Bulletin No. 2014–34 — Internal Revenue Bulletin 2014-34

ESTATE TAX

Rev. Rul. 2014–21, page 381. Special Use Value; Farms; Interest Rates. The 2014 interest rates to be used in computing the special use value of farm real property for which an election is made under section 2032A of the Code are listed for estates of decedents.

EXCISE TAX

Notice 2014–42, page 387. This notice provides guidance on the branded prescription drug fee related to (1) the submission of Form 8947, Report of Branded Prescription Drug Information; (2) the time and manner for notifying covered entities of their preliminary fee calculation; (3) the time and manner for submitting error reports for the dispute resolution process; and (4) the time for notifying covered entities of their final fee calculation. Notice 2013–51, 2013–34 I.R.B. 153, which provides guidance for the 2014 fee year, is obsoleted as of October 1, 2014.

ADMINISTRATIVE

T.D. 9686, page 382. These final regulations implement the amendments to section 6707 of the Internal Revenue Code by the American Jobs Creation Act of 2004. The regulations provide the rules relating to the assessment of penalties against material advisors who fail to timely file a true and complete return as required under section 6111(a).