Bulletin No. 2012-13 March 26, 2012

use in calculating: (1) the 2012 calendar year population-based component of the State housing credit ceiling (Credit Ceiling) under section 42(h)(3)(C)(ii); (2) the 2012 calendar year volume cap (Volume Cap) under section 146; and (3) the 2012 volume limit (Volume Limit) under section 142(k)(5).

EMPLOYEE PLANS

REG–115809–11, page 598. Proposed regulations under section 401 of the Code relate to the purchase of longevity annuity contracts under tax-qualified defined contribution plans under section 401(a), section 403(b) plans, individual retirement annuities and accounts (IRAs) under section 408, and eligible governmental section 457 plans. The regulations will provide the public with guidance necessary to comply with the required minimum distribution rules under section 401(a)(9). The regulations will affect individuals for whom a longevity annuity contract is purchased under these plans and IRAs (and their beneficiaries), sponsors and administrators of these plans, trustees and custodians of these IRAs, and insurance companies that issue longevity annuity contracts under these plans and IRAs. A public hearing is scheduled for June 1, 2012.

Notice 2012–24, page 578. 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 March 2012; the 24-month average segment rates; the funding transitional segment rates applicable for March 2012; and the minimum present value transitional rates for February 2012.

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EXCISE TAX

REG–113770–10, page 587. Proposed regulations under section 4191 of the Code provide guidance on the new excise tax on certain medical devices. Specifically, the proposed rules clarify what constitutes a “taxable medical device”, what types of devices are exempt from the tax, and what types of sales of otherwise taxable devices may be exempt from the tax if certain requirements are met. Proposed regulations on the medical device excise tax, when finalized, will affect medical device manufacturers and importers, and some medical device distributors. A public hearing is scheduled for May 16, 2012.

Notice 2012–20, page 574. This notice provides guidance relating to the portfolio interest exception, the short term debt exception under regulations section 1.6049–5(b)(10), and the excise tax under section 4701 in connection with the repeal of section 163(f)(2)(B) (the bearer debt repeal) of the Code. Notice 2006–99 superseded in part.

ADMINISTRATIVE

Announcement 2012–11, page 611. This announcement withdraws a notice of proposed regulation (REG–208274–86, 1993–1 C.B. 822) under section 6039E of the Code which specifies the information that must be included and provide guidance on when the IRS may impose a $500 penalty for failure to provide that information. U.S. citizens who apply for passports from the Department of State are required by the IRS to provide certain information on the application form.

March 26, 2012 2012–13 I.R.B.