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

Notice 2013–43, page 113. This notice provides: (i) revised timelines for implementation of the requirements of sections 1471 through 1474 of the Code, commonly referred to as the Foreign Account Tax Compliance Act, or FATCA; and (ii) additional guidance concerning the treatment of financial institutions located in jurisdictions that have signed intergovernmental agreements for the implementation of FATCA (IGAs) but have not yet brought those IGAs into force. The Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) intend to amend the regulations under sections 1471 through 1474 to adopt these rules. Prior to the effective date of those amendments, taxpayers may rely on the provisions of this notice.

Notice 2013–47, page 120. This notice amplifies the relief provided by Notices 2013–39 and 2013–40. Those Notices provided temporary relief from certain limitations on low-income housing projects financed with tax-exempt bonds under § 142(d) and LIHTCs under § 42, respectively, to permit such projects to house individuals displaced by severe storms and tornadoes occurring in Oklahoma between May 18 and May 27, 2013. Following the release of those Notices, FEMA extended the period during which the disasters occurred to June 2, 2013, and added flooding to the list of disasters covered. This Notice makes the same changes to Notices 2013–39 and 2013–40.

Notice 2013–48, page 120. This notice provides a proposed revenue procedure that would establish a de minimis exception to the wash sale rules of section 1091 of the Code for certain redemptions of shares of money market funds that, under regulations proposed by the Securities and Exchange Commission, would no longer main

Finding Lists begin on page ii. Index for July begins on page iv.