Internal Revenue Bulletin 2020-41 (PDF rendition): IRS Announcements

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Bulletin No. 2020–41
October 5, 2020
HIGHLIGHTS
OF THIS ISSUE
These synopses are intended only as aids to the reader in
identifying the subject matter covered. They may not be
relied upon as authoritative interpretations.
ADMINISTRATIVE
Announcement 2020-12, page 893.
This document is an announcement that lenders who make
paycheck protection program (PPP) loans that are later for-
given under the Coronavirus Aid, Relief, and Economic Se-
curity Act (CARES Act) do not need to and should not file
information returns or furnish payee statements to report the
forgiveness under section 6050P of the Code.
Rev. Proc. 2020-42, page 891.
This procedure publishes the amounts of unused housing
credit carryovers allocated to qualified states under section
42(h)(3)(D) of the Code for calendar year 2020.
INCOME TAX
Rev. Rul. 2020-20, page 880.
Federal rates; adjusted federal rates; adjusted federal long-
term rate, and the long-term tax exempt rate. For purposes
of sections 382, 1274, 1288, 7872 and other sections of
the Code, tables set forth the rates for October 2020.
Rev. Rul. 2020-21, page 882.
Fringe benefits aircraft valuation formula. For purposes of
section 1.61-21(g) of the Income Tax Regulations, relating to
the rule for valuing non-commercial flights on employer-pro-
vided aircraft, the Standard Industry Fare Level (SIFL) cents-
per-mile rates and terminal charge in effect for the second
half of 2020 are set forth.
T.D. 9915, page 882.
These final regulations provide guidance regarding allocation
of the rehabilitation credit over a 5-year period, as the rehabili-
tation credit is no longer fully allowed in the taxable year that a
qualified rehabilitated building is placed in service. These final
regulations include rules to coordinate with the other special
rules for investment credit property. These final regulations
affect taxpayers that claim the rehabilitation credit. This guid-
ance relates to changes made to the applicable law by the
Tax Cuts and Jobs Act, which was enacted on December 22,
2017
Notice 2020-73, page 886.
This Notice announces that the Department of the Treasury
(Treasury Department) and the Internal Revenue Service (IRS)
intend to amend the regulations under section 987 to defer
the applicability date of the final regulations under section
987, as well as certain related final regulations, by one ad-
ditional year. The applicability date of these regulations has
been deferred under prior notices to taxable years beginning
after December 7, 2020. The Treasury Department and the
IRS intend to amend §§1.861-9T, 1.985-5, 1.987-11, 1.988-
1, 1.988-4, and 1.989(a)-1 of the 2016 final regulations and
§§1.987-2 and 1.987-4 of the 2019 final regulations (the
related 2019 final regulations) to provide that the 2016 final
regulations and the related 2019 final regulations apply to
taxable years beginning after December 7, 2021. The No-
tice also states that taxpayers may rely on certain related
proposed regulations that cross-reference temporary regula-
tions which have expired.
Notice 2020-74, page 887.
This notice explains the circumstances under which the four-
year replacement period under section 1033(e)(2) is extend-
ed for livestock sold on account of drought. The Appendix
to this notice contains a list of counties that experienced ex-
ceptional, extreme, or severe drought conditions during the
12-month period ending August 31, 2020. Taxpayers may
use this list to determine if any extension is available.
Finding Lists begin on page ii.

The IRS Mission
Provide America’s taxpayers top-quality service by helping
them understand and meet their tax responsibilities and en-
force the law with integrity and fairness to all.
Introduction
The Internal Revenue Bulletin is the authoritative instrument
of the Commissioner of Internal Revenue for announcing of-
ficial rulings and procedures of the Internal Revenue Service
and for publishing Treasury Decisions, Executive Orders, Tax
Conventions, legislation, court decisions, and other items of
general interest. It is published weekly.
It is the policy of the Service to publish in the Bulletin all sub-
stantive rulings necessary to promote a uniform application
of the tax laws, including all rulings that supersede, revoke,
modify, or amend any of those previously published in the
Bulletin. All published rulings apply retroactively unless other-
wise indicated. Procedures relating solely to matters of inter-
nal management are not published; however, statements of
internal practices and procedures that affect the rights and
duties of taxpayers are published.
Revenue rulings represent the conclusions of the Service
on the application of the law to the pivotal facts stated in
the revenue ruling. In those based on positions taken in rul-
ings to taxpayers or technical advice to Service field offices,
identifying details and information of a confidential nature are
deleted to prevent unwarranted invasions of privacy and to
comply with statutory requirements.
Rulings and procedures reported in the Bulletin do not have the
force and effect of Treasury Department Regulations, but they
may be used as precedents. Unpublished rulings will not be
relied on, used, or cited as precedents by Service personnel in
the disposition of other cases. In applying published rulings and
procedures, the effect of subsequent legislation, regulations,
court decisions, rulings, and procedures must be considered,
and Service personnel and others concerned are cautioned
against reaching the same conclusions in other cases unless
the facts and circumstances are substantially the same.
The Bulletin is divided into four parts as follows:
Part I.—1986 Code.
This part includes rulings and decisions based on provisions
of the Internal Revenue Code of 1986.
Part II.—Treaties and Tax Legislation.
This part is divided into two subparts as follows: Subpart A,
Tax Conventions and Other Related Items, and Subpart B,
Legislation and Related Committee Reports.
Part III.—Administrative, Procedural, and Miscellaneous.
To the extent practicable, pertinent cross references to these
subjects are contained in the other Parts and Subparts. Also
included in this part are Bank Secrecy Act Administrative
Rulings. Bank Secrecy Act Administrative Rulings are issued
by the Department of the Treasury’s Office of the Assistant
Secretary (Enforcement).
Part IV.—Items of General Interest.
This part includes notices of proposed rulemakings, disbar-
ment and suspension lists, and announcements.
The last Bulletin for each month includes a cumulative index
for the matters published during the preceding months. These
monthly indexes are cumulated on a semiannual basis, and are
published in the last Bulletin of each semiannual period.
The contents of this publication are not copyrighted and may be reprinted freely. A citation of the Internal Revenue Bulletin as the source would be appropriate.
October 5, 2020 Bulletin No. 2020–41

Part I
Section 1274.—
Determination of Issue
Price in the Case of Certain
Debt Instruments Issued for
Property
(Also Sections 42, 280G, 382, 467, 468, 482, 483,
1288, 7520, 7872.)
Rev. Rul. 2020-20
This revenue ruling provides various
prescribed rates for federal income tax
purposes for October 2020 (the current
month). Table 1 contains the short-
term, mid-term, and long-term applica-
ble federal rates (AFR) for the current
month for purposes of section 1274(d)
of the Internal Revenue Code. Table 2
contains the short-term, mid-term, and
long-term adjusted applicable feder-
al rates (adjusted AFR) for the current
month for purposes of section 1288(b).
Table 3 sets forth the adjusted feder-
al long-term rate and the long-term
tax-exempt rate described in section
382(f). Table 4 contains the appro-
priate percentages for determining the
low-income housing credit described in
section 42(b)(1) for buildings placed in
service during the current month. How-
ever, under section 42(b)(2), the appli-
cable percentage for non-federally sub-
sidized new buildings placed in service
after July 30, 2008, shall not be less
than 9%. Finally, Table 5 contains the
federal rate for determining the present
value of an annuity, an interest for life
or for a term of years, or a remainder or
a reversionary interest for purposes of
section 7520.
REV. RUL. 2020-20 TABLE 1
Applicable Federal Rates (AFR) for October 2020
Period for Compounding
AnnualSemiannualQuarterlyMonthly
Short-term
AFR0.14%0.14%0.14%0.14%
110% AFR0.15%0.15%0.15%0.15%
120% AFR0.17%0.17%0.17%0.17%
130% AFR0.18%0.18%0.18%0.18%
Mid-term
AFR0.38%0.38%0.38%0.38%
110% AFR0.42%0.42%0.42%0.42%
120% AFR0.46%0.46%0.46%0.46%
130% AFR0.49%0.49%0.49%0.49%
150% AFR0.57%0.57%0.57%0.57%
175% AFR0.67%0.67%0.67%0.67%
Long-term
AFR1.12%1.12%1.12%1.12%
110% AFR1.23%1.23%1.23%1.23%
120% AFR1.34%1.34%1.34%1.34%
130% AFR1.47%1.46%1.46%1.46%
REV. RUL. 2020-20 TABLE 2
Adjusted AFR for October 2020
Period for Compounding
AnnualSemiannualQuarterlyMonthly
Short-term adjusted AFR0.11%0.11%0.11%0.11%
Mid-term adjusted AFR0.29%0.29%0.29%0.29%
Long-term adjusted AFR0.85%0.85%0.85%0.85%
October 5, 2020 880 Bulletin No. 2020–41

