Internal Revenue Bulletin 2022-40 (PDF rendition): IRS Revenue Rulings

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Bulletin No. 2022–40
October 3, 2022
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.
EMPLOYEE PLANS
Notice 2022-40, page 266.
This notice sets forth updates on the corporate bond
monthly yield curve, the corresponding spot segment
rates for September 2022 used under § 417(e)(3)(D),
the 24-month average segment rates applicable for
September 2022, and the 30-year Treasury rates, as
reflected by the application of § 430(h)(2)(C)(iv).
EXCISE TAX
Notice 2022-39, page 264.
Notice 2022-39 provides rules that claimants must fol-
low to make a one-time claim for the credit and pay-
ment allowable under §§ 6426(d) and 6427(e) of the
Internal Revenue Code for alternative fuels sold or used
during the first, second, and third calendar quarters of
2022. The rules are prescribed pursuant to § 13201(g)
of Public Law 117-169, 136 Stat. 1818 (August 16,
2022), commonly known as the Inflation Reduction Act.
Notice 2022-39 also provides instructions for how a
taxpayer’s liability for the excise tax imposed by § 4081
may be reduced by claiming the alternative fuel mixture
credit allowable under § 6426(e) for the first and sec-
ond calendar quarters of 2022.
INCOME TAX
Rev. Proc. 2022-35, page 270.
This revenue procedure updates and supersedes Rev.
Proc. 2021-32. One country, Turkey, is added to the
list of jurisdictions with which Treasury and the IRS
have determined it is appropriate to have an automatic
exchange relationship with respect to the information
collected under Treas. Reg. §§ 1.6049-8 and 1.6049-
4(b)(5).
Rev. Proc. 2022-36, page 274.
Revenue Procedure 2022-36 provides 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
income under section 842(b) of the Internal Revenue
Code for taxable years beginning after December 31,
2020.
Rev. Rul. 2022-18, page 262.
Federal rates; adjusted federal rates; adjusted federal
long-term rate, and the long-term tax exempt rate. For
purposes of sections 382, 1274, 1288, 7872 and
other sections of the Code, tables set forth the rates
for October 2022.
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
enforce 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 offi-
cial 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.
October 3, 2022 Bulletin No. 2022–40

Part I
Section 1274.—
Determination of Issue
Price in the Case of Certain
Debt Instruments Issued for
Property
(Also Sections 42, 280G, 382, 467, 468, 482, 483,
1288, 7520, 7872.)
Rev. Rul. 2022-18
ISSUE
This revenue ruling provides various
prescribed rates for federal income tax
purposes for October 2022 (the current
month). Table 1 contains the short-term,
mid-term, and long-term applicable fed-
eral rates (AFR) for the current month for
purposes of section 1274(d) of the Internal
Revenue Code. Table 2 contains the short-
term, mid-term, and long-term adjusted
applicable federal rates (adjusted AFR) for
the current month for purposes of section
1288(b). Table 3 sets forth the adjusted
federal long-term rate and the long-term
tax-exempt rate described in section
382(f). Table 4 contains the appropriate
percentages for determining the low-in-
come housing credit described in section
42(b)(1) for buildings placed in service
during the current month. However, under
section 42(b)(2), the applicable percent-
age for non-federally subsidized new
buildings placed in service after July 30,
2008, shall not be less than 9%. Finally,
Table 5 contains the federal rate for deter-
mining the present value of an annuity, an
interest for life or for a term of years, or
a remainder or a reversionary interest for
purposes of section 7520.
REV. RUL. 2022-18 TABLE 1
Applicable Federal Rates (AFR) for October 2022
Period for Compounding
AnnualSemiannualQuarterlyMonthly
Short-term
AFR 3.40%3.37%3.36%3.35%
110% AFR 3.74%3.71%3.69%3.68%
120% AFR 4.08%4.04%4.02%4.01%
130% AFR 4.43%4.38%4.36%4.34%
Mid-term
AFR3.28%3.25%3.24%3.23%
110% AFR3.61%3.58%3.56%3.55%
120% AFR3.94%3.90%3.88%3.87%
130% AFR4.27%4.23%4.21%4.19%
150% AFR4.94%4.88%4.85%4.83%
175% AFR5.77%5.69%5.65%5.62%
Long-term
AFR3.43% 3.40%3.39%3.38%
110% AFR3.77%3.74%3.72%3.71%
120% AFR4.12%4.08%4.06%4.05%
130% AFR4.47%4.42%4.40%4.38%
REV. RUL. 2022-18 TABLE 2
Adjusted AFR for October 2022
Period for Compounding
AnnualSemiannualQuarterlyMonthly
Short-term adjusted AFR2.58%2.56%2.55%2.55%
Mid-term adjusted AFR2.49% 2.47%2.46%2.46%
Long-term adjusted AFR 2.60% 2.58% 2.57%2.57%
October 3, 2022 262 Bulletin No. 2022–40

