Rev. Rul. 2020-24, page 965.

This revenue ruling clarifies the federal income tax withholding and reporting obligations that apply for the year a payment is made from a qualified plan to a state unclaimed property fund.

T.D. 9911, page 966. The final regulations provide guidance on determining life insurance reserves and changing the method of computing certain insurance company reserves. The final regulations also authorize changes to insurance company reporting requirements and contain numerous conforming changes to other regulations. The final regulations implement legislative changes made by sections 13513 and 13517 of the Tax Cuts and Jobs Act.

The main regulation citations are: 26 CFR 1.338-11: Effect of section 338 election on insurance company targets; 26 CFR 1.807-1: Computation of life insurance reserves; 26 CFR 1.807-3: Reporting of reserves; 26 CFR 1.807-4: Adjustment for change in computing reserves; 26 CFR 1.816-1: Life insurance reserves; 26 CFR 1.817A-1: Certain modified guaranteed contracts; 26 CFR 1.6012-2: Corporations required to make returns of income; 26 CFR

301.9100-6T: Time and manner of making certain elections under the Deficit Reduction Act of 1984.

T.D. 9913, page 975. These final regulations clarify the definition of a “qualifying relative” for purposes of various provisions of the Internal Revenue Code for taxable years 2018 through 2025.

T.D. 9918, page 979. This document contains final regulations clarifying that the following deductions allowed to an estate or non-grantor trust are not miscellaneous itemized deductions subject to the suspension in section 67(g): costs paid or incurred in connection with the administration of an estate or non-grantor trust that would not have been incurred if the property were not held in the estate or trust, the personal exemption of an estate or non-grantor trust, the distribution deduction for trusts distributing current income, and the distribution deduction for estates and trusts accumulating income. The final regulations also provide guidance on determining the character, amount, and allocation of deductions in excess of gross income succeeded to by a beneficiary on the termination of an estate or non-grantor trust.