REV. RUL. 2020-20 TABLE 3
Rates Under Section 382 for October 2020
Adjusted federal long-term rate for the current month.85%
Long-term tax-exempt rate for ownership changes during the current month (the highest of
the adjusted federal long-term rates for the current month and the prior two months.)
.85%
REV. RUL. 2020-20 TABLE 4
Appropriate Percentages Under Section 42(b)(1) for October 2020
Note: Under section 42(b)(2), the applicable percentage for non-federally subsidized new buildings placed in service after July
30, 2008, shall not be less than 9%.
Appropriate percentage for the 70% present value low-income housing credit7.17%
Appropriate percentage for the 30% present value low-income housing credit 3.07%
REV. RUL. 2020-20 TABLE 5
Rate Under Section 7520 for October 2020
Applicable federal rate for determining the present value of an annuity, an interest for life or
a term of years, or a remainder or reversionary interest
.4%
Section 42.—Low-Income
Housing Credit
The applicable federal short-term, mid-term,
and long-term rates are set forth for the month of
October 2020. See Rev. Rul. 2020-20, page 880.
Section 280G.—Golden
Parachute Payments
The applicable federal short-term, mid-term,
and long-term rates are set forth for the month of
October 2020. See Rev. Rul. 2020-20, page 880.
Section 382.—Limitation
on Net Operating Loss
Carryforwards and
Certain Built-In Losses
Following Ownership
Change
The adjusted applicable federal long-term rate
is set forth for the month of October 2020. See
Rev. Rul. 2020-20, page 880.
Section 467.—Certain
Payments for the Use of
Property or Services
The applicable federal short-term, mid-term,
and long-term rates are set forth for the month of
October 2020. See Rev. Rul. 2020-20, page 880.
Section 468.—Special
Rules for Mining and Solid
Waste Reclamation and
Closing Costs
The applicable federal short-term rates are set
forth for the month of October 2020. See Rev. Rul.
2020-20, page 880.
Section 482.—Allocation
of Income and Deductions
Among Taxpayers
The applicable federal short-term, mid-term,
and long-term rates are set forth for the month of
October 2020. See Rev. Rul. 2020-20, page 880.

Section 483.—Interest on
Certain Deferred Payments
The applicable federal short-term, mid-term,
and long-term rates are set forth for the month of
October 2020. See Rev. Rul. 2020-20, page 880.
Section 1288.—Treatment
of Original Issue Discount
on Tax-Exempt Obligations
The adjusted applicable federal short-term, mid-
term, and long-term rates are set forth for the month
of October 2020. See Rev. Rul. 2020-20, page 880.
Section 7520.—Valuation
Tables
The applicable federal mid-term rates are set
forth for the month of October 2020. See Rev. Rul.
2020-20, page 880.
Section 7872.—Treatment
of Loans With Below-
Market Interest Rates
The applicable federal short-term, mid-term,
and long-term rates are set forth for the month of
October 2020. See Rev. Rul. 2020-20, page 880.

Bulletin No. 2020–41 881 October 5, 2020

October 5, 2020 882 Bulletin No. 2020–41
Section 61. Gross Income
Defined
26 CFR 1.61-21: Taxation of fringe benefits.
Rev. Rul. 2020-21
For purposes of the taxation of fringe
benefits under section 61 of the Internal Rev-
enue Code, section 1.61-21(g) of the Income
Tax Regulations provides a rule for valuing
noncommercial flights on employer-provid-
ed aircraft. Section 1.61-21(g)(5) provides
an aircraft valuation formula to determine
the value of such flights. The value of a
flight is determined under the base aircraft
valuation formula (also known as the Stan-
dard Industry Fare Level formula or SIFL)
by multiplying the SIFL cents-per-mile rates
applicable for the period during which the
flight was taken by the appropriate aircraft
multiple provided in section 1.61-21(g)(7)
and then adding the applicable terminal
charge. The SIFL cents-per-mile rates in the
formula and the terminal charge are calcu-
lated by the Department of Transportation
and are reviewed semi-annually.
The following chart sets forth the ter-
minal charge and SIFL mileage rates:
Period During Which Terminal SIFL Mileage
the Flight Is Taken Charge Rates
7/1/20 - 12/31/20 $42.62 Up to 500 miles
= $.2331 per mile
501-1500 miles
= $.1778 per mile
Over 1500 miles
= $.1709 per mile
DRAFTING INFORMATION
The principal author of this revenue
ruling is Kathleen Edmondson of the Of-
fice of Associate Chief Counsel (Employ-
ee Benefits, Exempt Organizations and
Employment Taxes). For further informa-
tion regarding this revenue ruling, contact
Ms. Edmondson at (202) 317-6798 (not a
toll-free number).
T.D. 9915
DEPARTMENT OF THE
TREASURY
Internal Revenue Service
26 CFR Part 1
Rehabilitation Credit
Allocated Over a 5-Year
Period
AGENCY: Internal Revenue Service
(IRS), Treasury.
ACTION: Final regulations.
SUMMARY: This document contains fi-
nal regulations concerning the rehabilita-
tion credit, including rules to coordinate
the new 5-year period over which the
credit may be claimed with other special
rules for investment credit property. These
final regulations affect taxpayers that
claim the rehabilitation credit.
DATES: Effective Date: These regulations
are effective on September 18, 2020.
Applicability Date: For date of applica-
bility, see §1.47-7(f).
FOR FURTHER INFORMATION CON-
TACT: Barbara J. Campbell, (202) 317-
4137.
SUPPLEMENTARY INFORMATION:
Background
This document amends the Income
Tax Regulations (26 CFR part 1) to final-
ize rules under section 47 of the Internal
Revenue Code (Code). On May 22, 2020,
the Department of the Treasury (Trea-
sury Department) and the IRS published
a notice of proposed rulemaking (REG-
124327-19) in the Federal Register (85
FR 31096) (proposed regulations). The
proposed regulations were necessary to
address the amendments to section 47 by
section 13402 of Public Law 115-97, 131
Stat. 2054 (2017), commonly referred
to as the Tax Cuts and Jobs Act (TCJA).
The proposed regulations provide that
the rehabilitation credit is properly deter-
mined in the year the qualified rehabili-
tated building (QRB) is placed in service
but allocated ratably over the 5-year pe-
riod beginning in such year as required
by the TCJA, rather than being allocated
entirely to the taxable year the QRB is
placed in service as under section 47 pri-
or to the TCJA. The proposed regulations
add §1.47–7(a) through (f) and include: a
general rule for calculating the rehabili-
tation credit; definitions of ratable share
and rehabilitation credit determined; and
a rule coordinating the changes to section
47 with the special rules in section 50.
The proposed regulations also contain
examples, including examples illustrat-
ing the interaction of section 47 with
rules in section 50(a) (recapture in case
of dispositions, etc.), section 50(c) (ba-
sis adjustment to investment credit prop-
erty), and section 50(d)(5) (relating to
certain leased property when the lessee is
treated as owner and subject to an income
inclusion requirement). The preamble to
the proposed regulations contains a de-
tailed explanation regarding the amend-

