Bulletin No. 2015–41 October 13, 2015

agents. In addition, in order to reduce compliance burdens on withholding agents that hold collateral as a secured party, the notice announces that Treasury and the IRS intend to amend the regulations under chapter 4 to modify the rules for grandfathered obligations in relation to collateral. The notice also provides information on the exchange of information by Model 1 IGA jurisdictions with respect to 2014.

Notice 2015–67, page 546. This notice finalizes and supersedes Notice 2014–17. It provides a general rule that per capita distributions to Indian tribe members made from funds held in trust by the Secretary of the Interior (“Trust Account”) are excluded from the gross income of the members of the tribe receiving the per capita distributions. This notice also provides an exception to the general rule. Distributions to tribal members from a Trust Account will constitute gross income under 26 U.S.C. § 61 to the members of the tribe receiving the distributions if the Trust Account is used to mischaracterize taxable income as nontaxable per capita distributions.

Notice 2015–68, page 547. Information Reporting on Minimum Essential Coverage. This notice provides guidance on issues under section 6055 of the Code. Comments are requested by November 16, 2015, on the application of the reasonable good cause rules under section 6724 of the Code to section 6055 reporting, in particular relating to TIN solicitation and reporting.

Notice 2015–69, page 550. This notice explains the circumstances under which the 4-year replacement period under section 1033(e)(2) is extended for livestock sold on account of drought. The Appendix to this notice contains a list of counties that experienced exceptional, extreme, or severe drought conditions during the 12-month period ending August 31, 2015. Taxpayers may use this list to determine if an extension is available.

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T.D. 9733, page 494. This document contains temporary regulations that provide rules regarding the treatment as United States property of property held by a controlled foreign corporation (CFC) in connection with certain transactions involving partnerships. In addition, the temporary regulations provide rules regarding when a CFC is considered to derive rents and royalties in the active conduct of a trade or business for purposes of determining foreign personal holding company income (FPHCI).

T.D. 9734, page 500. These regulations describes payments that are dividend equivalents for purposes of section 871(m) and explains how to calculation of the amount of a dividend equivalent. These proposed regulations also provide guidance regarding the amount of a dividend equivalent payment and withholding rules relating to these payments.

T.D. 9739, page 528. Final regulations providing guidance regarding the qualification of a transaction as a corporate reorganization under section 368(a)(1)(F) by virtue of being a mere change of identity, form, or place of organization of one corporation (F reorganization). Also final regulations relating to F reorganizations in which the transferor corporation is a domestic corporation and the acquiring corporation is a foreign corporation (an outbound F reorganization). These regulations will affect corporations engaging in transactions that could qualify as F reorganizations (including outbound F reorganizations) and their shareholders.