REV. RUL. 2022-18 TABLE 3
Rates Under Section 382 for October 2022
Adjusted federal long-term rate for the current month2.60%
Long-term tax-exempt rate for ownership changes during the current month (the highest of the adjusted federal
long-term rates for the current month and the prior two months.)
2.60%
REV. RUL. 2022-18 TABLE 4
Appropriate Percentages Under Section 42(b)(1) for October 2022
Note: Under section 42(b)(2), the applicable percentage for non-federally subsidized new buildings placed in service after July
30, 2008, shall not be less than 9%.
Appropriate percentage for the 70% present value low-income housing credit7.78%
Appropriate percentage for the 30% present value low-income housing credit 3.33%
REV. RUL. 2022-18 TABLE 5
Rate Under Section 7520 for October 2022
Applicable federal rate for determining the present value of anannuity, an interest for life or a term of years, or a
remainder or reversionary interest
4.00%
Section 42.—Low-Income
Housing Credit
The applicable federal short-term, mid-term,
and long-term rates are set forth for the month of
October 2022. See Rev. Rul. 2022-18, page 262.
Section 280G.—Golden
Parachute Payments
The applicable federal short-term, mid-term,
and long-term rates are set forth for the month of
October 2022. See Rev. Rul. 2022-18, page 262.
Section 382.—Limitation
on Net Operating Loss
Carryforwards and
Certain Built-In Losses
Following Ownership
Change
The adjusted applicable federal long-term rate
is set forth for the month of October 2022. See Rev.
Rul. 2022-18, page 262.
Section 467.—Certain
Payments for the Use of
Property or Services
The applicable federal short-term, mid-term,
and long-term rates are set forth for the month of
October 2022. See Rev. Rul. 2022-18, page 262.
Section 468.—Special
Rules for Mining and Solid
Waste Reclamation and
Closing Costs
The applicable federal short-term rates are set
forth for the month of October 2022. See Rev. Rul.
2022-18, page 262.
Section 482.—Allocation
of Income and Deductions
Among Taxpayers
The applicable federal short-term, mid-term,
and long-term rates are set forth for the month of
October 2022. See Rev. Rul. 2022-18, page 262.
Section 483.—Interest on
Certain Deferred Payments
The applicable federal short-term, mid-term,
and long-term rates are set forth for the month of
October 2022. See Rev. Rul. 2022-18, page 262.
Section 1288.—Treatment
of Original Issue Discount
on Tax-Exempt Obligations
The adjusted applicable federal short-term,
mid-term, and long-term rates are set forth for the
month of October 2022. See Rev. Rul. 2022-18,
page 262.
Section 7520.—Valuation
Tables
The applicable federal mid-term rates are set
forth for the month of October 2022. See Rev. Rul.
2022-18, page 262.
Section 7872.—Treatment
of Loans With Below-
Market Interest Rates
The applicable federal short-term, mid-term,
and long-term rates are set forth for the month of
October 2022. See Rev. Rul. 2022-18, page 262.

Bulletin No. 2022–40 263 October 3, 2022

October 3, 2022 264 Bulletin No. 2022–40
Part III
Alternative Fuel Claims
for First, Second, and
Third Calendar Quarters
of 2022; Alternative Fuel
Mixture Claims for First
and Second Calendar
Quarters of 2022
Notice 2022-39
SECTION 1. PURPOSE
This notice provides rules that claim-
ants must follow to make a one-time
claim for the credit and payment allow-
able under §§ 6426(d) and 6427(e) of the
Internal Revenue Code (Code) for alter-
native fuels sold or used during the first,
second, and third calendar quarters of
2022. These rules are prescribed pursuant
to § 13201(g) of Public Law 117-169, 136
Stat. 1818 (August 16, 2022), commonly
known as the Inflation Reduction Act
(IRA). This notice also provides instruc-
tions for how a taxpayer’s liability for
the excise tax imposed by § 4081 may be
reduced by claiming the alternative fuel
mixture credit allowable under § 6426(e)
for the first and second calendar quarters
of 2022.
SECTION 2. BACKGROUND
Section 6426(a) and (d) allows a per-
son that sells or uses alternative fuel as a
fuel in a motor vehicle or motorboat or in
aviation to claim a $0.50 per gallon credit
against the person’s excise tax liability
under § 4041 (relating to the tax imposed
on diesel fuel and alternative fuel). Any
excess credit under § 6426(d) may be
claimed as a payment under § 6427(e) or
as a refundable income tax credit under
§ 34. For federal income tax purposes, a
person’s expense for the § 4041 excise tax,
whether taken as a deduction or as a com-
ponent of cost of goods sold, is reduced
by the amount of the excise tax credit
allowable under § 6426(d). See Exxon
Mobil Corp. v. United States, 43 F.4th 424
(5th Cir. 2022); see also Notice 2015-56,
2015-35 I.R.B. 235.
Section 6426(a) and (e) allows a
blender of an alternative fuel mixture to
claim a $0.50 per gallon credit against its
excise tax liability under § 4081 (relat-
ing to the tax imposed on taxable fuel). A
person’s § 6426(e) alternative fuel mix-
ture credit claim for any calendar quarter
may not exceed the person’s excise tax
liability under § 4081 (without regard to
the credit) incurred in the calendar quar-
ter for which the credit is being claimed.
Further, § 6430 provides in part that the
alternative fuel mixture credit cannot be
applied against tax imposed at the Leak-
ing Underground Storage Tank (LUST)
Trust Fund financing rate. For federal
income tax purposes, a person’s expense
for the § 4081 excise tax, whether taken
as a deduction or as a component of cost
of goods sold, is reduced by the amount
of the excise tax credit allowable under
§ 6426(e). See generally Exxon Mobil
Corp. v. United States, 43 F.4th 424 (5th
Cir. 2022).
No credits under § 6426(d) or (e)
and no payment under § 6427(e) for any
excess credit under § 6426(d) are autho-
rized unless the person claiming the credit
or receiving the payment is registered
under § 4101. Prior to the enactment of
the IRA, §§ 6426(d) and (e) and 6427(e)
expired for sales and uses after December
31, 2021.
Section 13201 of the IRA reinstates
these credits and payment for sales and
uses through December 31, 2024. Under
§ 13201(g) of the IRA, the Secretary of
the Treasury or her delegate (Secretary)
is directed to issue guidance providing a
180-day period (beginning no later than
30 days after the guidance is issued) for
a one-time submission of claims under
§§ 6426(d) and 6427(e) (in such manner
as prescribed by the Secretary) for the
period beginning January 1, 2022, and
ending September 30, 2022 (2022 one-
time alternative fuel claim).
Section 13202 of the IRA reinstates
the § 40(b)(6) second generation biofuel
producer credit for production before
January 1, 2025. The second genera-
tion biofuel producer credit previously
expired for production after December
31, 2021.
SECTION 3. SCOPE
For purposes of sections 4, 5, 6, and 7
of this notice, a “claimant” is the person
eligible to make an alternative fuel claim
under §§ 6426(d) and 6427(e), or an alter-
native fuel mixture claim under § 6426(e).
Pursuant to § 13201(g) of the IRA,
this notice provides the exclusive proce-
dure for making a 2022 one-time alterna-
tive fuel claim. Claimants that previously
filed protective or anticipatory claims
covered by this notice that do not con-
form with the procedures provided in this
notice should refile their claims pursuant
to the procedures provided in this notice.
The Internal Revenue Service (IRS) will
not treat as perfected any such protec-
tive or anticipatory claims previously
filed with the IRS that are not timely
supplemented in accordance with these
procedures.
Except as provided by this notice, the
rules in Notice 2006-92, 2006-2 C.B. 774
(providing guidance on alternative fuel
and alternative fuel mixture taxes, credits,
and payments), apply to claims for alter-
native fuel credits under § 6426(d) and
payments under § 6427(e).
This notice also prescribes the method
for submitting claims for the alterna-
tive fuel mixture credit allowable under
§ 6426(e) relating to alternative fuel mix-
tures sold or used during the first and sec-
ond calendar quarters of 2022.
Section 8 of this notice describes the
claims not affected by this notice.
SECTION 4. HOW TO MAKE A 2022
ONE-TIME ALTERNATIVE FUEL
CLAIM
Claimants must follow the procedures
listed in this section 4 to make a 2022 one-
time alternative fuel claim.
• Claimants must submit claims on
Form 8849, Claim for Refund of
Excise Taxes.
• Claimants must include Schedule
3 (Form 8849), Certain Fuel Mix-
tures and the Alternative Fuel Credit,
with their submission and enter any
amounts on Line 3 of Schedule 3
(Form 8849), as appropriate.

