INCOME TAX

REG–122855–15, page 922. Proposed regulations incorporate the text of temporary regulations (TD 9788) concerning a partner’s share of partnership liabilities for purposes of section 707 of the Code and the treatment of certain payment obligations under section 752. In addition, the proposed regulations address (1) when certain obligations to restore a deficit balance in a partner’s capital account are disregarded under section 704 and (2) when partnership liabilities are treated as recourse liabilities under section 752.

REG–129128–14, page 931. The proposed regulations provide rules under section 901(m) for determining the amount of foreign taxes that are disqualified for foreign tax credit purposes with respect to certain covered asset acquisitions that result in a basis step-up for U.S. income tax purposes but not foreign tax purposes.

Rev. Rul. 2016–29, page 875. This revenue ruling relates to allocations of low-income housing credits to qualified low-income buildings. Specifically, the revenue ruling clarifies that section 42(m)(1)(A)(ii) neither requires nor encourages State housing credit agencies to reject the proposed development of a low-income housing project that does not obtain the approval of the locality where the project is proposed to be developed.

Rev. Rul. 2016–30, page 876. Section 1274A - inflation adjusted numbers for 2017. This ruling provides the dollar amounts, increased by the 2017 inflation adjustments, for section 1274A of the Code. Revenue Ruling 2015–24 supplemented and superseded.

Rev. Proc. 2016–56, page 920. This revenue procedure provides an updated list of countries with which the reporting requirement of §§1.6049–8(a) and 1.6049–4(b)(5) of the Income Tax Regs. applies (Section 3), as

Finding Lists begin on page ii.