1.141-2 and 1.141-12 include the
ownership test of § 145(a)(1) of the Code.

Rev. Proc. 97-13 sets forth conditions
under which a management contract be-
tween a qualified user and a service pro-
vider does not result in private business
use under § 141(b) of the Code. Rev. Proc.
97-13 also applies to determinations of
the effect of such a management contract
on whether a bond meets the test in
§ 145(a)(2)(B) of the Code. Section 3.07
of Rev. Proc. 97-13 defines "qualified
user" as any State or local governmental
unit as defined in § 1.103-1 or any instru-
mentality thereof. The term also includes
a 501(c)(3) organization if the financed
property is not used in an unrelated trade
or business under § 513(a) of the Code.
The term does not include the United
States or any agency or instrumentality
thereof.

Section 5.01 of Rev. Proc. 97-13 pro-
vides that if the requirements of section 5
of Rev. Proc. 97-13 are satisfied a man-
agement contract does not itself result in
private business use. In addition, the use
of financed property, pursuant to a man-
agement contract meeting these require-
ments, is not private business use if that
use is functionally related and subordinate
to that management contract and that use
is not, in substance, a separate contractual
agreement (for example, a separate lease
of a portion of the financed property).

Under section 5.02(1) of Rev. Proc.
97-13, the management contract must
provide for reasonable compensation for
services rendered with no compensation
based, in whole or in part, on a share of net
profits from the operation of the facility.

Section 5.02(2) of Rev. Proc. 97-13
provides, for purposes of § 1.141-
3(b)(4)(i) and Rev. Proc. 97-13, that com-
pensation based on (a) a percentage of
gross revenues (or adjusted gross reve-
nues) of a facility or a percentage of ex-
penses from a facility, but not both; (b) a
capitation fee; or (c) a per-unit fee is gen-
erally not considered to be based on a
share of net profits.

Section 5.02(3) of Rev. Proc. 97-13
provides, for purposes of § 1.141-
3(b)(4)(i) and Rev. Proc. 97-13, that a
productivity reward equal to a stated dol-

lar amount based on increases or de-
creases in gross revenues (or adjusted
gross revenues), or reductions in total ex-
penses (but not both increases in gross
revenues (or adjusted gross revenues) and
reductions in total expenses) in any annual
period during the term of the contract,
generally does not cause the compensa-
tion to be based on a share of net profits.

Section 5.03 of Rev. Proc. 97-13 pro-
vides that the management contract must
be described in section 5.03(1), (2), (3),
(4), (5), or (6). Section 5.03(4) describes
periodic fixed fee and capitation fee ar-
rangements in certain 5-year contracts.
Section 5.03(5) describes per-unit fee ar-
rangements in certain 3-year contracts.
Section 5.03(6) describes percentage of
revenue or expense fee arrangements in
certain 2-year contracts.

## SECTION 3. INTERIM GUIDANCE

01\. Participation by Governmental
Persons or Section 501(c)(3)
Organizations in the Shared Savings
Program through ACOs

The IRS understands that governmen-
tal persons (as defined in § 1.141-1(b))
and 501(c)(3) organizations typically will
be participating in the Shared Savings
Program through ACOs with nongovern-
mental persons. The IRS further under-
stands that this participation may take a
variety of forms, including membership in
a nonprofit membership corporation, own-
ership of shares in a corporation, owner-
ship of a partnership interest in a partner-
ship, and ownership of a membership
interest in an LLC.

Under the private business use test de-
scribed above, participation by a user of a
health care facility financed with tax-
exempt bonds in the Shared Savings Pro-
gram through an ACO that includes partic-
ipants that are nongovernmental persons
must be structured so as not to result in
private business use of the facility. In addi-
tion, any 501(c)(3) organization using a fa-
cility financed with tax-exempt bonds must
structure its participation in an ACO so that
its participation neither jeopardizes its
501(c)(3) status nor causes it to be engaged
in an unrelated trade or business under
§ 513(a) of the Code.

The participation of a qualified user (as
defined in section 3.07 of Rev. Proc. 97-13)

in the Shared Savings Program through an
ACO in itself will not result in private
business use of the tax-exempt bond fi-
nanced facility if all of the following con-
ditions are met:

· The terms of the qualified user's par-
ticipation in the Shared Savings Pro-
gram through the ACO (including its
share of Shared Savings Program pay-
ments or losses and expenses) are set
forth in advance in a written agree-
ment negotiated at arm's length.

