INCOME TAX

TD 9859, page 1293. The final regulations reduce the amount determined under section 956 of the Internal Revenue Code with respect to certain domestic corporations. The final regulations affect certain domestic corporations that own (or are treated as owning) stock in foreign corporations.

REV. PROC. 2019-26, page 1323. This revenue procedure provides: (1) tables of limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2019; and (2) a table of amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2019. The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7). For purposes of this revenue procedure, the term “passenger automobiles” includes trucks and vans.

ANN. 2019-06, page 1327. Notice 2019-32, 2019-21 I.R.B. 1187 (May 20, 2019), contains a typographical error in the first sentence of section 4.01 on page 1189. The sentence states that comments may be submitted in writing on or before Thursday, June 4, 2019. The correct date is July 4, 2019. The sentence is amended to delete “June 4,” and replace it with “July 4.”