Bulletin No. 2020–41 883 October 5, 2020
ment of section 47 by the TCJA and the
addition of §1.47-7(a) through (f).
The Treasury Department and the IRS
received three written comments on the
proposed regulations. No requests for a
public hearing were made, and no pub-
lic hearing was held. After consideration
of the comments, this Treasury decision
adopts the proposed regulations without
modification.
Summary of Comments
The three comments submitted in re-
sponse to the proposed regulations are
available at www.regulations.gov or upon
request.
Two of the comments were supportive
of the proposed regulations and did not
provide any suggested revisions or addi-
tions. This summary of comments does
not further address those comments.
The other comment did not disagree
with or suggest revision to any of the
rules in the proposed regulations. The
comment raised issues that the comment-
er believes the proposed regulations did
not address. These include the potential
impact of the new 5-year period on a
partner’s capital account under §1.704-
1 (partner’s distributive share) when a
partnership directly owns the property,
whether and how the partnership allo-
cates the rehabilitation credit to partners,
potential reporting obligations by a part-
nership on Schedule K-1 (Form 1065), the
treatment of the remaining ratable share
when a partner sells a partnership interest
within the 5-year credit period, and the
interaction of §1.704-1 with §1.50-1 (les-
see’s income inclusion following election
of lessor of investment credit property to
treat lessee as acquirer).
With respect to the potential impact of
the new 5-year period on a partner’s capital
account under §1.704-1 when the partner-
ship directly owns the QRB, the comment
concluded that for partners “there would
be a capital account effect that would not
take into account the 5-year allocation of
the credit.” Partnership capital accounting
rules are addressed in the regulations to
section 704, and therefore are not includ-
ed in these final regulations. However, for
clarification, the Treasury Department and
the IRS agree that there would be a capi-
tal account adjustment that would not take
into account the 5-year credit period. In
other words, the full amount of the capi-
tal account adjustment under §1.704-1 is
reflected in a partner’s capital account in
the year the rehabilitation credit is deter-
mined.
With respect to whether and how the
partnership allocates the rehabilitation
credit to partners, the comment specifical-
ly asked “whether the partners are allocat-
ed 20 percent of the credit each year al-
though all of the credit basis is reduced in
the first year when the property is placed in
service or whether, after the first year, the
remaining four years over which the credit
is spread is taken into account and applied
solely at the partner level over those re-
maining years, consistent with the section
1.50-1 regulations.” Partnership alloca-
tion rules of general business credits are
specifically addressed in the regulations to
section 704, and therefore are not includ-
ed in these final regulations. However, for
clarification, the rehabilitation credit is
not allocated by the partnership, but is cal-
culated at the partner level and claimed by
the partner ratably over the 5-year credit
period. As under section 47 prior to the
TCJA, the partnership allocates qualified
rehabilitation expenditures (QREs) to its
partners. Under section 47(b), QREs with
respect to any QRB are taken into account
for the taxable year in which the QRB is
placed in service.
By way of further explanation, the
calculation of the rehabilitation credit at
the partner level is made as part of cal-
culating the investment credit under sec-
tion 46, which is listed as a current year
general business credit under section 38.
Section 1.704-1(b)(4)(ii), which requires
allocations with respect to the investment
tax credit provided by section 38 to be
made in accordance with the partners’
interests in the partnership, provides
that allocations of cost or qualified in-
vestment (as opposed to the investment
credit itself, which is not determined at
the partnership level) that are made in ac-
cordance with §1.46-3(f) shall be deemed
to be made in accordance with the part-
ners’ interests in the partnership. For
purposes of the investment credit, part
of those allocations to partners would
include QREs to calculate the rehabilita-
tion credit. Partners then compute the in-
vestment credit at the partner level based
on partner level limitations. See also TD
9872 (84 FR 34775) and TD 9776 (81 FR
47701) (these Treasury decisions relate
to §1.50-1 and both preambles contain
relevant descriptions of how the rehabil-
itation credit is calculated in the context
of passthrough entities, including that the
calculation is done at the partner level in
the case of partnerships and the S cor-
poration shareholder level in the case of
subchapter S corporations).
Lastly, addressing issues related to po-
tential reporting obligations by a partner-
ship on Schedule K-1, the sale of a part-
nership interest within the 5-year credit
period, and the interaction of §1.704-
1 with §1.50-1 (including amending
§1.704-1 as recommended in the com-
ment) is beyond the scope of the final
regulations.
Applicability Date
These final regulations apply to taxable
years beginning on or after September 18,
2020. However, taxpayers may choose
to apply these final regulations for QREs
paid or incurred after December 31, 2017,
in taxable years beginning before Sep-
tember 18, 2020, provided the taxpayers
apply the final regulations in their entirety
and in a consistent manner. See section
7805(b)(7).
Special Analyses
This regulation is not subject to review
under section 6(b) of Executive Order
12866 pursuant to the Memorandum of
Agreement (April 11, 2018) between the
Treasury Department and the Office of
Management and Budget regarding re-
view of tax regulations.
In accordance with the Regulatory
Flexibility Act (5 U.S.C. chapter 6), it is
hereby certified that these final regulations
will not have a significant economic im-
pact on a substantial number of small en-
tities. Although the rules may affect small
entities, data are not readily available
about the number of taxpayers affected.
The economic impact of these regulations
is not likely to be significant, however,
because these final regulations substan-
tially incorporate statutory changes made
to section 47 by the TCJA that have been
effective for QREs paid or incurred after

October 5, 2020 884 Bulletin No. 2020–41
December 31, 2017. The final regulations
will assist taxpayers in understanding the
changes to section 47 and make it easier
for taxpayers to comply with those chang-
es and section 50, which was not changed
by the TCJA.
Pursuant to section 7805(f) of the In-
ternal Revenue Code, these regulations
were submitted to the Chief Counsel for
Advocacy of the Small Business Admin-
istration for comment on their impact on
small business. No comments were re-
ceived from the Small Business Admin-
istration.
Drafting Information
The principal author of these final
regulations is Barbara J. Campbell, Of-
fice of the Associate Chief Counsel
(Passthroughs and Special Industries),
IRS. However, other personnel from the
Treasury Department and the IRS partic-
ipated in their development.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and record-
keeping requirements.
Amendments to the Regulations
Accordingly, 26 CFR part 1 is amend-
ed as follows:
PART 1—INCOME TAXES
Paragraph 1. The authority citation for
part 1 continues to read in part as follows:
Authority: 26 U.S.C. 7805 * * *
Par. 2. Section 1.47-7 is added to read
as follows:
§1.47-7 Rehabilitation credit allocated
over a 5-year period.
(a) In general. For purposes of sec-
tion 46, for any taxable year during the
5-year period beginning in the taxable
year in which a qualified rehabilitated
building, as defined in section 47(c)(1)
and §1.48-12(b), is placed in service,
the rehabilitation credit for the taxable
year is an amount equal to the ratable
share for the taxable year, provided the
requirements of section 47 are satisfied.
Except as provided by section 13402(c)
(2) of Public Law 115-97, 131 Stat. 2054
(2017), this section applies with respect
to qualified rehabilitation expenditures,
as defined in section 47(c)(2) and §1.48-
12(c), paid or incurred after December
31, 2017.
(b) Ratable share. For purposes of
paragraph (a) of this section, the term
ratable share means, for any taxable year
during the 5-year period described in such
paragraph, the amount equal to 20 percent
of the rehabilitation credit determined
with respect to the qualified rehabilitated
building, allocated ratably to each year
during such period.
(c) Rehabilitation credit determined.
The term rehabilitation credit determined
means the amount equal to 20 percent
of the qualified rehabilitation expendi-
tures, as defined in section 47(c)(2) and
§1.48-12(c), taken into account under
section 47(b)(1) for the taxable year in
which the qualified rehabilitated building
is placed in service. However, if the tax-
payer claims the additional first year de-
preciation for the qualified rehabilitation
expenditures pursuant to §1.168(k)-2(g)
(9), the term rehabilitation credit deter-
mined means the amount equal to 20 per-
cent of the remaining rehabilitated basis,
as defined in §1.168(k)-2(g)(9)(i)(B), of
the qualified rehabilitated building for
the taxable year in which such building is
placed in service.
(d) Coordination with section 50. For
purposes of section 50 and §1.50-1, the
amount of the rehabilitation credit deter-
mined is the amount defined in paragraph
(c) of this section.
(e) Examples. The provisions of para-
graphs (a) through (d) of this section are
illustrated by the following examples.
Assume that the additional first year de-
preciation deduction provided by section
168(k) is not allowed or allowable for the
qualified rehabilitation expenditures.
(1) Example 1: Rehabilitation Credit Determined
and Ratable Share. Between February 1, 2021 and
October 1, 2021, X, a calendar year C corporation,
incurred qualified rehabilitation expenditures of
$200,000 with respect to a qualified rehabilitated
building. X placed the building in service on Octo-
ber 15, 2021. X’s rehabilitation credit determined in
2021 under paragraph (c) of this section is $40,000
($200,000 x 0.20). For purposes of section 46, for
each taxable year during the 5-year period beginning
in 2021, the ratable share allocated under paragraph
(b) of this section for the year is $8,000 ($40,000 x
0.20).
(2) Example 2: Coordination with section 50(c).
The facts are the same as in paragraph (e)(1) of this
section (Example 1). For purposes of determining
the amount of X’s basis adjustment in 2021 under
section 50(c), the amount of the rehabilitation cred-
it determined under paragraph (c) of this section is
$40,000.
(3) Example 3: Coordination with section 50(a).
The facts are the same as in paragraph (e)(1) of this
section (Example 1). In 2021 and 2022, X claimed
the full amount of the ratable share allowed under
section 46, or $8,000 per taxable year. X’s total
allowable ratable share for 2023 through 2025 is
$24,000 ($8,000 allowable per taxable year). On
November 1, 2023, X disposes of the qualified re-
habilitated building. Under section 50(a)(1)(B)(iii),
because the period of time between when the qual-
ified rehabilitated building was placed in service is
more than two, but less than 3 full years, the appli-
cable recapture percentage is 60%. Based on these
facts, X has an increase in tax of $9,600 under sec-
tion 50(a) ($16,000 of credit claimed in 2021 and
2022 x 0.60) and has $3,200 of credits remaining in
each of 2023 through 2025, after forgoing $4,800
in credits in each of the years 2023 through 2025
($8,000 x 0.60).
(4) Example 4: Coordination with section 50(d)
(5) and §1.50-1; C corporation lessee. X, a calen-
dar year C corporation, leases nonresidential real
property from Y. The property is a qualified reha-
bilitated building that is placed in service on Octo-
ber 15, 2021. Under paragraph (c) of this section,
the amount of the rehabilitation credit determined
is $100,000. Y elects under §1.48-4 to treat X as
having acquired the property. The shortest recovery
period that could be available to the property under
section 168 is 39 years. Because Y has elected to
treat X as having acquired the property, Y does not
reduce its basis in the property under section 50(c).
Instead, pursuant to section 50(d)(5) and §1.50-1,
X, the lessee of the property, must include ratably
in gross income over 39 years an amount equal to
the rehabilitation credit determined with respect to
such property.
(5) Example 5: Coordination with section 50(d)
(5) and §1.50-1; partnership lessee. A and B, calen-
dar year taxpayers, form a partnership, the AB part-
nership, that leases nonresidential real property from
Y. The property is a qualified rehabilitated building
that is placed in service on October 15, 2021. Under
paragraph (c) of this section, the amount of the re-
habilitation credit determined is $200,000. Y elects
under §1.48-4 to treat the AB partnership as having
acquired the property. The shortest recovery period
that could be available to the property under section
168 is 39 years. Because Y has elected to treat the
AB partnership as having acquired the property, Y
does not reduce its basis in the building under section
50(c). Instead, A and B, the ultimate credit claim-
ants, as defined in §1.50-1(b)(3)(ii), must include the
amount of the rehabilitation credit determined under
paragraph (c) of this section with respect to A and B
ratably in gross income over 39 years, the shortest
recovery period available with respect to such prop-
erty.