· CMS has accepted the ACO into, and
has not terminated the ACO from, the
Shared Savings Program.

· The qualified user's share of economic
benefits derived from the ACO (in-
cluding its share of Shared Savings
Program payments) is proportional to
the benefits or contributions the qual-
ified user provides to the ACO. If the
qualified user receives an ownership
interest in the ACO, the ownership
interest received is proportional and
equal in value to its capital contribu-
tions to the ACO and all ACO returns
of capital, allocations, and distribu-
tions are made in proportion to own-
ership interests.

· The qualified user's share of the
ACO's losses (including its share of
Shared Savings Program losses) does
not exceed the share of ACO eco-
nomic benefits to which the qualified
user is entitled.

· All contracts and transactions entered
into by the qualified user with the
ACO and the ACO's participants, and
by the ACO with the ACO's partici-
pants and any other parties, are at fair
market value.

· The qualified user does not contribute
or otherwise transfer the property fi-
nanced with tax-exempt bonds to the
ACO unless the ACO is an entity that
is a governmental person, or in the
case of qualified 501(c)(3) bonds, ei-
ther a governmental person or a
501(c)(3) organization.

### 02. Management Contracts

It is anticipated, further, that qualified
users of hospitals or other health care fa-
cilities that are financed with tax-exempt
bonds will enter into management con-
tracts (as defined in § 1.141-3(b)(4)(ii))

with nongovernmental persons to provide
health care services at the qualified users'
facilities that will take into account the
quality performance standards and Medi-
care fee-for-service expenditures relevant
to participation in the Shared Savings Pro-
gram. Under the private business use test
described above, a qualified user must
structure its management contracts with
respect to those facilities to avoid private
business use.

This notice amplifies the permitted
productivity rewards and the types of per-
missible arrangements described in Rev.
Proc. 97-13 that do not result in private
business use, provided all other require-
ments of section 5 of Rev. Proc. 97-13 are
met.

(1) Section 5.02(3) of Rev. Proc. 97-13
is amplified to add the following text at
the end:

A productivity reward for services in
any annual period during the term of the
contract generally also does not cause the
compensation to be based on a share of
net profits of the financed facility if:

· The eligibility for the productivity
award is based on the quality of the
services provided under the manage-
ment contract (for example, the
achievement of Medicare Shared Sav-
ings Program quality performance
standards or meeting data reporting re-
quirements), rather than increases in
revenues or decreases in expenses of
the facility; and

· The amount of the productivity award
is a stated dollar amount, a periodic
fixed fee, or a tiered system of stated
dollar amounts or periodic fixed fees
based solely on the level of perfor-
mance achieved with respect to the
applicable measure.

(2) Section 5.03 of Rev. Proc. 97-13 is
amplified to revise the first sentence and add
new section 5.03(7) at the end as follows:

.03 Permissible Arrangements. The
management contract must be described in
section 5.03(1), (2), (3), (4), (5), (6), or (7).
* * * * *

(7) Arrangements in certain 5-year
contracts. All of the compensation for ser-
vices is based on a stated amount; periodic
fixed fee; a capitation fee; a per-unit fee;
or a combination of the preceding. The
compensation for services also may in-

clude a percentage of gross revenues, ad-
justed gross revenues, or expenses of the
facility (but not both revenues and ex-
penses). The term of the contract, includ-
ing all renewal options, does not exceed
five years. Such contract need not be ter-
minable by the qualified user prior to the
end of the term. For purposes of this sec-
tion 5.03(7), a tiered productivity award
as described in section 5.02(3) will be
treated as a stated amount or a periodic
fixed fee, as appropriate.

## SECTION 4. REQUEST FOR PUBLIC COMMENTS

The IRS expects to issue guidance con-
cerning management contracts for pur-
poses of §§ 141 and 145(a)(2)(B) of the
Code. That guidance may address issues
relevant to participation in the Shared
Savings Program. To help inform that
guidance, the Treasury Department and
the IRS solicit comments on the guidance
that is described in section 3 of this notice
and on further guidance needed to facili-
tate participation in the Shared Savings
Program by qualified users of tax-exempt
bond financed facilities through ACOs.

