SECTION 14. EFFECT ON OTHER

DOCUMENTS

This notice modifies and supersedes Notice 2005–98, 2005–2 C.B. 1211 (December 11, 2005), which provided guidance on CREBs in connection with the allocation process for the original volume cap authorization under section 54.

provide that a deliberate action that otherwise would cause an issue of CREBs to fail to meet the requirements of section 54(d)(1)(B) will not be treated as a deliberate action if the issuer takes a “remedial action” which meets the requirements specified in the Temporary Regulations. In addition, the Treasury Department and the IRS expect that the Temporary Regulations will contain a “redemption or defeasance” remedial action and an “alternative use of disposition proceeds” remedial action similar, but not identical to, the remedial actions contained in § 1.141–12(d) and § 1.141–12(e).