Bulletin No. 2020–41 885 October 5, 2020
(f) Applicability date.
This section applies to taxable years
beginning on or after September 18, 2020.
Taxpayers may choose to apply this sec-
tion for taxable years beginning before
September 18, 2020, provided the taxpay-
er applies this section in its entirety and in
a consistent manner.
Sunita Lough,
Deputy Commissioner for Services
and Enforcement.
Approved: September 4, 2020.
David J. Kautter,
Assistant Secretary of the Treasury
(Tax Policy).
(Filed by the Office of the Federal Register on Sep-
tember 16, 2020, 4:15 p.m., and published in the is-
sue of the Federal Register for September 18, 2020,
85 F.R. 58266)

October 5, 2020 886 Bulletin No. 2020–41
Part III
Deferred Applicability
Dates for Foreign Currency
Guidance
Notice 2020-73
SECTION 1. PURPOSE
This Notice announces that the Depart-
ment of the Treasury (Treasury Depart-
ment) and the Internal Revenue Service
(IRS) intend to amend the regulations
under section 987 to defer the applicabil-
ity date of certain final regulations under
section 987 and certain related final regu-
lations by one additional year.
On December 8, 2016, the Treasury
Department and the IRS published Trea-
sury Decision 9794 (81 Fed. Reg. 88806),
which contained final regulations under
section 987 and amendments to existing
regulations under sections 861, 985, 988,
and 989. See §§1.861-9T(g)(2)(ii)(A)(1)
and (g)(2)(vi); 1.985-5; 1.987-0 through
1.987-11; 1.988-0; 1.988-1(a)(4), (a)(10)
(ii), and (i); 1.988-4(b)(2); and 1.989(a)-
1(b)(2)(i), (b)(4), (d)(3), and (d)(4) (the
2016 final regulations). The same day,
the Treasury Department and the IRS also
published Treasury Decision 9795 (81
Fed. Reg. 88854), which contained tem-
porary regulations under sections 987 and
988 (the temporary regulations), and con-
currently published a notice of proposed
rulemaking by cross-reference to the tem-
porary regulations (the proposed regula-
tions). See REG-128276-12, 81 Fed. Reg.
88882.
On May 13, 2019, the Treasury Depart-
ment and the IRS published Treasury De-
cision 9857 (84 Fed. Reg. 20790), which
adopted in final form §§1.987-2T(c)(9),
1.987-4T(c)(2) and (f), and 1.987-12T and
withdrew §1.987-7T. The other temporary
regulations expired on December 6, 2019.
The proposed regulations that were not fi-
nalized in 2019 remain outstanding.
Earlier notices deferred the applica-
bility dates of the 2016 final regulations,
§§1.987-1T (other than §§1.987-1T(g)(2)
(i)(B) and (g)(3)(i)(H)) through 1.987-
4T, 1.987-6T, 1.987-7T, 1.988-1T, and
1.988-2T(i) of the temporary regulations
(the related temporary regulations), and
§§1.987-2(c)(9) and 1.987-4(c)(2) and (f)
of the 2019 final regulations (the related
2019 final regulations). Most recently,
on December 23, 2019, Notice 2019-65,
2019-52 I.R.B. 1507 announced that fu-
ture guidance would defer the applicabil-
ity date of the 2016 final regulations and
the related 2019 final regulations by one
additional year to taxable years beginning
after December 7, 2020.
SECTION 2. AMENDED
APPLICABILITY DATE
The Treasury Department and the IRS
intend to amend the applicability dates in
§§1.861-9T, 1.985-5, 1.987-11, 1.988-1,
1.988-4, and 1.989(a)-1 of the 2016 final
regulations and §§1.987-2 and 1.987-4 of
the related 2019 final regulations to pro-
vide that the 2016 final regulations and
the related 2019 final regulations apply to
taxable years beginning after December
7, 2021 (the amended applicability date).
See §§1.861-9T(g)(2)(vi); 1.985-5(g);
1.987-2(e)(2); 1.987-4(h)(2); 1.987-11(a);
1.988-1(i); 1.988-4(b)(2)(ii); 1.989(a)-
1(b)(4); 1.989(a)-1(d)(4). Thus, following
the amendments described in this Notice,
the 2016 final regulations and the related
2019 final regulations would apply to the
taxable year beginning on January 1, 2022
for calendar-year taxpayers. The Treasury
Department and the IRS do not intend to
amend the applicability date of §1.987-12.
See §1.987-12(j).
A taxpayer may choose to apply the 2016
final regulations, the related temporary reg-
ulations (until they were revoked on May
13, 2019 or expired on December 6, 2019,
as applicable), and the related 2019 final
regulations (beginning on May 13, 2019)
to taxable years beginning after December
7, 2016 and before the amended applicabil-
ity date provided the taxpayer consistent-
ly applies those regulations to such tax-
able years with respect to all section 987
QBUs directly or indirectly owned by the
taxpayer on the transition date as well as
all section 987 QBUs directly or indirectly
owned on the transition date by members
that file a consolidated return with the tax-
payer or by any controlled foreign corpo-
ration, as defined in section 957, in which
a member owns more than 50 percent of
the voting power or stock value, as deter-
mined under section 958(a) (collectively,
related parties). A taxpayer and its related
parties are not, however, required to apply
§1.987-7T of the related temporary regula-
tions to any part of a taxable year ending
on or after May 13, 2019. For example, a
calendar-year taxpayer applying the regu-
lations in accordance with this paragraph
is not required to apply §1.987-7T to the
period beginning on January 1, 2019 and
ending on May 13, 2019 (when §1.987-7T
was revoked).
The transition date is the first day of
the first taxable year to which §§1.987-
1 through 1.987-10 are applicable with
respect to a taxpayer under §1.987-11.
Section 1.987-11(c). Therefore, if a tax-
payer chooses to apply §§1.987-1 through
1.987-10 to a taxable year beginning be-
fore the amended applicability date, the
transition date is the first day of the first
taxable year in which the taxpayer choos-
es to apply §§1.987-1 through 1.987-10.
For periods following the expiration of
the temporary regulations, a taxpayer may
rely on §§1.987-1 (other than §§1.987-
1(g)(2)(i)(B) and (g)(3)(i)(H)), 1.987-3,
1.987-6, 1.988-1, and 1.988-2(i) of the
proposed regulations, provided that the
taxpayer and its related parties consis-
tently follow those proposed regulations
in their entirety and apply the 2016 final
regulations and the related 2019 final
regulations for the same taxable year. In
addition, a taxpayer may rely on §§1.987-
1(g)(2)(i)(B) and (g)(3)(i)(H) and 1.987-
8 of the proposed regulations, provided
that the taxpayer and its related parties
consistently follow those proposed reg-
ulations in their entirety. A taxpayer may
rely on §1.987-7 or 1.988-2(b)(16) of the
proposed regulations, provided that the
taxpayer and its related parties consistent-
ly follow each section of those proposed
regulations on which it relies.
SECTION 3. TAXPAYER RELIANCE
Before the regulations under section
987 are amended as described in section 2