Public comments should be submitted
in writing on or before January 22, 2015.
Comments should be sent to the following
address:

Internal Revenue Service

CC:PA:LPD:PR (Notice 2014-67)
P.O. Box 7604
Ben Franklin Station
Washington, DC 20044

Comments may be hand delivered to:
CC:PA:LPD:PR (Notice 2014-67)
Courier's Desk
Internal Revenue Service
1111 Constitution Avenue, NW
Washington, DC 20224

Comments may also be sent electronically
to notice.comments@irscounsel.treas.gov.
Please include "Notice 2014-67" in the
subject line.

All comments will be available for
public inspection.

## SECTION 5. APPLICABILITY DATES

Section 3.01 of this notice applies to
bonds subject to § 141 or § 145(a)(2)(B)
of the Code sold on or after January 22,
2015. Section 3.01 may be applied to

bonds sold before January 22, 2015, that are subject to § 141 or § 145(a)(2)(B) of the Code.

SECTION 6. EFFECT ON OTHER DOCUMENTS Rev. Proc. 97-13 is amplified by this notice.

Associate Chief Counsel (Financial Insti- tutions &amp; Products). For further informa- tion regarding this notice contact Johanna Som de Cerff on (202) 317-6980 (not a toll-free number).

Section 3.02 of this notice applies to contracts entered into, materially modi-

fied, or extended (other than pursuant to a renewal option) on or after January 22, 2015. Section 3.02 may be applied to con- tracts entered into before January 22, 2015.

SECTION 7. DRAFTING INFORMATION The principal author of this notice is Johanna Som de Cerff of the Office of

## Part IV. Items of General Interest

### Announcement of Disciplinary Sanctions From the Office of Professional Responsibility Announcement 2014-31

The Office of Professional Responsi-
bility (OPR) announces recent disciplin-
ary sanctions involving attorneys, certi-
fied public accountants, enrolled agents,
enrolled actuaries, enrolled retirement
plan agents, and appraisers. These indi-
viduals are subject to the regulations gov-
erning practice before the Internal Reve-
nue Service (IRS), which are set out in
Title 31, Code of Federal Regulations,
Part 10, and which are published in pam-
phlet form as Treasury Department Circu-
lar No. 230. The regulations prescribe the
duties and restrictions relating to such
practice and prescribe the disciplinary
sanctions for violating the regulations.

The disciplinary sanctions to be im-
posed for violation of the regulations are:
Disbarred from practice before the
IRS-An individual who is disbarred is
not eligible to practice before the IRS as
defined at 31 C.F.R. § 10.2(a)(4).

Suspended from practice before the
IRS-An individual who is suspended is
not eligible to practice before the IRS as
defined at 31 C.F.R. § 10.2(a)(4) during
the term of the suspension.

Censured in practice before the
IRS-Censure is a public reprimand. Un-
like disbarment or suspension, censure
does not affect an individual's eligibility
to practice before the IRS, but OPR may
subject the individual's future practice
rights to conditions designed to promote
high standards of conduct.

Monetary penalty-A monetary pen-
alty may be imposed on an individual who
engages in conduct subject to sanction or
on an employer, firm, or entity if the in-
dividual was acting on its behalf and if it
knew, or reasonably should have known,
of the individual's conduct.

Disqualification of appraiser-An
appraiser who is disqualified is barred
from presenting evidence or testimony in

any administrative proceeding before the
Department of the Treasury or the IRS.

Under the regulations, attorneys, certi-
fied public accountants, enrolled agents,
enrolled actuaries, and enrolled retirement
plan agents may not assist, or accept as-
sistance from, individuals who are sus-
pended or disbarred with respect to matters
constituting practice (i.e., representation)
before the IRS, and they may not aid or abet
suspended or disbarred individuals to prac-
tice before the IRS.

Disciplinary sanctions are described in
these terms:

Disbarred by decision, Suspended by
decision, Censured by decision, Mone-
tary penalty imposed, and Disqualified
after hearing-An administrative law
judge (ALJ) either 1) granted the gov-
ernment's summary judgment motion or
2) conducted an evidentiary hearing
upon OPR's complaint alleging viola-
tion of the regulations; and 3) issued a
decision imposing one of these sanc-
tions. After 30 days from the issuance of
the decision, in the absence of an ap-
peal, the ALJ's decision became the fi-
nal agency decision.