Bulletin No. 2022–40 265 October 3, 2022
• Each claimant must claim the alter-
native fuel credits and payments for
which the claimant is eligible for the
first, second, and third calendar quar-
ters of 2022 on a single Form 8849
and Schedule 3 (Form 8849).
• Claimants must follow the instruc-
tions to Form 8849 and Schedule 3
(Form 8849) when preparing their
submission to the extent that those
instructions do not conflict with this
notice.
• Claims may be submitted electroni-
cally or by mail. Electronic submis-
sion is strongly encouraged and will
result in faster processing and pay-
ment of the claim. Claims may be
submitted electronically through any
electronic return originator, transmit-
ter, or intermediate service provider
participating in the IRS e-file pro-
gram for excise taxes. Any claimant
that prefers to submit a paper claim
may mail its claim to the address
listed for Schedule 3 (Form 8849) in
the instructions to Form 8849 under
Where to File.
• Claimants must be registered by the
IRS to make a 2022 one-time alter-
native fuel claim. Claimants that are
not already registered by the IRS
may apply to the IRS for registration
by filing Form 637, Application for
Registration (For Certain Excise Tax
Activities), in accordance with the
instructions to Form 637.
• Claimants must have and maintain
adequate records to substantiate eligi-
bility for the 2022 one-time alterna-
tive fuel claim.
SECTION 5. CLAIM PERIOD AND
DUE DATE FOR 2022 ONE-TIME
ALTERNATIVE FUEL CLAIMS
All 2022 one-time alternative fuel
claims must be submitted during the 180-
day claim period described in this section
5. The 180-day claim period for making
a 2022 one-time alternative fuel claim
begins on October 13, 2022, and ends on
April 11, 2023. Consequently, all 2022
one-time alternative fuel claims must be
filed by April 11, 2023. The IRS will not
process claims filed after that date. The
IRS will deem any claim that is submit-
ted by the method prescribed in this notice
before October 13, 2022, as filed on Octo-
ber 13, 2022.
If the IRS does not pay a one-time 2022
alternative fuel claim that conforms with
the procedures in sections 4 and 5 of this
notice within 60 days after the claim is
received, the IRS will pay the claim with
interest from the claim filing date (or from
October 13, 2022, in the case of a claim
submitted before that date that conforms
with the procedures in section 4 of this
notice) using the overpayment rate and
method provided by § 6621.
SECTION 6. HOW TO MAKE AN
ALTERNATIVE FUEL MIXTURE
CREDIT CLAIM FOR THE FIRST
AND SECOND CALENDAR
QUARTERS OF 2022
Claimants must follow the procedures
listed in this section 6 to claim the alter-
native fuel mixture credit under § 6426(e)
for the first and second calendar quarters
of 2022.
• All alternative fuel mixture credit
claims for the first and second calen-
dar quarters of 2022 must be made on
Form 720X, Amended Quarterly Fed-
eral Excise Tax Return.
• Claimants must enter amounts for
alternative fuel mixture credit claims
on Line 2 of Form 720X by calen-
dar quarter. In addition, on Line 6 of
Form 720X, claimants must identify,
by calendar quarter, the type of alter-
native fuel(s) in the mixture(s) for
which a credit is being claimed and
the number of gallons of alternative
fuel(s) used by the claimant in pro-
ducing the mixture(s). This informa-
tion is the same information claim-
ants are required to report on Line 13
of Schedule C to Form 720, Quarterly
Federal Excise Tax Return.
• Claimants must follow the instruc-
tions to Form 720X when preparing
their submission(s) to the extent that
those instructions do not conflict with
this notice.
• Each claimant must mail its submis-
sion(s) to the address listed for Form
720X in the instructions under Where
to File.
• Claimants must be registered by the
IRS in order to make alternative fuel
mixture credit claims. Claimants that
are not already registered by the IRS
may apply to the IRS for registration
by filing Form 637 in accordance
with the instructions to Form 637.
• Alternative fuel mixture credit
claims for any calendar quarter may
not exceed the claimant’s § 4081
excise tax liability (without regard
to the credit) incurred in the calendar
quarter for which the credit is being
claimed. Further, § 6430 provides
in part that the alternative fuel mix-
ture credit cannot be applied against
tax imposed at the LUST Trust Fund
financing rate.
• For purposes of alternative fuel mix-
ture claims made pursuant to this
section 6, the term “alternative fuel
mixture” means a mixture of taxable
fuel and alternative fuel
1
(other than
liquefied petroleum gas, compressed
natural gas, liquefied natural gas, liq-
uefied gas derived from biomass, and
compressed gas derived from bio-
mass) that satisfies all of the require-
ments of § 6426(e)(2).
• Claimants must have and maintain
adequate records to substantiate eligi-
bility for the alternative fuel mixture
credit.
• Failure to file a Form 720 and remit
the § 4081 excise tax due for the first
or second calendar quarter of 2022
before submitting an alternative fuel
mixture claim on Form 720X for that
calendar quarter will result in delayed
processing of the claim (and delayed
payment of refunds resulting from the
credit) or denial of the claim.
• Failure to follow the claim procedure
in this section will result in delayed
processing or denial of claim(s).
1
Section 13204(d) of the IRA removes liquefied hydrogen from the list of alternative fuels in § 6426(d)(2) for fuel sold or used after December 31, 2022, and makes a conforming amendment
to § 6426(e)(2). Therefore, the alternative fuel credit is not available for liquefied hydrogen sold or used after December 31, 2022, and the alternative fuel mixture credit is not available for
mixtures of liquefied hydrogen and taxable fuel sold or used after December 31, 2022.