Bulletin No. 2020–41 887 October 5, 2020
of this Notice, taxpayers may rely on the
provisions of this Notice.
SECTION 4. DRAFTING
INFORMATION
The principal author of this Notice is
Raphael J. Cohen of the Office of Asso-
ciate Chief Counsel (International). For
further information regarding this Notice,
contact Raphael J. Cohen at (202) 317-
6938 (not a toll-free number).
Extension of Replacement
Period for Livestock Sold
on Account of Drought
Notice 2020-74
SECTION 1. PURPOSE
This notice provides guidance regard-
ing an extension of the replacement period
under § 1033(e) of the Internal Revenue
Code for livestock sold on account of
drought in specified counties.
SECTION 2. BACKGROUND
.01 Nonrecognition of Gain on Invol-
untary Conversion of Livestock. Section
1033(a) generally provides for nonrecog-
nition of gain when property is involun-
tarily converted and replaced with prop-
erty that is similar or related in service
or use. Section 1033(e)(1) provides that
a sale or exchange of livestock (other
than poultry) held by a taxpayer for draft,
breeding, or dairy purposes in excess of
the number that would be sold following
the taxpayer’s usual business practices is
treated as an involuntary conversion if the
livestock is sold or exchanged solely on
account of drought, flood, or other weath-
er-related conditions.
.02 Replacement Period. Section
1033(a)(2)(A) generally provides that gain
from an involuntary conversion is recog-
nized only to the extent the amount real-
ized on the conversion exceeds the cost of
replacement property purchased during the
replacement period. If a sale or exchange of
livestock is treated as an involuntary con-
version under § 1033(e)(1) and is solely on
account of drought, flood, or other weath-
er-related conditions that result in the area
being designated as eligible for assistance
by the federal government, § 1033(e)(2)(A)
provides that the replacement period ends
four years after the close of the first taxable
year in which any part of the gain from the
conversion is realized. Section 1033(e)(2)
(B) provides that the Secretary may extend
this replacement period on a regional basis
for such additional time as the Secretary
determines appropriate if the weather-relat-
ed conditions that resulted in the area being
designated as eligible for assistance by the
federal government continue for more than
three years. Section 1033(e)(2) is effective
for any taxable year with respect to which
the due date (without regard to extensions)
for a taxpayer’s return is after December
31, 2002.
SECTION 3. EXTENSION OF
REPLACEMENT PERIOD UNDER §
1033(e)(2)(B)
Notice 2006-82, 2006-2 C.B. 529,
provides for extensions of the replace-
ment period under § 1033(e)(2)(B). If a
sale or exchange of livestock is treated as
an involuntary conversion on account of
drought and the taxpayer’s replacement
period is determined under § 1033(e)(2)
(A), the replacement period will be ex-
tended under § 1033(e)(2)(B) and Notice
2006-82 until the end of the taxpayer’s
first taxable year ending after the first
drought-free year for the applicable re-
gion. For this purpose, the first drought-
free year for the applicable region is the
first 12-month period that (1) ends August
31; (2) ends in or after the last year of the
taxpayer’s four-year replacement period
determined under § 1033(e)(2)(A); and
(3) does not include any weekly period
for which exceptional, extreme, or severe
drought is reported for any location in the
applicable region. The applicable region
is the county that experienced the drought
conditions on account of which the live-
stock was sold or exchanged and all coun-
ties that are contiguous to that county.
A taxpayer may determine whether ex-
ceptional, extreme, or severe drought is
reported for any location in the applicable
region by reference to U.S. Drought Mon-
itor maps that are produced on a weekly
basis by the National Drought Mitigation
Center. U.S. Drought Monitor maps are
archived at http://droughtmonitor.unl.edu/
Maps/MapArchive.aspx.
In addition, Notice 2006-82 provides
that the Internal Revenue Service will
publish in September of each year a list of
counties
1
for which exceptional, extreme,
or severe drought was reported during the
preceding 12 months. Taxpayers may use
this list instead of U.S. Drought Monitor
maps to determine whether exceptional,
extreme, or severe drought has been re-
ported for any location in the applicable
region.
The Appendix to this notice contains
the list of counties for which exceptional,
extreme, or severe drought was reported
during the 12-month period ending Au-
gust 31, 2020. Under Notice 2006-82,
the 12-month period ended on August 31,
2020, is not a drought-free year for an ap-
plicable region that includes any county
on this list. Accordingly, for a taxpayer
who qualified for a four-year replacement
period for livestock sold or exchanged on
account of drought and whose replace-
ment period is scheduled to expire at the
end of 2020 (or, in the case of a fiscal
year taxpayer, at the end of the taxable
year that includes August 31, 2020), the
replacement period will be extended un-
der § 1033(e)(2) and Notice 2006-82 if the
applicable region includes any county on
this list. This extension will continue until
the end of the taxpayer’s first taxable year
ending after a drought-free year for the ap-
plicable region.
SECTION 4. DRAFTING
INFORMATION
The principal author of this notice
is Lewis Saideman of the Office of As-
sociate Chief Counsel (Income Tax &
Accounting). For further information
regarding this notice, please contact Mr.
Saideman at (202) 317-7006 (not a toll-
free number).
1
The term “counties” in this notice includes boroughs, census areas, counties, islands, municipalities, or parishes.

October 5, 2020 888 Bulletin No. 2020–41
APPENDIX
Alabama
Counties of Autauga, Baldwin, Barbour,
Bibb, Bullock, Butler, Chambers, Cher-
okee, Chilton, Clay, Coffee, Conecuh,
Coosa, Covington, Crenshaw, Dale, Dal-
las, DeKalb, Elmore, Escambia, Geneva,
Henry, Houston, Jackson, Jefferson, Lee,
Limestone, Lowndes, Macon, Madison,
Marshall, Mobile, Montgomery, Pike,
Randolph, Russell, Shelby, Talladega, and
Tallapoosa.
Alaska
Municipality of Anchorage. Boroughs
of Kenai Peninsula, Ketchikan Gateway,
Kodiak Island, Lake and Peninsula, and
Matanuska-Susitna. Census Areas of
Prince of Wales-Outer Ketchikan, Val-
dez-Cordova, and Wrangell-Petersburg.
Arizona
Counties of Apache, Cochise, Coconino,
Gila, Graham, Greenlee, La Paz, Marico-
pa, Mohave, Navajo, Pima, Pinal, Santa
Cruz, and Yavapai.
Arkansas
Counties of Ashley, Bradley, Calhoun,
Columbia, Lafayette, Miller, Nevada,
Ouachita, and Union.
California
Counties of Alameda, Butte, Colusa, Con-
tra Costa, Del Norte, Glenn, Humboldt,
Lake, Lassen, Marin, Mendocino, Modoc,
Napa, Nevada, Placer, Plumas, Sacramen-
to, San Bernardino, San Francisco, San
Joaquin, San Mateo, Santa Clara, Shasta,
Sierra, Siskiyou, Solano, Sonoma, Sutter,
Tehama, Trinity, Yolo, and Yuba.
Colorado
Counties of Adams, Alamosa, Arapahoe,
Archuleta, Baca, Bent, Boulder, Broom-
field, Chaffee, Cheyenne, Clear Creek,
Conejos, Costilla, Crowley, Custer, Del-
ta, Denver, Dolores, Douglas, Eagle, El-
bert, El Paso, Fremont, Garfield, Gilpin,
Grand, Gunnison, Hinsdale, Huerfano,
Jackson, Jefferson, Kiowa, Kit Carson,
Lake, La Plata, Larimer, Las Animas,
Lincoln, Logan, Mesa, Mineral, Moffat,
Montezuma, Montrose, Morgan, Otero,
Ouray, Park, Phillips, Pitkin, Prowers,
Pueblo, Rio Blanco, Rio Grande, Routt,
Saguache, San Juan, San Miguel, Sedg-
wick, Summit, Teller, Washington, Weld,
and Yuma.
Connecticut
Counties of Hartford, Litchfield, Middle-
sex, New Haven, New London, Tolland,
and Windham.
Delaware
Counties of Kent and New Castle.
District of Columbia
District of Columbia.
Florida
Counties of Alachua, Baker, Bay, Brad-
ford, Broward, Calhoun, Charlotte, Cit-
rus, Clay, Collier, Columbia, Duval,
Escambia, Flagler, Franklin, Gadsden,
Glades, Gulf, Hamilton, Hardee, Hendry,
Hernando, Hillsborough, Holmes, Jack-
son, Jefferson, Lake, Lee, Leon, Levy,
Liberty, Madison, Manatee, Marion, Mi-
ami-Dade, Monroe, Nassau, Okaloosa,
Orange, Pasco, Pinellas, Polk, Putnam,
Saint Johns, Santa Rosa, Sarasota, Sem-
inole, Sumter, Suwannee, Taylor, Union,
Volusia, Wakulla, Walton, and Washing-
ton.
Georgia
Counties of Appling, Atkinson, Bacon,
Baker, Baldwin, Banks, Barrow, Bar-
tow, Ben Hill, Berrien, Bibb, Bleckley,
Brantley, Brooks, Bryan, Bulloch, Burke,
Butts, Calhoun, Camden, Candler, Car-
roll, Catoosa, Charlton, Chatham, Chat-
tahoochee, Chattooga, Cherokee, Clarke,
Clay, Clayton, Clinch, Cobb, Coffee,
Colquitt, Columbia, Cook, Coweta,
Crawford, Crisp, Dade, Dawson, Deca-
tur, DeKalb, Dodge, Dooly, Dougherty,
Douglas, Early, Echols, Effingham, El-
bert, Evans, Fannin, Fayette, Floyd,
Forsyth, Franklin, Fulton, Gilmer, Glas-
cock, Gordon, Grady, Greene, Gwinnett,
Habersham, Hall, Hancock, Harris, Hart,
Heard, Henry, Houston, Irwin, Jackson,
Jasper, Jeff Davis, Jefferson, Jenkins,
Johnson, Jones, Lamar, Lanier, Laurens,
Lee, Liberty, Lincoln, Long, Lowndes,
Lumpkin, McDuffie, Macon, Madison,
Marion, Meriwether, Miller, Mitchell,
Monroe, Montgomery, Morgan, Murray,
Muscogee, Newton, Oconee, Oglethorpe,
Paulding, Peach, Pickens, Pierce, Pike,
Polk, Pulaski, Putnam, Quitman, Rabun,
Randolph, Rockdale, Schley, Screven,
Seminole, Spalding, Stephens, Stew-
art, Sumter, Talbot, Taliaferro, Tattnall,
Taylor, Telfair, Terrell, Thomas, Tift,
Toombs, Towns, Treutlen, Troup, Turner,
Twiggs, Union, Upson, Walker, Walton,
Ware, Warren, Washington, Wayne, Web-
ster, Wheeler, White, Whitfield, Wilcox,
Wilkes, Wilkinson, and Worth.
Hawaii
Counties of Hawaii, Kalawao, and Maui.
Idaho
Counties of Blaine, Butte, Camas, and
Custer.
Illinois
Counties of Gallatin, Hardin, and White.
Indiana
Counties of Clark, Crawford, Dubois,
Floyd, Harrison, Jefferson, Perry, Posey,
Scott, Spencer, Switzerland, Vanderburgh,
and Warrick.
Iowa
Counties of Adair, Adams, Audubon,
Benton, Boone, Buena Vista, Calhoun,
Carroll, Cass, Cherokee, Clay, Craw-
ford, Dallas, Emmet, Franklin, Greene,
Grundy, Guthrie, Hamilton, Hardin,
Harrison, Humboldt, Ida, Iowa, Jas-
per, Keokuk, Kossuth, Lyon, Madison,
Mahaska, Marshall, Mills, Monona,
Montgomery, O’Brien, Palo Alto, Plym-
outh, Pocahontas, Polk, Pottawattamie,
Poweshiek, Sac, Shelby, Sioux, Story,
Tama, Warren, Webster, Woodbury, and
Wright.

