HIGHLIGHTS OF THIS ISSUE

These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.

INCOME TAX

REG–106796–12, page 1164. These proposed regulations provide guidance on the application of section 162(m)(6). Section 162(m)(6) limits the allowable deduction for remuneration for services provided by individuals to certain health insurance providers. Section 162(m)(6) was enacted as part of the Patient Protection and Affordable Care Act (Public Law 111–148, 124 Stat. 119, 868 (2010)).

Notice 2013–33, page 1140. Credit for Renewable Electricity Production, Refined Coal Production, and Indian Coal Production, and Publication of Inflation Adjustment Factors and Reference Prices for Calendar Year 2013: This notice reports for 2013 the inflation adjustment factors and reference prices used to determine the availability of the section 45 credit for electricity produced from qualified energy resources and refined coal, and includes the credit amounts for renewable electricity production and refined coal production. This notice also reports the inflation adjustment factor for Indian coal and includes the credit amounts for Indian coal production.

Rev. Proc. 2013–24, page 1142. This revenue procedure provides definitions of units of property and major components for steam or electric power generation property primarily used in the trade or business of generating or selling steam or electricity. The property definitions provided in this revenue procedure may be used to determine whether expenditures to maintain, replace, or improve steam or electric power generation property must be capitalized under § 263(a) of the Code. This revenue procedure also provides procedures for obtaining automatic consent to change to a method of accounting that uses all, or some of, the unit

Finding Lists begin on page ii. Index for January through May begins on page v.