SECTION 5. REQUEST FOR

COMMENTS

.01 Comments regarding § 139L . The Treasury Department and the IRS request comments on the issues addressed in this notice as well as other issues on which taxpayers believe guidance would be helpful. The Treasury Department and the IRS also request comments on the following specific issues:

(1) To what extent should the forthcoming proposed regulations address the meaning of the terms rural or agricultural real estate, real property, agricultural products, fishing or seafood processing, or aquaculture facility ? Should the forthcoming proposed regulations consider definitions and guidance relating to similar terms, including under § 2032A, § 1.199A-8, and § 1.856-10? (2) To what extent should the forthcoming proposed regulations address whether property is substantially used for the production of one or more agricultural products, or in the trade or business of fishing or seafood processing? For example, are factors such as time spent, amount of land used, or revenue relevant, and to what extent should seasonality or periods of non-use be further considered?

(3) To what extent should the forthcoming proposed regulations address how the substantial use requirement applies to properties with mixed uses, such as farmland that is used to host events or other

Bulletin No. 2025–50 781 December 8, 2025

non-agricultural activity, or properties that are also used (in whole or part) for personal purposes?

(4) How should the forthcoming proposed regulations address changes involving qualified rural or agricultural property following the issuance of a qualified real estate loan, including changes in the use of the property, changes to the property, or changes affecting the collateral of a loan?

(5) How should the forthcoming proposed regulations address how a qualified lender determines whether the loan remains secured by qualified rural or agricultural property?

(6) To what extent should the forthcoming proposed regulations address how § 139L applies in securitization structures, including a securitization involving a trust for which holders of trust certificates are treated as holding an interest in the underlying loan assets?

(7) To what extent should the forthcoming proposed regulations address

§ 139L(d), regarding the application of § 265 to any qualified real estate loan?

.02 Procedures for submitting com- ments .

(1) Deadline . Written comments should be submitted by January 20, 2026. Consideration will also be given to any written comment submitted after January 20, 2026, though such comments may not be considered in the development of the forthcoming proposed regulations if such consideration would delay the publication of the forthcoming proposed regulations.

(2) Form and manner . The subject line for the comments should include a reference to Notice 2025-71. All commenters are strongly encouraged to submit comments electronically. Comments may be submitted in one of two ways:

(a) electronically via the Federal eRulemaking Portal at https://www.regulations.gov (type IRS-2025-0400 in the search field on the https://www.regula

tions.gov homepage to find this notice and submit comments); or

(b) by mail to: Internal Revenue Service, CC:PA:01:PR (Notice 2025-71), Room 5503, P.O. Box 7604, Ben Franklin Station, Washington, D.C., 20044.

(3) Publication of comments . The Treasury Department and the IRS will publish for public availability any comment submitted electronically and on paper to the IRS’s public docket on https://www.regulations.gov.