Bulletin No. 2020–41 889 October 5, 2020
Kansas
Counties of Cheyenne, Clark, Ellis, Fin-
ney, Gove, Grant, Gray, Greeley, Hamil-
ton, Harvey, Haskell, Hodgeman, Kearny,
Kingman, Lane, Logan, McPherson, Mar-
ion, Meade, Morton, Ness, Pawnee, Raw-
lins, Reno, Rush, Scott, Sedgwick, Seward,
Sherman, Stanton, Stevens, Trego, Wal-
lace, and Wichita.
Kentucky
Counties of Adair, Barren, Bell, Bourbon,
Boyle, Breathitt, Breckinridge, Bullitt,
Butler, Carroll, Casey, Christian, Clark,
Clay, Clinton, Crittenden, Cumberland,
Daviess, Edmonson, Estill, Fayette,
Floyd, Gallatin, Garrard, Grayson, Green,
Hancock, Hardin, Harlan, Hart, Hender-
son, Henry, Hopkins, Jackson, Jefferson,
Jessamine, Johnson, Knott, Knox, Larue,
Laurel, Lawrence, Lee, Leslie, Letch-
er, Lincoln, Logan, McCreary, McLean,
Madison, Magoffin, Marion, Martin, Me-
ade, Menifee, Mercer, Metcalfe, Monroe,
Morgan, Muhlenberg, Nelson, Ohio, Old-
ham, Owen, Owsley, Perry, Pike, Powell,
Pulaski, Rockcastle, Russell, Scott, Shel-
by, Taylor, Todd, Trimble, Union, Warren,
Washington, Wayne, Webster, Whitley,
Wolfe, and Woodford.
Louisiana
Parishes of Assumption, Avoyelles, Bi-
enville, Bossier, Caddo, Caldwell, Cata-
houla, Claiborne, Concordia, Franklin,
Jefferson, Lafourche, La Salle, Madison,
Plaquemines, Rapides, Richland, Saint
Bernard, Saint Charles, Saint James, Saint
John the Baptist, Saint Tammany, Tensas,
Terrebonne, Union, and Webster.
Maine
Counties of Aroostook, Penobscot, Pisca-
taquis, Somerset, Washington, and York.
Maryland
City of Baltimore. Counties of Anne Arun-
del, Baltimore, Calvert, Caroline, Carroll,
Cecil, Charles, Dorchester, Harford, How-
ard, Kent, Montgomery, Prince George’s,
Queen Anne’s, Saint Mary’s, and Talbot.
Massachusetts
Counties of Barnstable, Berkshire, Bristol,
Dukes, Essex, Hampden, Middlesex, Nan-
tucket, Norfolk, Plymouth, and Worcester.
Minnesota
County of Aitkin, Carlton, Cass, Crow
Wing, Itasca, Lake, and Saint Louis.
Mississippi
Counties of Adams, Claiborne, George,
Hancock, Harrison, Jackson, Jefferson,
and Stone.
Missouri
Counties of Christian, Douglas, Greene,
Lawrence, Stone, and Webster.
Montana
Counties of Beaverhead, Broadwater,
Gallatin, Jefferson, Madison, and Powder
River.
Nebraska
Counties of Adams, Arthur, Banner, Box
Butte, Buffalo, Burt, Cass, Cheyenne,
Clay, Colfax, Cuming, Dakota, Dawes,
Deuel, Dodge, Douglas, Dundy, Garden,
Grant, Hall, Hitchcock, Kearney, Keith,
Kimball, Madison, Morrill, Perkins,
Phelps, Pierce, Platte, Sarpy, Saunders,
Scotts Bluff, Sheridan, Sioux, Stanton,
Thurston, Washington, and Wayne.
Nevada
Counties of Churchill, Clark, Douglas,
Elko, Esmeralda, Eureka, Humboldt,
Lander, Lincoln, Lyon, Mineral, Nye,
Pershing, Storey, Washoe, and White Pine.
New Hampshire
Counties of Belknap, Carroll, Grafton,
Hillsborough, Merrimack, Rockingham,
Strafford, and Sullivan.
New Jersey
County of Salem.
New Mexico
Counties of Bernalillo, Catron, Chaves,
Cibola, Colfax, Curry, DeBaca, Dona
Ana, Eddy, Grant, Guadalupe, Harding,
Hidalgo, Lea, Lincoln, Los Alamos, Luna,
McKinley, Mora, Otero, Quay, Rio Arri-
ba, Roosevelt, Sandoval, San Juan, San
Miguel, Santa Fe, Sierra, Taos, Torrance,
Union, and Valencia.
New York
Counties of Franklin and Saint Lawrence.
North Carolina
Counties of Alexander, Avery, Burke,
Caldwell, Catawba, Cherokee, Clay,
Cleveland, Davie, Forsyth, Gaston, Gra-
ham, Granville, Haywood, Henderson,
Iredell, Jackson, Lincoln, Macon, Madi-
son, Mecklenburg, Mitchell, Person, Polk,
Rowan, Stokes, Surry, Union, Vance, War-
ren, Watauga, Wilkes, Yadkin, and Yanc-
ey.
North Dakota
Counties of Benson, Burleigh, Morton,
Oliver, and Pierce.
Oklahoma
Counties of Alfalfa, Atoka, Beaver, Beck-
ham, Blaine, Caddo, Choctaw, Cimarron,
Comanche, Cotton, Creek, Custer, Dew-
ey, Ellis, Garfield, Grady, Grant, Greer,
Harmon, Harper, Jackson, Jefferson, Kay,
Kingfisher, Kiowa, Lincoln, Logan, Mc-
Curtain, Major, Noble, Osage, Pawnee,
Payne, Pushmataha, Roger Mills, Ste-
phens, Texas, Tillman, Tulsa, Washita,
and Woodward.
Oregon
Counties of Benton, Clackamas, Co-
lumbia, Coos, Crook, Curry, Deschutes,
Douglas, Gilliam, Grant, Harney, Jack-
son, Jefferson, Josephine, Klamath, Lake,
Lane, Lincoln, Linn, Malheur, Marion,
Morrow, Multnomah, Polk, Sherman,
Umatilla, Wasco, Washington, Wheeler,
and Yamhill.