October 3, 2022 266 Bulletin No. 2022–40
SECTION 7. CLAIM PERIOD FOR
ALTERNATIVE FUEL MIXTURE
CREDIT CLAIMS FOR THE
FIRST AND SECOND CALENDAR
QUARTERS OF 2022
All alternative fuel mixture credit
claims for the first and second calendar
quarters of 2022 must be submitted during
the claim period described in this section
7. The claim period for claims for the alter-
native fuel mixture credit for the first and
second calendar quarters of 2022 begins
on October 13, 2022. Generally, claims
for the alternative fuel mixture credit must
be made within three years from the time
the return was filed or two years from the
time the excise tax under § 4081 was paid,
whichever is later.
The IRS will deem any alternative fuel
mixture claim for the first or second cal-
endar quarter of 2022 that is submitted by
the method prescribed in section 6 of this
notice before October 13, 2022, as filed on
October 13, 2022.
SECTION 8. CLAIMS NOT
AFFECTED BY THIS NOTICE
This notice does not affect claims for
credit or payment under §§ 6426(d) and
6427(e) for the fourth calendar quarter
of 2022. In addition, this notice does not
affect claims for credit under § 6426(e)
for the third and fourth calendar quarters
of 2022.
This notice does not affect 2022 claims
for the nonrefundable income tax credit
under § 40(b)(6) for second generation
biofuel producers. Taxpayers should con-
tinue to submit these claims separately
on, and in accordance with, Form 6478,
Biofuel Producer Credit. A taxpayer must
submit Form 6478 with its income tax
return in accordance with the instructions
to its income tax return form.
Similarly, this notice does not affect
2022 claims for the refundable income
tax credit under § 34 for alternative
fuel. Taxpayers should continue to sub-
mit these claims separately on, and in
accordance with, Form 4136, Credit for
Federal Tax Paid on Fuels. A taxpayer
must submit Form 4136 with its income
tax return in accordance with the instruc-
tions to its income tax return form. Under
§ 34(b), credits are not allowed under
§ 34 for any amount properly payable
under § 6427 if a claim for such amount
is timely filed. For this purpose, the IRS
will treat as timely filed any claim sub-
mitted for amounts payable under § 6427
that conforms to the rules provided in
this notice.
SECTON 9. DRAFTING
INFORMATION
The principal author of this notice
is Camille Edwards Bennehoff of the
Office of the Associate Chief Counsel
(Passthroughs & Special Industries). For
further information regarding this notice
contact Ms. Edwards Bennehoff at (202)
317-6855 (not a toll-free number). For
further information regarding the income
tax treatment of the alternative fuel cred-
its, please contact Dominic DiMattia of
the Office of the Associate Chief Counsel
(Income Tax & Accounting) at (202) 317-
4718 (not a toll-free number).
Update for Weighted
Average Interest Rates,
Yield Curves, and Segment
Rates
Notice 2022-40
This notice provides guidance on the
corporate bond monthly yield curve, the
corresponding spot segment rates used
under § 417(e)(3), and the 24-month
average segment rates under § 430(h)
(2) of the Internal Revenue Code. In
addition, this notice provides guid-
ance as to the interest rate on 30-year
Treasury securities under § 417(e)(3)
(A)(ii)(II) as in effect for plan years
beginning before 2008 and the 30-year
Treasury weighted average rate under
§ 431(c)(6)(E)(ii)(I).
YIELD CURVE AND SEGMENT
RATES
Section 430 specifies the minimum
funding requirements that apply to sin-
gle-employer plans (except for CSEC
plans under § 414(y)) pursuant to § 412.
Section 430(h)(2) specifies the inter-
est rates that must be used to determine
a plan’s target normal cost and funding
target. Under this provision, present
value is generally determined using three
24-month average interest rates (“seg-
ment rates”), each of which applies to
cash flows during specified periods. To
the extent provided under § 430(h)(2)(C)
(iv), these segment rates are adjusted by
the applicable percentage of the 25-year
average segment rates for the period end-
ing September 30 of the year preceding
the calendar year in which the plan year
begins.
1
However, an election may be
made under § 430(h)(2)(D)(ii) to use the
monthly yield curve in place of the seg-
ment rates.
Notice 2007-81, 2007-44 I.R.B. 899,
provides guidelines for determining the
monthly corporate bond yield curve, and
the 24-month average corporate bond
segment rates used to compute the target
normal cost and the funding target. Con-
sistent with the methodology specified in
Notice 2007-81, the monthly corporate
bond yield curve derived from August
2022 data is in Table 2022-8 at the end
of this notice. The spot first, second,
and third segment rates for the month of
August 2022 are, respectively, 3.79, 4.62,
and 4.69.
The 24-month average segment rates
determined under § 430(h)(2)(C)(i)
through (iii) must be adjusted pursuant
to § 430(h)(2)(C)(iv) to be within the
applicable minimum and maximum per-
centages of the corresponding 25-year
average segment rates. The 25-year aver-
age segment rates for plan years begin-
ning in 2021 and 2022 were published
in Notice 2020-72, 2020-40 I.R.B. 789,
and Notice 2021-54, 2021-41 I.R.B. 457,
respectively. For plan years beginning in
2023, based on the segment rates applica-
ble for October 1997 to September 2022,
1
Pursuant to § 433(h)(3)(A), the third segment rate determined under § 430(h)(2)(C) is used to determine the current liability of a CSEC plan (which is used to calculate the minimum amount
of the full funding limitation under § 433(c)(7)(C)).

