Bulletin No. 2010-4 January 25, 2010

T.D. 9478, page 315. REG–131028–09, page 332. Final, temporary, and proposed regulations under section 7216 of the Code provide rules relating to the disclosure and use of tax return information by tax return preparers. Notice 2009–13 obsoleted.

Notice 2010–11, page 326. This notice extends the suspension of the applicability of section 163(e)(5) of the Code for certain applicable high yield discount obligations to December 31, 2010.

Notice 2010–12, page 326. This notice extends the application of Notice 2008–91, which describes an elective exclusion from the definition of “obligation” for purposes of section 956(c) of the Code, to the last taxable year of the CFC that immediately follows the last taxable year of the CFC to which the regulations described in Notice 2008–91 could apply. This notice also extends the application of Rev. Proc. 2008–26, which applies to determine whether securities are “readily marketable” for purposes of section 956(c)(2)(J), for an additional year (2010).

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Notice 2010–13, page 327. This notice provides procedures for corporations, electing small business corporations, and organizations required to file returns under section 6033 to request a waiver of the requirement to electronically file Form 1120, U.S. Corporation Income Tax Return ; Form 1120–F, U.S. Income Tax Return of a Foreign Corporation ; Form 1120S, U.S. Income Tax Return for an S Corporation ; Form 990, Return of Organization Exempt From Income Tax ; Form 990–PF, Return of Private Foundation or Section 4947(a)(1) Nonexempt Charitable Trust Treated as a Private Foundation ; and returns, amended returns, and superseding returns in the Form 1120 and 990 series of returns when required by regulations and IRS publications. Notice 2005–88 superseded.

Rev. Proc. 2010–13, page 329. This procedure requires taxpayers to report to the Service their groupings and regroupings of activities and the addition of specific activities within their existing groupings of activities for purposes of section 469 of the Code and section 1.469–4 of the Income Tax Regulations.

EMPLOYEE PLANS

Announcement 2010–3, page 333. Automatic approval of changes in funding method for takeover plans and changes in pension valuation soft- ware. This announcement provides, for plan years beginning on or after January 1, 2009, automatic approval for certain changes in funding method with respect to single-employer defined benefit plans that result either from a change in the valuation software used to determine the liabilities for such plans or from a change in the enrolled actuary and the business organization providing actuarial services to the plan. This guidance is being provided in response to numerous requests from actuaries and plan sponsors, many of whom are continuing to modify their valuation software in order to implement the changes to the funding rules made by the Pension Protection Act of 2006, the Worker, Retiree, and Employer Recovery Act of 2008, and guidance regarding these legislative changes.

EXEMPT ORGANIZATIONS

Announcement 2010–1, page 333. The IRS has revoked its determination that Call of the Wild Sportsmen, Inc., of Mt Airy, MD, qualifies as an organization described in sections 501(c)(3) and 170(c)(2) of the Code.

ADMINISTRATIVE

Rev. Rul. 2010–4, page 309. Section 7216—Disclosure or use of information by pre- parers of returns. This ruling provides guidance on whether a tax return preparer is liable for criminal and civil penalties under sections 7216 and 6713 of the Code when the tax return preparer discloses or uses tax return information in certain circumstances in communicating with taxpayers and in certain other circumstances.

Rev. Rul. 2010–5, page 312. Section 7216—Disclosure or use of information by pre- parers of returns. This ruling provides guidance on whether a tax return preparer is liable for criminal and civil penalties under sections 7216 and 6713 of the Code when the tax return preparer discloses or uses tax return information under certain circumstances in connection with professional liability insurance.

T.D. 9478, page 315. REG–131028–09, page 332. Final, temporary, and proposed regulations under section 7216 of the Code provide rules relating to the disclosure and use of tax return information by tax return preparers. Notice 2009–13 obsoleted.

January 25, 2010 2010–4 I.R.B.