INCOME TAX

REG–150760–13 REG–150760–13

Section 1.856–10 – Definition of Real Estate Investment Trust Real Property. Real estate investment trusts (REITs) have certain REIT qualification requirements. At least 75 percent of a REIT’s assets must be in real estate assets, cash and cash items, and Government securities. A real estate asset includes real property and interests in real property. These proposed regulations define real property for REIT purposes. Written or electronic comments must be received by August 12, 2014. Requests to speak and outlines of topics to be discussed at the public hearing scheduled for September 18, 2014 must be received by August 12, 2014.

EMPLOYEE PLANS

Rev. Proc. 2014–32 Rev. Proc. 2014–32

This revenue procedure establishes a pilot program providing administrative relief to plan administrators and plan sponsors of certain retirement plans from the penalties otherwise applicable under §§ 6652(e) and 6692 of the Internal Revenue Code (the “Code”) for a failure to timely comply with the annual reporting requirements imposed under §§ 6047(e), 6058, and 6059 of the Code. The administrative relief provided under this revenue procedure applies only to plan administrators (as defined in § 414(g) of the Code) and plan sponsors of retirement plans that are subject to the reporting requirements of §§ 6047(e), 6058, and 6059 of the Code, but that are not subject to the reporting requirements of Title I of the Employee Retirement Income Security Act of 1974 (ERISA”). This is a one year pilot program.

Notice 2014–34 Notice 2014–34

This notice contains updates for the corporate bond weighted average interest rate for plan years beginning in May 2014; the 24-month average segment rates; the funding segment rates applicable for May 2014; and the minimum present value rates for April 2014. The rates in this notice reflect certain changes implemented by the Moving Ahead for Progress in the 21st Century Act, Public Law 112–141 (MAP–21).

Notice 2014–35 Notice 2014–35

This notice provides administrative relief from the penalties under §§ 6652(d), 6652(e), and 6692 of the Code for a failure to timely comply with certain annual reporting requirements under §§ 6047(e), 6057, 6058, and 6059. This relief applies to late filers who satisfy the requirements of this notice and the Delinquent Filer Voluntary Compliance (“DFVC”) Program administered by the Department of Labor (“DOL”) Employee Benefits Security Administration. The relief provided under this notice supersedes the relief previously provided in Notice 2002–23, 2002–1 C.B. 742.

TAX CONVENTIONS

Announcement 2014–24 Announcement 2014–24

Announcement of the Memorandum of Understanding between the Government of United States of America and the Government of the State of Kuwait for the reciprocal tax exemption on income derived from the operation of aircraft and the effective date of the exemption.