Bulletin No. 2014–20 May 12, 2014

Rev. Proc. 2014–31, page 1009. This procedure provides issuers of qualified mortgage bonds (QMBs) and qualified mortgage credit certificates (MCCs) with average area purchase price safe harbors for statistical areas in the United States and with a nationwide average purchase price for residences in the United States for purposes of the QMB rules under section 143 of the Code and the MCC rules under section 25. Rev. Proc. 2013–28 is obsolete except as provided in section 6 of this revenue procedure.

Notice 2014–32, page 1006. This notice announces modifications to the regulations under section 367(b) of the Internal Revenue Code relating to the treatment of property used to acquire parent stock or securities in certain triangular reorganizations involving foreign corporations.

ADMINISTRATIVE

Rev. Proc. 2014–31, page 1009. This procedure provides issuers of qualified mortgage bonds (QMBs) and qualified mortgage credit certificates (MCCs) with average area purchase price safe harbors for statistical areas in the United States and with a nationwide average purchase price for residences in the United States for purposes of the QMB rules under section 143 of the Code and the MCC rules under section 25. Rev. Proc. 2013–28 is obsolete except as provided in section 6 of this revenue procedure.