Disbarred by default decision, Sus-
pended by default decision, Censured
by default decision, Monetary penalty
imposed by default decision, and Dis-
qualified by default decision-An ALJ,
after finding that no answer to OPR's
complaint had been filed, granted OPR's
motion for a default judgment and issued
a decision imposing one of these sanc-
tions.

Disbarment by decision on appeal,
Suspended by decision on appeal, Cen-
sured by decision on appeal, Monetary
penalty imposed by decision on appeal,
and Disqualified by decision on ap-
peal-The decision of the ALJ was ap-
pealed to the agency appeal authority, act-
ing as the delegate of the Secretary of the
Treasury, and the appeal authority issued
a decision imposing one of these sanc-
tions.

Disbarred by consent, Suspended by
consent, Censured by consent, Mone-
tary penalty imposed by consent, and

Disqualified by consent-In lieu of a dis-
ciplinary proceeding being instituted or
continued, an individual offered a consent
to one of these sanctions and OPR ac-
cepted the offer. Typically, an offer of
consent will provide for: suspension for
an indefinite term; conditions that the in-
dividual must observe during the suspen-
sion; and the individual's opportunity, af-
ter a stated number of months, to file with
OPR a petition for reinstatement affirming
compliance with the terms of the consent
and affirming current eligibility to prac-
tice (i.e., an active professional license or
active enrollment status).

Suspended indefinitely by decision in
expedited proceeding, Suspended indef-
initely by default decision in expedited
proceeding, Suspended by consent in
expedited proceeding-OPR instituted
an expedited proceeding for suspension
(based on certain limited grounds, includ-
ing loss of a professional license for
cause, and criminal convictions).

OPR has authority to disclose the
grounds for disciplinary sanctions in these
situations: (1) an ALJ or the Secretary's
delegate on appeal has issued a decision
on or after September 26, 2007, which
was the effective date of amendments to
the regulations that permit making such
decisions publicly available; (2) the indi-
vidual has settled a disciplinary case by
signing OPR's "consent to sanction"
form, which requires consenting individ-
uals to admit to one or more violations of
the regulations and to consent to the dis-
closure of the individual's own return in-
formation related to the admitted viola-
tions (for example, failure to file Federal
income tax returns); or (3) OPR has issued
a decision in an expedited proceeding for
indefinite suspension.

Announcements of disciplinary sanc-
tions appear in the Internal Revenue Bul-
letin at the earliest practicable date. The
sanctions announced below are alphabet-
ized first by the names of states and sec-
ond by the last names of individuals. Un-
less otherwise indicated, section numbers
(e.g., § 10.51) refer to the regulations.

City &amp; State

Name

Professional Designation

Disciplinary Sanction

Effective Date(s)

California

Coto De Caza

Ung, Rathana

Enrolled Agent

Suspended by default decision in expedited proceeding under 31 C.F.R. § 10.82(b)

Indefinite from August 22, 2014

Ladera Ranch

Gilliland, Nathan M.

CPA

Suspended by default decision in expedited proceeding under 31 C.F.R. § 10.82(b)

Indefinite from August 14, 2014

San Francisco

Kleier, James P.

Attorney

Suspended by default decision in expedited proceeding under 31 C.F.R. § 10.82(b)

Indefinite from September 10, 2014

Stockton

Reed, Trudy N.

CPA

Suspended by default decision in expedited proceeding under 31 C.F.R. § 10.82(b)

Indefinite from September 9, 2014

District of Columbia Washington, DC

Wattoff, Matthew P., see New York Bradley, Stephanie Y.

Attorney

Suspended by default decision in expedited proceeding under 31 C.F.R. § 10.82(b)

Indefinite from September 9, 2014

Georgia

Stone Mountain

Adegbite, Matthew A.

CPA

Suspended by default decision in expedited proceeding under 31 C.F.R. § 10.82(b)

Indefinite from August 12, 2014

Hawaii Honolulu

Agard, Andrew A.

