INCOME TAX

T.D. 8971, page 308. REG–119436–01, page 377. Temporary and proposed regulations under section 45D of the Code provide guidance on the new markets tax credit. A taxpayer making a qualified equity investment in a qualified community development entity that has received a new markets tax credit allocation may claim a 5–percent tax credit with respect to the qualified equity investment on each of the first 3 credit allowance dates and a 6–percent credit on each of the remaining 4 credit allowance dates. A public hearing on the proposed regulations is scheduled for March 14, 2002.

T.D. 8974, page 318. Final regulations under section 6050I of the Code cross reference section 5331 of Title 31 and concern reporting on the same form certain currency transactions that are required to be reported to both IRS and the Financial Crimes Enforcement Network (FinCEN).