Bulletin No. 2022–40 267 October 3, 2022
the 25-year averages for the period ending
September 30, 2022, of the first, second,
and third segment rates are 3.48, 5.26, and
6.04 percent, respectively.
24-MONTH AVERAGE CORPORATE
BOND SEGMENT RATES
The three 24-month average corporate
bond segment rates applicable for Sep-
tember 2022 without adjustment for the
25-year average segment rate limits are as
follows:
24-Month Average Segment Rates Without 25-Year Average Adjustment
Applicable Month First Segment Second Segment Third Segment
September 2022 1.41 3.09 3.58
25-YEAR AVERAGE SEGMENT
RATES
Section 9706(a) of the American Res-
cue Plan Act of 2021, Pub. L. 117-2 (the
ARP), which was enacted on March 11,
2021, changed the 25-year average seg-
ment rates and the applicable minimum
and maximum percentages used under
§ 430(h)(2)(C)(iv) of the Code to adjust
the 24-month average segment rates.
2

Prior to this change, the applicable min-
imum and maximum percentages were
85% and 115% for a plan year beginning
in 2021, and 80% and 120% for a plan
year beginning in 2022, respectively.
After this change, the applicable mini-
mum and maximum percentages are 95%
and 105% for a plan year beginning in
2021 or 2022. In addition, pursuant to
this change, any 25-year average seg-
ment rate that is less than 5% is deemed
to be 5%.
3
Pursuant to § 9706(c)(1) of the ARP,
these changes apply with respect to plan
years beginning on or after January 1,
2020. However, § 9706(c)(2) of the ARP
provides that a plan sponsor may elect not
to have these changes apply to any plan
year beginning before January 1, 2022.
4
The adjusted 24-month average seg-
ment rates set forth in the chart below
reflect § 430(h)(2)(C)(iv) of the Code as
amended by § 9706(a) of the ARP. These
adjusted 24-month average segment rates
apply only for plan years for which an
election under § 9706(c)(2) of the ARP is
not in effect. For a plan year for which such
an election does not apply, the 24-month
averages applicable for September 2022,
adjusted to be within the applicable min-
imum and maximum percentages of the
corresponding 25-year average segment
rates in accordance with § 430(h)(2)(C)
(iv) of the Code, are as follows:
Adjusted 24-Month Average Segment Rates
For Plan Years
Beginning InApplicable MonthFirst SegmentSecond SegmentThird Segment
2021September 20224.755.366.11
2022September 20224.755.185.92
2023September 20224.755.005.74
The adjusted 24-month average seg-
ment rates set forth in the chart below do
not reflect the changes to § 430(h)(2)(C)
(iv) of the Code made by § 9706(a) of the
ARP. These adjusted 24-month average
segment rates apply only for plan years for
which an election under § 9706(c)(2) of the
ARP is in effect. For a plan year for which
such an election applies, the 24-month
averages applicable for September 2022,
adjusted to be within the applicable min-
imum and maximum percentages of the
corresponding 25-year average segment
rates in accordance with § 430(h)(2)(C)
(iv) of the Code, are as follows:
Pre-ARP Adjusted 24-Month Average Segment Rates
For Plan Years
Beginning InApplicable MonthFirst SegmentSecond SegmentThird Segment
2021September 20223.324.795.47
2
Section 80602 of the Infrastructure Investment and Jobs Act, Pub. L. 117-58, makes further changes to the time periods for which specified applicable minimum and maximum percentages
apply.
3
Pursuant to this change, the 25-year averages of the first segment rate for 2021 and 2022 are increased to 5.00% because those 25-year averages as originally published are below 5.00%.
4
This election may be made either for all purposes for which the amendments under § 9706 of the ARP apply or solely for purposes of determining the adjusted funding target attainment
percentage under § 436 of the Code for the plan year.