Attorney

Suspended by default decision in expedited proceeding under 31 C.F.R. § 10.82(b)

Indefinite from August 14, 2014

Illinois Palos Heights

Spencer, George L.

CPA

Suspended by default decision in expedited proceeding under 31 C.F.R. § 10.82(b)

Indefinite from October 3, 2014

Wilmette

Daugerdas, Paul M.

Attorney/CPA

Suspended by default decision in expedited proceeding under 31 C.F.R. § 10.82(b)

Indefinite from August 14, 2014

Massachusetts Hudson

Sousa, Carlos M.

Attorney

Suspended by default decision in expedited proceeding under 31 C.F.R. § 10.82(b)

Indefinite from August 14, 2014

Michigan Ada

Kroon, Arthur

CPA

Censured by consent for admitted violation of § 10.22(a)(1) (Revs. 2005 and 2008) (requiring practitioner to exercise due diligence in preparing, and filing of, tax returns for the tax years 2006, 2007, 2008, and 2009)

July 9, 2014

Minnesota Moorhead

Meidinger, Joan L.

Attorney

Suspended by decision in expedited proceeding under 31 C.F.R. § 10.82(b)

Indefinite from October 1, 2014

City &amp; State

Name

Professional Designation

Disciplinary Sanction

Effective Date(s)

New Jersey

Enrolled Agent

Indefinite from August 14, 2014

East Brunswick

Saleem, Muhammed

Suspended by decision in expedited proceeding under 31 C.F.R. § 10.82(b)

Rivervale

Rekuc, Raymond

CPA

Suspended by decision in expedited proceeding under 31 C.F.R. § 10.82(b)

Indefinite from August 1, 2014

Somers Point

Murphy, Thomas L.

Attorney

Suspended by default decision in expedited proceeding under 31 C.F.R. § 10.82(b)

Indefinite from October 1, 2014

New York Hyde Park

Wattoff, Matthew P.

Attorney

Indefinite from August 14, 2014

Suspended by default decision in expedited proceeding under 31 C.F.R. § 10.82(b)

Monroe

Balaban, Barry

Attorney

Suspended by default decision in expedited proceeding under 31 C.F.R. § 10.82(b)

Indefinite from September 3, 2014

Vestal

Simons, Ronald L.

CPA

Suspended by decision in expedited proceeding under 31 C.F.R. § 10.82(b)

Indefinite from September 11, 2014

Pennsylvania

Havertown

Easton, III, William N.

CPA

Suspended by default decision in expedited proceeding under 31 C.F.R. § 10.82(b)

Indefinite from September 15, 2014

Swoyersville

Pinkowski, Jerome

CPA

Suspended by default decision in expedited proceeding under 31 C.F.R. § 10.82(b)

Indefinite from October 2, 2014

Tennessee Goodlettsville

Clemmons, John E.

Attorney

Suspended by default decision in expedited proceeding under 31 C.F.R. § 10.82(b)

Indefinite from September 9, 2014

Virginia Fredericksburg

Bee, Charles W.

CPA

Suspended by default decision in expedited proceeding under 31 C.F.R. § 10.82(b)

Indefinite from August 14, 2014

West Virginia Charleston

Albertson, Harold S.

Indefinite from August 14, 2014

Attorney

Suspended by default decision in expedited proceeding under 31 C.F.R. § 10.82(b)

# 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
being made clear because the language
has caused, or may cause, some confu-
sion. It is not used where a position in a
prior ruling 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 transac-
tions. This term is most commonly used in
a ruling that lists previously published rul-
ings 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 pe-
riod 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 previously
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
cases in litigation, or the outcome of a
Service study.

# Abbreviations

The following abbreviations in current
use and formerly used will appear in ma-
terial published in the Bulletin.

A-Individual.

Acq .- Acquiescence.

B-Individual.

BE-Beneficiary.

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.

COOP-Cooperative.

IC-Insurance Company.

Ct.D .- Court Decision.

I.R.B .- Internal Revenue Bulletin.

CY-County.

LE-Lessee.

TT-Trustee.

D Decedent.

LP-Limited Partner.

LR-Lessor.

X-Corporation.

DE-Donee.

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.

BK-Bank.

B.T.A .- Board of Tax Appeals.

C-Individual.

