Bulletin No. 2016–29 July 18, 2016

the phase-out for crude oil price increases in the 2005 calendar year.

Notice 2016–45, page 135. The notice announces that under § 613A(c)(6)(C) of the Internal Revenue Code, the applicable percentage for purposes of determining percentage depletion on marginal properties for calendar year 2016 is 15 percent. The format of the notice is identical to the format of notices previously published on this issue.

T.D. 9773, page 56. These final regulations provide guidance on the information required to be reported for country-by-country (CbC) reporting. The final regulations generally require U.S. business entities that are the ultimate parent of a U.S. multinational enterprise (MNE) group earning annual revenues of $850,000,000 or more in the prior reporting period to report certain financial information on a tax jurisdiction-by-tax jurisdiction basis. The regulations require the U.S. ultimate parent to list the U.S. MNE group’s business entities indicating each entity’s tax jurisdiction (if any), country of organization, tax identification number (if any), and main business activity, as well as CbC financial information for each tax jurisdiction in which the U.S. MNE does business. The CbC financial information includes income, profits, income taxes, stated capital, accumulated earnings, number of employees, and tangible assets other than cash.