Bulletin No. 2014–50 December 8, 2014

after calendar year 2015. This revenue procedure is effective for taxable years and plan years beginning after December 31, 2015.

Notice 2014–76, page 946. Notice 2014–76 identifies the hardship exemptions from the individual shared responsibility payment under § 5000A of the Internal Revenue Code that a taxpayer may claim on a Federal income tax return without obtaining a hardship exemption certification from the Health Insurance Marketplace. This notice applies to taxable years beginning after December 31, 2013.

T.D. 9704, page 922. This Treasury decision contains final regulations under sections 367 and 6038B. Upon a U.S. person’s transfer of stock to a foreign corporation, section 367(a) generally conditions nonrecognition treatment on the person properly filing a gain recognition agreement (“GRA”). In addition, the regulations under section 6038B generally require the U.S. person to report the transfer on a Form 926, unless a GRA is properly filed. Under current law, the standard for curing unfiled or deficient GRAs and Forms 926 is the same: a person must demonstrate “reasonable cause.” A NPRM (REG–140649–11) published on January 31, 2013 (78 FR 6772–01) proposed to change the reasonable cause standard to a “not willful” standard for GRAs. In addition, the NPRM proposed to require a Form 926 to be filed in all cases in which a GRA is filed and to generally treat noncompliance with the GRA rules (determined without regard to not willful relief) as a failure to satisfy a section 6038B reporting obligation. Further, the NPRM proposed to apply similar rules to other types of section 367 filings. This Treasury decision adopts the NPRM with modifications.

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