Bulletin No. 2011-48 November 28, 2011

wood-burning furnaces. Therefore, this announcement also notifies taxpayers that they may no longer rely on Weld Rite, Inc.’s certification statement to claim a section 25C credit for the furnaces.

Announcement 2011–75, page 823. This document contains a withdrawal of proposed regulations (REG–158677–05, 2007–1 C.B. 975) clarifying that if a bank is an S corporation within the meaning of section 1361(a)(1) of the Code, its status as an S corporation does not affect the applicability of the special rules for banks under the Internal Revenue Code.

EMPLOYEE PLANS

Notice 2011–93, page 810. Weighted average interest rate update; corporate bond indices; 30-year Treasury securities; segment rates. This notice contains updates for the corporate bond weighted average interest rate for plan years beginning in November 2011; the 24-month average segment rates; the funding transitional segment rates applicable for November 2011; and the minimum present value transitional rates for October 2011. In addition, the Service requests comments on whether these monthly interest rate notices should continue to provide the Composite Corporate Bond Rate and the Corporate Bond Weighted Average in 2012.

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EMPLOYMENT TAX

T.D. 9553, page 806. Final regulations under section 7701 of the Code clarify that a single-owner eligible entity that is generally disregarded as an entity separate from its owner for any purpose, but regarded as a separate entity for certain excise tax purposes, is treated as a corporation for those excise tax purposes. The regulations also make conforming changes to the tax liability rule for disregarded entities and the treatment of entity rule for disregarded entities with respect to employment taxes. The regulations affect disregarded entities in general and, in particular, disregarded entities that pay or pay over certain federal excise taxes or that are required to be registered by the IRS.

EXCISE TAX

T.D. 9553, page 806. Final regulations under section 7701 of the Code clarify that a single-owner eligible entity that is generally disregarded as an entity separate from its owner for any purpose, but regarded as a separate entity for certain excise tax purposes, is treated as a corporation for those excise tax purposes. The regulations also make conforming changes to the tax liability rule for disregarded entities and the treatment of entity rule for disregarded entities with respect to employment taxes. The regulations affect disregarded entities in general and, in particular, disregarded entities that pay or pay over certain federal excise taxes or that are required to be registered by the IRS.

Notice 2011–92, page 809. This notice provides guidance on the branded prescription drug fee for the 2012 fee year related to (1) the submission of Form 8947, “Report of Branded Prescription Drug Information”, (2) the time and manner for notifying covered entities of the preliminary fee calculation, (3) the time and manner for submitting error reports for the dispute resolution process, and (4) the time for notifying covered entities of their final fee calculation. Rev. Proc. 2011–24 obsoleted.

TAX CONVENTIONS

Rev. Rul. 2011–26, page 803. Geographical areas included in North American area. This ruling contains an updated list of all geographical areas included in the North American area for purposes of section 274 of the Code. Rev. Rul. 2007–28 superseded.

ADMINISTRATIVE

T.D. 9553, page 806. Final regulations under section 7701 of the Code clarify that a single-owner eligible entity that is generally disregarded as an entity separate from its owner for any purpose, but regarded as a separate entity for certain excise tax purposes, is treated as a corporation for those excise tax purposes. The regulations also make conforming changes to the tax liability rule for disregarded entities and the treatment of entity rule for disregarded entities with respect to employment taxes. The regulations affect disregarded entities in general and, in particular, disregarded entities that pay or pay over certain federal excise taxes or that are required to be registered by the IRS.

Announcement 2011–75, page 823. This document contains a withdrawal of proposed regulations (REG–158677–05, 2007–1 C.B. 975) clarifying that if a bank is an S corporation within the meaning of section 1361(a)(1) of the Code, its status as an S corporation does not affect the applicability of the special rules for banks under the Internal Revenue Code.

November 28, 2011 2011–48 I.R.B.