SPECIAL ANNOUNCEMENT
This announcement is temporarily suspending the reporting requirement for FBARs due June 30, 2009, for those persons who are not citizens, residents, or domestic entities. All persons may rely on the definition of “United States person” found in the instructions to the prior version of the FBAR (July 2000 version) to determine whether they have a filing obligation. All other requirements of the current version of the FBAR form and instructions (revised October 2008) still apply.
INCOME TAX
This notice provides that, if the Treasury Department (or an entity acting on its behalf) acquires preferred stock, common stock, warrants to purchase common stock or other types of equity of a financial institution or other entity pursuant to the Emergency Economic Stabilization Act of 2008 (EESA), then such acquisition is not a change in control event with respect to which a payment can be made under a nonqualified deferred compensation plan pursuant to section 409A(2)(2)(A)(v) of the Code.
Election of investment tax credit in lieu of production tax credit; coordination with Department of Treasury grants for specified energy property in lieu of tax credits. This notice provides a description of the procedures that taxpayers will be required to follow to make an irrevocable election to take the investment tax credit for energy property under section 48 of the Code in lieu of the production tax credit under section 45.
Nonbusiness energy property credit. This notice provides procedures that manufacturers may follow to certify property as qualified nonbusiness energy property under § 25C of the Code, as well as guidance regarding the conditions under which taxpayers seeking to claim the § 25C credit may rely on a manufacturer’s certification. This notice also includes transition rules to provide taxpayers with guidance concerning the interaction of the effective date and timing provisions of the Energy Policy Act, the Energy Improvement and Extension Act, and the American Recovery and Reinvestment Tax Act. Notice 2006-26 superseded.
EMPLOYEE PLANS
This notice provides that, if the Treasury Department (or an entity acting on its behalf) acquires preferred stock, common stock, warrants to purchase common stock or other types of equity of a financial institution or other entity pursuant to the Emergency Economic Stabilization Act of 2008 (EESA), then such acquisition is not a change in control event with respect to which a payment can be made under a nonqualified deferred compensation plan pursuant to section 409A(2)(2)(A)(v) of the Code.
Weighted average interest rate update; corporate bond indices; 30-year Treasury securities; segment rates. This notice contains updates for the corporate bond weighted average interest rate for plan years beginning in June 2009; the 24-month average segment rates; the funding transitional segment rates applicable for June 2009; and the minimum present value transitional rates for May 2009.
ESTATE TAX
This document contains corrections to proposed regulations (REG-119532-08, 2009-20 I.R.B. 1017) that provide guidance on the portion of trust property includable in the grantor’s gross estate if the grantor has retained the use of the property, the right to an annuity, unitrust, graduated retained interest, on other payment from such property for life, for any period not ascertainable without reference to the grantor’s death, or for a period that does not in fact end before the grantor’s death.
ADMINISTRATIVE
This announcement is temporarily suspending the reporting requirement for FBARs due June 30, 2009, for those persons who are not citizens, residents, or domestic entities. All persons may rely on the definition of “United States person” found in the instructions to the prior version of the FBAR (July 2000 version) to determine whether they have a filing obligation. All other requirements of the current version of the FBAR form and instructions (revised October 2008) still apply.
This document contains corrections to final and temporary regulations (T.D. 9448, 2009-20 I.R.B. 942) relating to the use of actuarial tables in valuing annuities, interests for life or terms of years and remainder or reversionary interests.