October 3, 2022 268 Bulletin No. 2022–40
30-YEAR TREASURY SECURITIES
INTEREST RATES
Section 431 specifies the minimum
funding requirements that apply to mul-
tiemployer plans pursuant to § 412. Sec-
tion 431(c)(6)(B) specifies a minimum
amount for the full-funding limitation
described in § 431(c)(6)(A), based on the
plan’s current liability. Section 431(c)(6)
(E)(ii)(I) provides that the interest rate
used to calculate current liability for this
purpose must be no more than 5 percent
above and no more than 10 percent below
the weighted average of the rates of inter-
est on 30-year Treasury securities during
the four-year period ending on the last
day before the beginning of the plan year.
Notice 88-73, 1988-2 C.B. 383, provides
guidelines for determining the weighted
average interest rate. The rate of interest
on 30-year Treasury securities for August
2022 is 3.13 percent. The Service deter-
mined this rate as the average of the daily
determinations of yield on the 30-year
Treasury bond maturing in May 2052
determined each day through August 10,
2022 and the yield on the 30-year Treasury
bond maturing in August 2052 determined
each day for the balance of the month. For
plan years beginning in September 2022,
the weighted average of the rates of inter-
est on 30-year Treasury securities and the
permissible range of rates used to calcu-
late current liability are as follows:
Treasury Weighted Average Rates
For Plan Years Beginning In30-Year Treasury Weighted AveragePermissible Range 90% to 105%
September 20222.222.00 to 2.33
MINIMUM PRESENT VALUE
SEGMENT RATES
In general, the applicable interest rates
under § 417(e)(3)(D) are segment rates
computed without regard to a 24-month
average. Notice 2007-81 provides guide-
lines for determining the minimum
present value segment rates. Pursuant to
that notice, the minimum present value
segment rates determined for August 2022
are as follows:
Minimum Present Value Segment Rates
Month First Segment Second Segment Third Segment
August 2022 3.79 4.62 4.69
DRAFTING INFORMATION
The principal author of this notice is
Tom Morgan of the Office of Associate
Chief Counsel (Employee Benefits,
Exempt Organizations, and Employment
Taxes). However, other personnel from
the IRS participated in the development
of this guidance. For further information
regarding this notice, contact Mr. Morgan
at 202-317-6700 or Osmundo Bernabe at
626-927-1344 (not toll-free number).

Bulletin No. 2022–40 269 October 3, 2022
Table 2022-8
Monthly Yield Curve for August 2022
Derived from August 2022 Data
MaturityYieldMaturityYieldMaturityYieldMaturityYieldMaturityYield
0.53.2520.54.7840.54.6860.54.6580.54.64
1.03.4921.04.7841.04.6861.04.6581.04.64
1.53.6821.54.7741.54.6861.54.6581.54.64
2.03.8222.04.7742.04.6862.04.6582.04.64
2.53.9022.54.7642.54.6862.54.6582.54.64
3.03.9323.04.7543.04.6763.04.6583.04.64
3.53.9423.54.7543.54.6763.54.6583.54.64
4.03.9524.04.7444.04.6764.04.6584.04.64
4.53.9724.54.7444.54.6764.54.6584.54.64
5.04.0025.04.7445.04.6765.04.6585.04.64
5.54.0425.54.7345.54.6765.54.6585.54.64
6.04.0926.04.7346.04.6766.04.6586.04.64
6.54.1426.54.7346.54.6766.54.6586.54.64
7.04.2127.04.7247.04.6767.04.6587.04.64
7.54.2727.54.7247.54.6767.54.6587.54.64
8.04.3428.04.7248.04.6768.04.6588.04.64
8.54.4028.54.7148.54.6768.54.6588.54.64
9.04.4629.04.7149.04.6769.04.6589.04.63
9.54.5229.54.7149.54.6669.54.6589.54.63
10.04.5730.04.7150.04.6670.04.6590.04.63
10.54.6230.54.7150.54.6670.54.6490.54.63
11.04.6631.04.7051.04.6671.04.6491.04.63
11.54.7031.54.7051.54.6671.54.6491.54.63
12.04.7332.04.7052.04.6672.04.6492.04.63
12.54.7532.54.7052.54.6672.54.6492.54.63
13.04.7833.04.7053.04.6673.04.6493.04.63
13.54.7933.54.7053.54.6673.54.6493.54.63
14.04.8034.04.7054.04.6674.04.6494.04.63
14.54.8134.54.6954.54.6674.54.6494.54.63
15.04.8235.04.6955.04.6675.04.6495.04.63
15.54.8235.54.6955.54.6675.54.6495.54.63
16.04.8236.04.6956.04.6676.04.6496.04.63
16.54.8236.54.6956.54.6676.54.6496.54.63
17.04.8237.04.6957.04.6677.04.6497.04.63
17.54.8237.54.6957.54.6677.54.6497.54.63
18.04.8138.04.6958.04.6578.04.6498.04.63
18.54.8138.54.6858.54.6578.54.6498.54.63
19.04.8039.04.6859.04.6579.04.6499.04.63
19.54.8039.54.6859.54.6579.54.6499.54.63
20.04.7940.04.6860.04.6580.04.64100.04.63

