ADMINISTRATIVE

Notice 2016–05, page 302. This notice provides rules for claimants to make one-time claims for the retroactively extended 2015 biodiesel mixture and alternative fuel excise tax credits. It also provides guidance for claimants to claim the other retroactively extended fuel credits for 2015, including the alternative fuel mixture excise tax credit.

Notice 2016–10, page 307. This notice relates to alternative methods of compliance with the rules under sections 853 and 905(c) as they apply when a regulated investment company (RIC) receives a refund of a foreign tax that when paid by the RIC, was treated as paid by the RIC’s shareholders under section 853(b)(2) because an election was made under section 853(a). The notice describes regulations that the Treasury Department and IRS intend to issue which will allow a netting procedure that, if applied by the RICs, will greatly reduce the administrative costs and burdens on the U.S. government, RICs, and the RICs’ shareholders. The notice also provides guidelines for RICs wishing to obtain closing agreements relating to tax consequences arising from the receipt of such refunds.

Notice 2016–12, page 312. This notice provides the maximum vehicle values for use with the special valuation rules under regulation section 1.61–21(d) and (e) for 2016. These values are adjusted for inflation and must be adjusted annually by reference to the Consumer Price Index.