October 5, 2020 890 Bulletin No. 2020–41
Rhode Island
Counties of Bristol, Kent, Newport, Prov-
idence, and Washington.
South Carolina
Counties of Abbeville, Aiken, Allendale,
Anderson, Bamberg, Barnwell, Calhoun,
Cherokee, Chester, Colleton, Dorchester,
Fairfield, Greenville, Greenwood, Hamp-
ton, Jasper, Kershaw, Lancaster, Laurens,
Lexington, McCormick, Oconee, Orange-
burg, Pickens, Richland, Spartanburg,
Sumter, Union, and York.
South Dakota
Counties of Bennett, Fall River, Lincoln,
Oglala Lakota, and Union.
Tennessee
Counties of Anderson, Bledsoe, Bradley,
Campbell, Cannon, Carter, Cheatham,
Claiborne, Clay, Cocke, Cumberland, Da-
vidson, DeKalb, Dickson, Franklin, Giles,
Greene, Grundy, Hamblen, Hamilton,
Hickman, Jefferson, Johnson, Lincoln,
Loudon, McMinn, Marion, Marshall,
Maury, Meigs, Monroe, Morgan, Pickett,
Polk, Putnam, Rhea, Roane, Rutherford,
Scott, Sequatchie, Sullivan, Unicoi, Van
Buren, Warren, Washington, White, Wil-
liamson, and Wilson.
Texas
Counties of Anderson, Andrews, Aransas,
Archer, Armstrong, Atascosa, Austin, Bai-
ley, Bandera, Bastrop, Baylor, Bee, Bell,
Bexar, Blanco, Borden, Bosque, Bow-
ie, Brazoria, Brazos, Brewster, Briscoe,
Brooks, Brown, Burleson, Burnet, Cald-
well, Calhoun, Callahan, Cameron, Camp,
Carson, Cass, Castro, Cherokee, Childress,
Clay, Cochran, Coke, Coleman, Collin,
Collingsworth, Colorado, Comal, Co-
manche, Concho, Coryell, Cottle, Crane,
Crockett, Crosby, Culberson, Dallam, Dal-
las, Dawson, Deaf Smith, Denton, DeWitt,
Dickens, Dimmit, Donley, Duval, East-
land, Ector, Edwards, Ellis, Erath, Falls,
Fayette, Fisher, Floyd, Foard, Fort Bend,
Franklin, Freestone, Frio, Gaines, Galves-
ton, Garza, Gillespie, Glasscock, Goliad,
Gonzales, Gray, Gregg, Grimes, Guada-
lupe, Hale, Hall, Hansford, Hardeman,
Harris, Harrison, Hartley, Haskell, Hays,
Hemphill, Henderson, Hidalgo, Hill, Hock-
ley, Hood, Houston, Howard, Hudspeth,
Hunt, Hutchinson, Irion, Jack, Jackson,
Jeff Davis, Jim Hogg, Jim Wells, Johnson,
Jones, Karnes, Kaufman, Kendall, Kene-
dy, Kent, Kerr, Kimble, King, Kinney,
Kleberg, Knox, Lamb, Lampasas, La Sal-
le, Lavaca, Lee, Leon, Liberty, Limestone,
Lipscomb, Live Oak, Llano, Loving, Lub-
bock, Lynn, McCulloch, McLennan, Mc-
Mullen, Madison, Marion, Martin, Mason,
Matagorda, Maverick, Medina, Menard,
Midland, Milam, Mills, Mitchell, Moore,
Morris, Motley, Nacogdoches, Navarro,
Nolan, Nueces, Ochiltree, Oldham, Palo
Pinto, Parker, Parmer, Pecos, Potter, Pre-
sidio, Rains, Randall, Reagan, Real, Red
River, Reeves, Refugio, Roberts, Robert-
son, Rockwall, Runnels, Rusk, San Patri-
cio, San Saba, Schleicher, Scurry, Shack-
elford, Sherman, Smith, Somervell, Starr,
Stephens, Sterling, Stonewall, Sutton,
Swisher, Tarrant, Taylor, Terrell, Terry,
Throckmorton, Titus, Tom Green, Travis,
Trinity, Upshur, Upton, Uvalde, Val Verde,
Van Zandt, Victoria, Walker, Waller, Ward,
Washington, Webb, Wharton, Wheeler,
Wichita, Wilbarger, Willacy, Williamson,
Wilson, Winkler, Wise, Wood, Yoakum,
Young, Zapata, and Zavala.
Utah
Counties of Beaver, Box Elder, Cache,
Carbon, Daggett, Davis, Duchesne, Em-
ery, Garfield, Grand, Iron, Juab, Kane,
Millard, Morgan, Piute, Rich, Salt Lake,
San Juan, Sanpete, Sevier, Summit,
Tooele, Uintah, Utah, Wasatch, Washing-
ton, Wayne, and Weber.
Virginia
Cities of Alexandria, Bedford, Buena Vis-
ta, Fairfax, Falls Church, Richmond, and
Roanoke. Counties of Alleghany, Ame-
lia, Amherst, Arlington, Bath, Bedford,
Bland, Botetourt, Buchanan, Bucking-
ham, Caroline, Charlotte, Chesterfield,
Craig, Culpeper, Cumberland, Dicken-
son, Dinwiddie, Fairfax, Fauquier, Floyd,
Franklin, Giles, Goochland, Halifax, Ha-
nover, Henrico, Henry, Lee, Loudoun,
Louisa, Mecklenburg, Nottoway, Orange,
Patrick, Powhatan, Prince Edward, Prince
William, Pulaski, Roanoke, Rockbridge,
Spotsylvania, Stafford, Tazewell, Wise,
and Wythe.
Washington
Counties of Adams, Benton, Chelan, Clal-
lam, Clark, Cowlitz, Douglas, Franklin,
Grant, Grays Harbor, Jefferson, King, Kit-
titas, Klickitat, Lewis, Mason, Okanogan,
Pacific, Pierce, San Juan, Skagit, Snohom-
ish, Thurston, Wahkiakum, Walla Walla,
Whatcom, and Yakima.
West Virginia
Counties of Boone, Clay, Fayette, Green-
brier, Kanawha, Lincoln, Logan, McDow-
ell, Mercer, Mingo, Monroe, Nicholas,
Pocahontas, Putnam, Raleigh, Summers,
Wayne, and Wyoming.
Wisconsin
County of Douglas.
Wyoming
Counties of Albany, Big Horn, Campbell,
Carbon, Converse, Fremont, Goshen, Hot
Springs, Johnson, Laramie, Natrona, Nio-
brara, Platte, Sheridan, Sweetwater, Uinta,
and Washakie.
Guam
Island of Guam.
Commonwealth of the Northern Mariana
Islands
Islands of Rota and Saipan.
Commonwealth of Puerto Rico
Municipalities of Adjuntas, Aguas Bue-
nas, Aibonito, Arroyo, Barranquitas, Cabo
Rojo, Caguas, Canovanas, Carolina, Cay-
ey, Cidra, Coamo, Guanica, Guayama,
Guayanilla, Guaynabo, Gurabo, Huma-
cao, Juana Diaz, Juncos, Lajas, Las Pie-
dras, Loiza, Maricao, Maunabo, Naguabo,
Patillas, Penuelas, Ponce, Rio Grande,
Sabana Grande, Salinas, San German, San
Juan, San Lorenzo, Santa Isabel, Trujil-
lo Alto, Vieques, Villalba, Yabucoa, and
Yauco.

Bulletin No. 2020–41 891 October 5, 2020
United States Virgin Islands
Islands of Saint Croix, Saint John, and
Saint Thomas.
Rev. Proc. 2020-42
SECTION 1. PURPOSE
This revenue procedure publishes the
amounts of unused housing credit carry-
overs allocated to qualified states under §
42(h)(3)(D) of the Internal Revenue Code
for calendar year 2020.
SECTION 2. BACKGROUND
Rev. Proc. 2019-45, 2019-48 I.R.B.
524, provides guidance to state housing
credit agencies of qualified states on the
procedure for requesting an allocation of
unused housing credit carryovers under
§ 42(h)(3)(D). Section 5.04 of Rev. Proc.
2019-45 provides that the Internal Rev-
enue Service will publish in the Internal
Revenue Bulletin the amount of unused
housing credit carryovers allocated to
qualified states for a calendar year from
a national pool of unused credit authority
(the National Pool). This revenue proce-
dure publishes these amounts for calendar
year 2020.
SECTION 3. PROCEDURE
The unused housing credit carryover
amount allocated from the National Pool
by the Secretary to each qualified state for
calendar year 2020 is as follows:
Qualified State Amount Allocated
Alabama58,538
Arizona86,900
California471,731
Connecticut42,565
Delaware11,626
Florida256,420
Georgia126,760
Idaho21,336
Illinois151,287
Kentucky53,339
Maine16,048
Maryland72,179
Massachusetts82,289
Michigan119,232
Minnesota67,331
Missouri73,274
Montana12,760
Nebraska23,095
New Jersey106,043
New Mexico25,034
New York232,253
North Carolina125,216
North Dakota9,098
Oklahoma47,242
Pennsylvania152,841
Rhode Island12,648
South Dakota10,562
Texas346,178
Vermont7,450
Virginia101,904
Washington90,913
West Virginia21,396
Wisconsin69,513

October 5, 2020 892 Bulletin No. 2020–41
EFFECTIVE DATE
This revenue procedure is effective
for allocations of housing credit dollar
amounts attributable to the National Pool
component of a qualified state’s housing
credit ceiling for calendar year 2020.
DRAFTING INFORMATION
The principal author of this revenue
procedure is YoungNa Lee of the Office
of Associate Chief Counsel (Passthroughs
and Special Industries). For further infor-
mation regarding this revenue procedure,
contact Ms. Lee at (202) 317-4137 (not a
toll-free number).
Section 42 — Low-Income
Housing Credit.
26 CFR 1.42-14. Allocation rules for post-1989
State housing credit ceiling
amounts.
Guidance is provided to state housing credit agen-
cies of qualified states that request an allocation
of unused housing credit carryover under section
42(h)(3)(D) of the Internal Revenue Code. See
Rev. Proc. 2020-42

