INCOME TAX

T.D. 9560, page 299. Final regulations under section 45D of the Code relate to how an entity serving certain targeted populations can meet the requirements to be a qualified active low-income community business for the new markets tax credit.

REG–102988–11, page 326. Proposed regulations under section 6045 of the Code modify information reporting requirements for a broker, transfer reporting requirements under section 6045A, and issuer statement requirements under section 6045B to cover debt instruments and options. A public hearing is scheduled for March 16, 2012.

Notice 2012–7, page 308. This notice provides for the suspension of certain requirements under section 42 of the Code for low-income housing credit projects in Iowa in order to provide emergency housing relief needed as a result of the devastation in Iowa caused by flooding during the period of May 25, 2011, to August 1, 2011.

Notice 2012–8, page 309. This notice provides a proposed revenue procedure that will update Rev. Proc. 2003–61, 2003–2 C.B. 296, which provides guidance regarding equitable relief from joint and several liability under section 6015(f) of the Code. Rev. Proc. 2003–61 superseded.