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 2014–15, page 661. Notice 2012–18, published in the Internal Revenue Bulletin on March 5, 2012, provided state housing finance agencies that participated in the Physical Inspections Pilot Program a temporary alternative method to satisfy the physical inspection and certification review requirements of § 1.42–5(c)(2) of the Income Tax Regulations. The availability of this alternative method ended on December 31, 2012. This notice extends the time period announced in Notice 2012–18 through December 31, 2014.

Rev. Proc. 2014–17, page 661. Rev. Proc. 2014–17 provides the procedures by which a taxpayer may obtain the automatic consent of the Commissioner of Internal Revenue to change to the methods of accounting provided in §§ 1.167(a)–4 and 1.168(i)–7 of the Income Tax Regulations (T.D. 9636), §§ 1.167(a)–4T, 1.168(i)–1T, 1.168(i)–7T, and 1.168(i)–8T of the temporary regulations (T.D. 9564), and §§ 1.168(i)–1, 1.168(i)–7, and 1.168(i)–8 of the proposed regulations (REG–110732–13). This revenue procedure also modifies Rev. Proc. 2011–14 and allows a late partial disposition election under Prop. Reg. § 1.168(i)–8 or a revocation of a general asset account election under § 1.168(i)–1T or Prop. Reg. § 1.168(i)–1 to be treated as a change in method of accounting for a limited period of time. Finally, this revenue procedure modifies section 6.01 of the APPENDIX of Rev. Proc. 2011–14 to waive a scope limitation in certain circumstances.

Rev. Proc. 2014–23, page 684. The proposed revenue procedure provides issuers of qualified mortgage bonds, as defined in § 143(a) of the Internal Revenue Code, and issuers of mortgage credit certificates, as defined in § 25(c), with the United States median gross income figure most recently computed by the Department of Housing and

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