C.B .- Cumulative Bulletin.

CFR-Code of Federal Regulations.

CI-City.

T.I.R .- Technical Information Release.

TP-Taxpayer.
TR-Trust.

U.S.C .- United States Code.

DC-Dummy Corporation.

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.

T-Target Corporation.

T.C .- Tax Court.

T.D .- Treasury Decision.

TFE-Transferee.

TFR-Transferor.

Y-Corporation.

Z-Corporation.

Numerical Finding List1

Revenue Procedures-Continued

Treasury Decisions :- Continued

Bulletins 2014-27 through 2014-46

2014-37, 2014-33 I.R.B. 363

9687, 2014-36 I.R.B. 486

2014-38, 2014-29 I.R.B. 132

9688, 2014-36 I.R.B. 482

Announcements:

2014-39, 2014-29 I.R.B. 151

9689, 2014-36 I.R.B. 456

2014-40, 2014-30 I.R.B. 229

9690, 2014-38 I.R.B. 548

2014-2, 2014-28 I.R.B. 120

2014-41, 2014-33 I.R.B. 364

9691, 2014-38 I.R.B. 547

2014-28, 2014-34 I.R.B. 391

2014-42, 2014-29 I.R.B. 193

9692, 2014-40 I.R.B. 574

2014-29, 2014-35 I.R.B. 452

2014-43, 2014-32 I.R.B. 273

9693, 2014-41 I.R.B. 596

2014-31, 2014-46 I.R.B. 827

2014-44, 2014-32 I.R.B. 274

9694, 2014-41 I.R.B. 626

2014-45, 2014-34 I.R.B. 388

9695, 2014-42 I.R.B. 707

Notices:

2014-46, 2014-33 I.R.B. 367

9696, 2014-43 I.R.B. 727

2014-47, 2014-35 I.R.B. 393

9697, 2014-43 I.R.B. 729

2014-40, 2014-27 I.R.B. 100

2014-48, 2014-36 I.R.B. 527

9699, 2014-46 I.R.B. 818

2014-41, 2014-27 I.R.B. 97

2014-49, 2014-37 I.R.B. 535

2014-42, 2014-34 I.R.B. 387

2014-50, 2014-37 I.R.B. 540

2014-43, 2014-31 I.R.B. 249

2014-51, 2014-37 I.R.B. 543

2014-44, 2014-32 I.R.B. 270

2014-52, 2014-38 I.R.B. 560

2014-45, 2014-34 I.R.B. 388

2014-53, 2014-39 I.R.B. 573

2014-46, 2014-36 I.R.B. 520

2014-54, 2014-41 I.R.B. 675

2014-47, 2014-36 I.R.B. 522

2014-55, 2014-44 I.R.B. 753

2014-48, 2014-36 I.R.B. 523

2014-56, 2014-45 I.R.B. 762

2014-49, 2014-41 I.R.B. 665

2014-57, 2014-45 I.R.B. 777

2014-50, 2014-40 I.R.B. 590

2014-58, 2014-45 I.R.B. 793

2014-51, 2014-40 I.R.B. 594

2014-52, 2014-42 I.R.B. 712

Revenue Rulings:

2014-53, 2014-43 I.R.B. 739

2014-54, 2014-41 I.R.B. 670

2014-14, 2014-27 I.R.B. 12

2014-55, 2014-41 I.R.B. 672

2014-19, 2014-32 I.R.B. 266

2014-56, 2014-41 I.R.B. 674

2014-20, 2014-28 I.R.B. 101

2014-57, 2014-42 I.R.B. 723

2014-21, 2014-34 I.R.B. 381

2014-58, 2014-44 I.R.B. 746

2014-22, 2014-37 I.R.B. 523

2014-59, 2014-44 I.R.B. 747

2014-23, 2014-40 I.R.B. 575

2014-60, 2014-43 I.R.B. 743

2014-24, 2014-37 I.R.B. 529

2014-61, 2014-43 I.R.B. 746

2014-25, 2014-40 I.R.B. 574

2014-62, 2014-44 I.R.B. 749

2014-26, 2014-41 I.R.B. 663

2014-63, 2014-45 I.R.B. 759

2014-26, 2014-41 I.R.B. 663

2014-64, 2014-45 I.R.B. 759

2014-28, 2014-45 I.R.B. 756

2014-66, 2014-46 I.R.B. 820

2014-67, 2014-46 I.R.B. 822

Treasury Decisions:

