INCOME TAX

REV. RUL.2019-12, page 1081. Federal rates; adjusted federal rates; adjusted federal longterm rate, the long-term exempt rate, and the blended annual rate. For purposes of sections 382, 1274, 1288, 7872 and other sections of the Code, tables set forth the rates for May 2019.

REG-117062-18, page 1174. This notice of proposed rulemaking provides rules regarding the recent statutory expansion of the class of permissible potential current beneficiaries (PCBs) of an electing small business trust (ESBT) to include nonresident aliens (NRAs). In particular, these proposed regulations would ensure that the income of an S corporation will continue to be subject to U.S. income tax when an NRA is a deemed owner of a grantor trust that elects to be an ESBT.