October 3, 2022 270 Bulletin No. 2022–40
26 CFR 601.601: Rules and regulations
(Also Part 1, §§ 6049; 1.6049-4, 1.6049-8)
Rev. Proc. 2022-35
SECTION 1. PURPOSE
This revenue procedure provides a list
of the jurisdictions with which the United
States has in effect a relevant information
exchange agreement such that the report-
ing requirement of §§ 1.6049-4(b)(5) and
1.6049-8(a) of the Income Tax Regula-
tions may apply with respect to certain
deposit interest paid to residents of such
jurisdictions.
This revenue procedure also provides
a list of the jurisdictions with which the
Department of the Treasury (Treasury
Department) and the Internal Revenue
Service (IRS) have determined that it is
appropriate to have an automatic exchange
relationship with respect to the informa-
tion 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. 2021-
32, 2021-42 I.R.B. 465. Turkey has been
added in Section 4 of this revenue proce-
dure to the list of jurisdictions with which
the Treasury Department and the IRS have
determined that it is appropriate to have an
automatic exchange relationship.
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
interest 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 infor-
mation within the meaning of section
6103(k)(4), under which the competent
authority is the Secretary of the Trea-
sury or the Secretary’s delegate and the
United States agrees to provide, as well
as receive, information. Finally, the reg-
ulations provide that jurisdictions are so
identified in an applicable revenue proce-
dure (see § 601.601(d)(2)) as of December
31 before the calendar year in which the
interest is paid. The preamble to the reg-
ulations (at 2012-20 I.R.B. 901-02) notes
that the IRS will not exchange information
with another jurisdiction, even if an infor-
mation 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 contemporaneously with
the publication of TD 9584 to provide a
list of those jurisdictions with which the
United States has in effect an information
exchange agreement, such that interest paid
to residents of such jurisdictions must be
reported by payors to the extent required
under §§ 1.6049-4(b)(5) and 1.6049-8(a),
and to provide a separate list identifying
those jurisdictions with which the auto-
matic exchange of the information col-
lected under the regulations has been deter-
mined by the Treasury Department and the
IRS to be appropriate. Before issuance of
this Rev. Proc. 2022-35, the most current
versions of those lists were set forth in Rev.
Proc. 2021-32.
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 bilat-
eral 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 the Secretary’s 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

Bulletin No. 2022–40 271 October 3, 2022
Jurisdiction Rev. Proc. First Identifying
Jurisdiction
Bermuda2012-24
Brazil2014-64
British Virgin Islands2012-24
Bulgaria2012-24
Canada2012-24
Cayman Islands2014-64
Chile 2021-32
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

October 3, 2022 272 Bulletin No. 2022–40
Jurisdiction Rev. Proc. First Identifying
Jurisdiction
Kazakhstan2012-24
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
Singapore2020-15
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

Bulletin No. 2022–40 273 October 3, 2022
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
jurisdictions with which the automatic
exchange of the information collected
under §§ 1.6049-4(b)(5) and 1.6049-8 has
been determined by the Treasury Depart-
ment 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
Dominican Republic2021-32
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

October 3, 2022 274 Bulletin No. 2022–40
JurisdictionRev. Proc. First Memorializing Determination on
Automatic Exchange with Jurisdiction
New Zealand2015-50
Norway2014-64
Panama2017-46
Poland2015-50
Portugal2017-31
Saint Lucia2016-56
Singapore2021-32
Slovak Republic2016-18
Slovenia2015-50
South Africa2015-50
Spain2014-64
Sweden2015-50
Turkey2022-35
United Kingdom2014-64
SECTION 5. EFFECT ON OTHER
DOCUMENTS
Rev. Proc. 2021-32 is superseded.
SECTION 6. EFFECTIVE DATES
For purposes of the reporting require-
ment of § 1.6049-4(b)(5), the list of juris-
dictions in Section 3 of this revenue pro-
cedure is effective for interest paid on or
after January 1 of the calendar year fol-
lowing the issuance of the revenue pro-
cedure (as cited in Section 3) first identi-
fying the jurisdiction 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 rev-
enue procedure with respect to infor-
mation reported 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 Michelle R. Phillips of the
Office of Associate Chief Counsel (Inter-
national). For further information regard-
ing this revenue procedure, contact Ms.
Phillips at (202) 317-4382 (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. 2022-36
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
income under section 842(b) of the
Internal Revenue Code for taxable years
beginning after December 31, 2020.
Instructions are provided for computing
foreign insurance companies’ liabilities
for the estimated tax and installment
payments of estimated tax for taxable
years beginning after December 31,
2020. For more specific guidance regard-
ing the computation of the amount of net
investment income to be included by a
foreign insurance company on its U.S.
income tax return, see Notice 89-96,
1989-2 C.B. 417. For the domestic asset/
liability percentage and domestic invest-
ment yield, as well as instructions for
computing foreign insurance companies’
liabilities for estimated tax and install-
ment payments of estimated tax for tax-
able years beginning after December 31,
2019, see Rev. Proc. 2021-41, 2020-39
I.R.B. 443.
SECTION 2. PERCENTAGES AND
YIELDS
.01 DOMESTIC ASSET/LIABILITY
PERCENTAGES FOR 2021. The Secre-
tary determines the domestic asset/liabil-
ity percentage separately for life insur-
ance companies and property and liability
insurance companies. For the first taxable
year beginning after December 31, 2020,
the relevant domestic asset/liability per-
centages are:
125.8 percent for foreign life insurance
companies, and
209.0 percent for foreign property and
liability insurance companies.
.02 DOMESTIC INVESTMENT
YIELDS FOR 2021. The Secretary pre-
scribes separate domestic investment
yields for foreign life insurance compa-
nies and for foreign property and liability
insurance companies. For the first taxable
year beginning after December 31, 2020,