9664, 2014-32 I.R.B. 254

Proposed Regulations:

9668, 2014-27 I.R.B. 1

REG-104579-13, 2014-33 I.R.B. 370

9669, 2014-28 I.R.B. 103

REG-120756-13, 2014-31 I.R.B. 252

9670, 2014-29 I.R.B. 121

REG-105067-14, 2014-34 I.R.B. 391

9671, 2014-29 I.R.B. 124

REG-110948-14, 2014-30 I.R.B. 239

9672, 2014-30 I.R.B. 196

REG-121542-14, 2014-28 I.R.B. 119

9673, 2014-30 I.R.B. 212

REG-107012-14, 2014-33 I.R.B. 371

9674, 2014-30 I.R.B. 225

REG-123286-14, 2014-33 I.R.B. 377

9675, 2014-31 I.R.B. 242

REG-209459-78, 2014-31 I.R.B. 253

9676, 2014-32 I.R.B. 260

REG-129507-14, 2014-38 I.R.B. 561

9677, 2014-31 I.R.B. 241

REG-129786-14, 2014-38 I.R.B. 562

9678, 2014-32 I.R.B. 262

REG-105739-11, 2014-41 I.R.B. 704

9679, 2014-32 I.R.B. 267

REG-136676-13, 2014-45 I.R.B. 814

9680, 2014-32 I.R.B. 254

9681, 2014-33 I.R.B. 340

Revenue Procedures:

9682, 2014-33 I.R.B. 342

9683, 2014-33 I.R.B. 330

2014-26, 2014-27 I.R.B. 26

9684, 2014-33 I.R.B. 345

2014-27, 2014-27 I.R.B. 41

9685, 2014-34 I.R.B. 379

2014-29, 2014-28 I.R.B. 105

9686, 2014-34 I.R.B. 382

1A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2014-01 through 2014-26 is in Internal Revenue Bulletin
2014-26, dated June 30, 2014.

Finding List of Current Actions on Previously Published Items1

Revenue Procedures-Continued: 2011-14

Revenue Procedures-Continued:

2014-16

Bulletins 2014-27 through 2014-46

Modified by

Rev. Proc. 2014-48, 2014-36 I.R.B. 527

Rev. Proc. 2014-51, 2014-37 I.R.B. 543

Announcements:

2011-14

2014-12

Modified by

2012-11

Rev. Proc. 2014-54, 2014-41 I.R.B. 675

Supplemented by

Ann. 2014-2, 2014-28 I.R.B. 120

2011-16

2014-17

Superseded by

Modified by

2013-11

Rev. Proc. 2014-51, 2014-37 I.R.B. 543

Rev. Proc. 2014-54, 2014-41 I.R.B. 675

Supplemented by

Ann. 2014-2, 2014-28 I.R.B. 120

2011-16 Modified by

Revenue Rulings:

2010-41

Rev. Proc. 2014-51, 2014-51 I.R.B. 543

2008-40

Obsoleted by

Modified by

Rev. Proc. 2014-43, 2014-32 I.R.B. 273

2012-38

Rev. Rul. 2014-24, 2014-37 I.R.B. 529

Superseded by

Revenue Procedures:

Rev. Proc. 2014-27, 2014-27 I.R.B. 26

2011-1 Modified by

1981-38

2012-46

Rev. Rul. 2014-24, 2014-37 I.R.B. 529

Superseded by

Rev. Proc. 2014-42, 2014-29 I.R.B. 193

Rev. Proc. 2014-26, 2014-27 I.R.B. 41

2012-6 Modified by

93-37

2014-4

Rev. Rul. 2014-24, 2014-37 I.R.B. 529

Modified and Superseded by

Amplified by

Rev. Proc. 2014-43, 2014-32 I.R.B. 273

Rev. Proc. 2014-40, 2014-30 I.R.B. 229

Notices:

