INCOME TAX

Rev. Rul. 2012–2, page 286. Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for January 2012.

Notice 2012–3, page 289. This notice provides guidance on current refunding issues (as defined in Treas. Reg. section 1.150–1(d)(3)) that refund outstanding prior issues of bonds that qualify for tax-exempt bond financing under certain disaster relief bond programs. The notice applies to current refunding issues that are used to refund original tax-exempt bonds that met the qualification requirements for one of the following programs: (1) “qualified Gulf Opportunity Zone Bonds” under section 1400N of the Code; (2) “qualified Midwestern disaster area bonds” under section 702(d)(1) of the Heartland Disaster Tax Relief Act of 2008 (the “Heartland Disaster Act”); and (3) “qualified Hurricane Ike disaster area bonds” under section 704(a) of the Heartland Disaster Act.

Notice 2012–5, page 291. This notice provides a safe harbor reporting method that an eligible real estate mortgage investment conduit (REMIC) may use to satisfy its reporting obligations with respect to information regarding REMIC assets that the REMIC must report to residual interest holders.

Rev. Proc. 2012–13, page 295. Maximum vehicle values. This procedure provides the maximum vehicle values for use with the special valuation rules under regulations section 1.61–21(d) and (e). These values are