SECTION 7. REQUEST FOR

COMMENTS

Code section 143 requires that the average area purchase prices be based on the most recent 12-month period for which sufficient statistical information is available. In order to ensure that the safe harbors reflect accurate and timely price information, the Treasury Department and the IRS are considering possible changes in the data source and method used for these safe harbors beginning in 2013. The alternative method under consideration would involve the use of certain currently available data from the Department of Housing and Urban Development (“HUD”) regarding county median housing purchase prices instead of the FHA loan limits. Certain aggregate HUD price data are available at http://www.hud.gov/pub/chums

2012–20 I.R.B. 932 May 14, 2012

HUD median prices and the required average prices.

The Treasury Department and the IRS solicit public comments on this alternative method using current HUD data on county median housing purchase prices, including particularly comments on potential floors on prices and phase-in periods for the method, and on whether other methods or data sources should be used to calculate these safe harbors. Comments should be submitted in writing and can be e-mailed to notice.comments@irscounsel.treas.gov (include “Rev. Proc. 2012–25” in the subject line) or mailed to Office of Associate Chief Counsel (Financial Institutions & Products), Re: Rev. Proc. 2012–25, CC:FIP:B5, Room 3547, 1111 Constitution Avenue, NW, Washington, DC 20224. The due date for the public comments is July 15, 2012. Comments that are submitted will be made available to the public.