1981-38

2014-4

2010-62

Modified by

Amplified by

Rev. Proc. 2014-42, 2014-29 I.R.B. 193

Rev. Proc. 2014-41, 2014-41 I.R.B. 675

Notice 2014-58, 2014-44 I.R.B. 746

2000-12

2014-5

2013-1

Superseded by

Amplified by

Modified by

Rev. Proc. 2014-39, 2014-29 I.R.B. 151

Rev. Proc. 2014-40, 2014-30 I.R.B. 229

Notice 2014-61, 2014-43 I.R.B. 746

2002-23

2014-8

2013-1

Superseded by

Amplified by

Superseded by

Rev. Proc. 2014-55, 2014-44 I.R.B. 753

Rev. Proc. 2014-40, 2014-30 I.R.B. 229

Notice 2014-61, 2014-43 I.R.B. 746

2002-55

2014-9

2013-11

Revoked by

Amplified by

Modified by

Rev. Proc. 2014-39, 2014-29 I.R.B. 151

Rev. Proc. 2014-40, 2014-30 I.R.B. 229

Notice 2014-48, 2014-36 I.R.B. 523

2003-64

2014-10

2013-23

Superseded by

Amplified by

Modified by

Rev. Proc. 2014-47, 2014-35 I.R.B. 393

Rev. Proc. 2014-40, 2014-30 I.R.B. 229

Notice 2014-48, 2014-36 I.R.B. 523

2003-75

2014-13

2013-28

Superseded by

Modified by

Rev. Proc. 2014-55, 2014-44 I.R.B. 753

Rev. Proc. 2014-38, 2014-29 I.R.B. 132

Notice 2014-48, 2014-36 I.R.B. 523

2004-21

2014-13

2013-29

Superseded by

Modified by

Rev. Proc. 2014-47, 2014-35 I.R.B. 393

Rev. Proc. 2014-38, 2014-29 I.R.B. 132

Notice 2014-46, 2014-36 I.R.B. 520

2005-77

2014-16

2013-29

Superseded by

Clarified by

Rev. Proc. 2014-47, 2014-35 I.R.B. 393

Rev. Proc. 2014-51, 2014-37 I.R.B. 543

Notice 2014-46, 2014-36 I.R.B. 520

1A cumulative list of current actions on previously published items in Internal Revenue Bulletins 2014-01 through 2014-26 is in Internal Revenue Bulletin 2014-26, dated June 30, 2014.

Notices-Continued:

2013-32
Modified by
Notice 2014-48, 2014-36 I.R.B. 523

2013-37
Modified by
Notice 2014-48, 2014-36 I.R.B. 523

2013-38
Superseded by
Notice 2014-61, 2014-43 I.R.B. 746

2013-51
Obsoleted by
Notice 2014-42, 2014-34 I.R.B. 387

2013-60
Modified by
Notice 2014-46, 2014-36 I.R.B. 520

2013-60
Clarified by
Notice 2014-46, 2014-36 I.R.B. 520

2013-65
Superseded by
Notice 2014-57, 2014-42 I.R.B. 723

2013-38
Superseded by
Notice 2014-61, 2014-43 I.R.B. 746

2014-44
Supplemented by
Notice 2014-45, 2014-34 I.R.B. 388

Treasury Decisions:

2005-47
Obsoleted by
T.D. 9668 2014-27 I.R.B. 1

2010-51
Obsoleted by
T.D. 9684 2014-33 I.R.B. 345

2010-71
Obsoleted by
T.D. 9684 2014-33 I.R.B. 345

2011-6
Obsoleted by
T.D. 9684 2014-33 I.R.B. 345

2011-9
Obsoleted by
T.D. 9684 2014-33 I.R.B. 345

Official Business
Penalty for Private Use, $300

# INTERNAL REVENUE BULLETIN

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Bulletins are available at www.irs.gov/irb/.

# CUMULATIVE BULLETINS

The contents of the weekly Bulletins were consolidated semiannually into permanent, indexed, Cumulative Bulletins through the
2008-2 edition.

# INTERNAL REVENUE BULLETINS ON CD-ROM

Internal Revenue Bulletins are available annually as part of Publication 1796 (Tax Products CD-ROM). The CD-ROM can be
purchased from National Technical Information Service (NTIS) on the Internet at www.irs.gov/cdorders (discount for online orders)
or by calling 1-877-233-6767. The first release is available in mid-December and the final release is available in late January.

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