Bulletin No. 2007-12 — Internal Revenue Bulletin 2007-12

to reflect various amendments to section 6159 and related statutes.

Notice 2007–17, page 748. The IRS and Treasury anticipate the launch of a pilot program to solicit greater input from the public in the initial development of certain types of guidance projects. As a model for the pilot program, the IRS and Treasury solicit input from interested parties on whether it is appropriate to amend existing income tax regulations to permit certain modifications to securitized commercial mortgage loans.

Notice 2007–24, page 750. This notice invites public comments on draft IRS forms to implement a new information reporting requirement for charities and certain other entities with respect to certain structured insurance contracts. The notice also solicits comments with respect to a Congressionally mandated study being conducted by Treasury and the IRS.

Notice 2007–25, page 760. This notice provides modifications and additions to the adjusted limitations on housing expenses for tax year 2006 published in Notice 2006–87, 2006–43 I.R.B. 766, for purposes of section 911 of the Code. Notice 2006–87 modified and supplemented.

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Rev. Proc. 2007–25, page 761. This procedure provides additional guidance regarding the disclosure of certain penalties under section 6707A(e) of the Code on forms filed with the U.S. Securities and Exchange Commission. Rev. Proc. 2005–51, 2005–2 C.B. 296, provides that a person who files SEC Form 10–K, Annual Report, must disclose in Item 3 (Legal Proceedings) of Form 10–K the requirement to pay any penalty specified in section 2.05 of Rev. Proc. 2005–51. This procedure describes how persons who are required to file periodic reports under section 13 or 15(d) of the Securities Exchange Act of 1934, or required to be consolidated with another person for purposes of those reports, but that file these periodic reports on a form other than a Form 10–K, must make the appropriate disclosures on these other reports in order to avoid additional penalties. Rev. Proc. 2005–51 amplified.