Bulletin No. 2022–40 275 October 3, 2022
the relevant domestic investment yields
are:
3.2 percent for foreign life insurance
companies, and
2.5 percent for foreign property and
liability insurance companies.
.03 SOURCE OF DATA FOR 2021.
The section 842(b) percentages to be used
for the 2021 taxable year are based on tax
return data from the 2019 taxable year.
SECTION 3. ESTIMATED TAXES
To compute estimated tax and the
installment payments of estimated tax
due for taxable years beginning after
December 31, 2020, a foreign insurance
company must compute its estimated
tax payments 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 rele-
vant period, or (ii) the minimum effec-
tively connected net investment income
under section 842(b) that would result
from using the most recently available
domestic asset/liability percentage and
domestic investment yield. Thus, for
installment payments due after the pub-
lication 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. How-
ever, if the due date of an installment is
less than 20 days after the date this rev-
enue procedure is published in the Inter-
nal Revenue Bulletin, the asset/liability
percentages and domestic investment
yields provided in Rev. Proc. 2021-41
may be used to compute the minimum
effectively connected net investment
income for such installment. For further
guidance in computing estimated tax,
see Notice 89-96.
SECTION 4. EFFECTIVE DATE
This revenue procedure is effective for
taxable years beginning after December
31, 2020.
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 Sheila
Ramaswamy at (202) 317-6938 (not a
toll-free number).

Bulletin No. 2022–40 i October 3, 2022
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
applied 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 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 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 rul-
ings 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
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.

October 3, 2022 ii Bulletin No. 2022–40
Numerical Finding List
1
Bulletin 2022–40
Announcements:
2022-14, 2022-31 I.R.B. 136
2022-15, 2022-31 I.R.B. 136
2022-16, 2022-33 I.R.B. 144
2022-17, 2022-35 I.R.B. 179
2022-18, 2022-36 I.R.B. 190
2022-19, 2022-36 I.R.B. 191
2022-20, 2022-38 I.R.B. 238
Notices:
2022-29, 2022-28 I.R.B. 66
2022-30, 2022-28 I.R.B. 70
2022-31, 2022-29 I.R.B. 85
2022-32, 2022-32 I.R.B. 137
2022-33, 2022-34 I.R.B. 147
2022-34, 2022-34 I.R.B. 150
2022-35, 2022-36 I.R.B. 184
2022-36, 2022-36 I.R.B. 188
2022-37, 2022-37 I.R.B. 234
2022-38, 2022-39 I.R.B. 239
2022-39, 2022-40 I.R.B. 264
2022-40, 2022-40 I.R.B. 266
Proposed Regulations:
REG-130975-08, 2022-28 I.R.B. 71
REG 130675-17, 2022-30 I.R.B. 104
REG-125693-19, 2022-39 I.R.B. 241
Revenue Procedures:
2022-25, 2022-27 I.R.B. 3
2022-28, 2022-27 I.R.B. 65
2022-26, 2022-29 I.R.B. 90
2022-32, 2022-30 I.R.B. 101
2022-30, 2022-31 I.R.B. 112
2022-29, 2022-33 I.R.B. 141
2022-34, 2022-33 I.R.B. 143
2022-35, 2022-40 I.R.B. 270
2022-36, 2022-40 I.R.B. 274
Revenue Rulings:
2022-12, 2022-27 I.R.B. 1
2022-13, 2022-30 I.R.B. 99
2022-14, 2022-31 I.R.B. 110
2022-15, 2022-35 I.R.B. 152
2022-17, 2022-36 I.R.B. 182
2022-18, 2022-40 I.R.B. 262
Treasury Decisions:
9963, 2022-34 I.R.B. 145
9964, 2022-35 I.R.B. 172
9965, 2022-37 I.R.B. 192
1
A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2021–27 through 2021–52 is in Internal Revenue Bulletin
2021–52, dated December 27, 2021.

Bulletin No. 2022–40 iii October 3, 2022
Finding List of Current Actions on
Previously Published Items
1
Bulletin 2022–40
1
A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2021–27 through 2021–52 is in Internal Revenue Bulletin
2021–52, dated December 27, 2021.

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