Bulletin No. 2020–41 893 October 5, 2020
Part IV
Information Reporting
Requirements for Paycheck
Protection Program Loans
Forgiven under the CARES
Act
Announcement 2020-12
This announcement notifies lenders
that they should not file information re-
turns or furnish payee statements under
section 6050P of the Internal Revenue
Code (Code) to report the amount of qual-
ifying forgiveness with respect to covered
loans made under the Paycheck Protection
Program (PPP) administered by the Small
Business Administration (SBA), in con-
sultation with the Department of the Trea-
sury, under Title I of the Coronavirus Aid,
Relief, and Economic Security Act, Pub.
L. No. 116-136, 134 Stat. 281 (March 27,
2020), as amended by the Paycheck Pro-
tection Program Flexibility Act of 2020,
Pub. L. No. 116-142, 134 Stat. 641 (June
5, 2020) (collectively, CARES Act).
Section 1102 of the CARES Act estab-
lished the PPP, which allowed qualifying
small businesses (eligible recipients) to
obtain loans guaranteed by the SBA under
section 7(a)(36) of the Small Business Act
(15 U.S.C. § 636(a)(36)) (covered loans).
Under section 1106 of the CARES Act, an
eligible recipient is eligible for forgive-
ness of indebtedness for all or a portion
of the stated principal amount of a cov-
ered loan if certain conditions are satisfied
(qualifying forgiveness). Under section
1106(i) of the CARES Act, for purposes
of the Code, any amount that (but for sec-
tion 1106(i)) would be includible in gross
income of the eligible recipient by reason
of the qualifying forgiveness is excluded
from gross income.
Generally, section 6050P of the
Code and §§ 1.6050P-1 and 1.6050P-2
of the Income Tax Regulations require
an applicable entity (as defined in sec-
tion 6050P(c)(1) of the Code) that dis-
charges at least $600 of a borrower’s
indebtedness to file a Form 1099-C,
Cancellation of Debt, with the Internal
Revenue Service (IRS), and to furnish
a payee statement to the borrower. For
purposes of this reporting requirement,
§ 1.6050P-1(c) provides that “indebt-
edness” means any amount owed to an
applicable entity, including stated prin-
cipal, fees, stated interest, penalties, ad-
ministrative costs, and fines.
When all or a portion of the stated prin-
cipal amount of a covered loan is forgiv-
en because the eligible recipient satisfies
the forgiveness requirements under sec-
tion 1106 of the CARES Act, an appli-
cable entity is not required to, for federal
income tax purposes only, and should not,
file a Form 1099-C information return with
the IRS or provide a payee statement to
the eligible recipient under section 6050P
of the Code as a result of the qualifying
forgiveness. The filing of such informa-
tion returns with the IRS could result in
the issuance of underreporter notices (IRS
Letter CP2000) to eligible recipients, and
the furnishing of such payee statements to
eligible recipients could cause confusion.
This announcement is intended to prevent
any such confusion.
The principal author of this announce-
ment is Marshall French of the Office of
the Associate Chief Counsel (Procedure
& Administration). For further informa-
tion regarding this announcement, contact
Marshall French at (202) 317-5411 (not a
toll-free number).

Bulletin No. 2020–41 i October 5, 2020
Definition of Terms
Revenue rulings and revenue procedures
(hereinafter referred to as “rulings”) that
have an effect on previous rulings use the
following defined terms to describe the
effect:
Amplified describes a situation where
no change is being made in a prior pub-
lished position, but the prior position is
being extended to apply to a variation of
the fact situation set forth therein. Thus, if
an earlier ruling held that a principle ap-
plied to A, and the new ruling holds that
the same principle also applies to B, the
earlier ruling is amplified. (Compare with
modified, below).
Clarified is used in those instances
where the language in a prior ruling is be-
ing made clear because the language has
caused, or may cause, some confusion. It
is not used where a position in a prior rul-
ing is being changed.
Distinguished describes a situation
where a ruling mentions a previously pub-
lished ruling and points out an essential
difference between them.
Modified is used where the substance
of a previously published position is being
changed. Thus, if a prior ruling held that a
principle applied to A but not to B, and the
new ruling holds that it applies to both A
and B, the prior ruling is modified because
it corrects a published position. (Compare
with amplified and clarified, above).
Obsoleted describes a previously pub-
lished ruling that is not considered deter-
minative with respect to future transactions.
This term is most commonly used in a ruling
that lists previously published rulings that
are obsoleted because of changes in laws or
regulations. A ruling may also be obsoleted
because the substance has been included in
regulations subsequently adopted.
Revoked describes situations where the
position in the previously published ruling
is not correct and the correct position is
being stated in a new ruling.
Superseded describes a situation where
the new ruling does nothing more than
restate the substance and situation of a
previously published ruling (or rulings).
Thus, the term is used to republish under
the 1986 Code and regulations the same
position published under the 1939 Code
and regulations. The term is also used
when it is desired to republish in a single
ruling a series of situations, names, etc.,
that were previously published over a
period of time in separate rulings. If the
new ruling does more than restate the sub-
stance of a prior ruling, a combination of
terms is used. For example, modified and
superseded describes a situation where the
substance of a previously published ruling
is being changed in part and is continued
without change in part and it is desired to
restate the valid portion of the previous-
ly published ruling in a new ruling that is
self contained. In this case, the previously
published ruling is first modified and then,
as modified, is superseded.
Supplemented is used in situations in
which a list, such as a list of the names of
countries, is published in a ruling and that
list is expanded by adding further names
in subsequent rulings. After the original
ruling has been supplemented several
times, a new ruling may be published that
includes the list in the original ruling and
the additions, and supersedes all prior rul-
ings in the series.
Suspended is used in rare situations to
show that the previous published rulings
will not be applied pending some future
action such as the issuance of new or
amended regulations, the outcome of cas-
es in litigation, or the outcome of a Ser-
vice study.
Abbreviations
The following abbreviations in current use
and formerly used will appear in material
published in the Bulletin.
A—Individual.
Acq.—Acquiescence.
B—Individual.
BE—Beneficiary.
BK—Bank.
B.T.A.—Board of Tax Appeals.
C—Individual.
C.B.—Cumulative Bulletin.
CFR—Code of Federal Regulations.
CI—City.
COOP—Cooperative.
Ct.D.—Court Decision.
CY—County.
D—Decedent.
DC—Dummy Corporation.
DE—Donee.
Del. Order—Delegation Order.
DISC—Domestic International Sales Corporation.
DR—Donor.
E—Estate.
EE—Employee.
E.O.—Executive Order.
ER—Employer.
ERISA—Employee Retirement Income Security Act.
EX—Executor.
F—Fiduciary.
FC—Foreign Country.
FICA—Federal Insurance Contributions Act.
FISC—Foreign International Sales Company.
FPH—Foreign Personal Holding Company.
F.R.—Federal Register.
FUTA—Federal Unemployment Tax Act.
FX—Foreign corporation.
G.C.M.—Chief Counsel’s Memorandum.
GE—Grantee.
GP—General Partner.
GR—Grantor.
IC—Insurance Company.
I.R.B.—Internal Revenue Bulletin.
LE—Lessee.
LP—Limited Partner.
LR—Lessor.
M—Minor.
Nonacq.—Nonacquiescence.
O—Organization.
P—Parent Corporation.
PHC—Personal Holding Company.
PO—Possession of the U.S.
PR—Partner.
PRS—Partnership.
PTE—Prohibited Transaction Exemption.
Pub. L.—Public Law.
REIT—Real Estate Investment Trust.
Rev. Proc.—Revenue Procedure.
Rev. Rul.—Revenue Ruling.
S—Subsidiary.
S.P.R.—Statement of Procedural Rules.
Stat.—Statutes at Large.
T—Target Corporation.
T.C.—Tax Court.
T.D.—Treasury Decision.
TFE—Transferee.
TFR—Transferor.
T.I.R.—Technical Information Release.
TP—Taxpayer.
TR—Trust.
TT—Trustee.
U.S.C.—United States Code.
X—Corporation.
Y—Corporation.
Z—Corporation.

October 5, 2020 ii Bulletin No. 2020–41
Numerical Finding List
1
Bulletin 2020–41
Announcements:
2020-8, 2020-32 I.R.B. 244
2020-9, 2020-32 I.R.B. 244
2020-10, 2020-33 I.R.B. 385
2020-11, 2020-33 I.R.B. 385
2020-13, 2020-35 I.R.B. 492
2020-14, 2020-36 I.R.B. 549
2020-15, 2020-38 I.R.B. 577
2020-16, 2020-38 I.R.B. 578
2020-17, 2020-40 I.R.B. 794
2020-12, 2020-41 I.R.B. 893
Notices:
2020-43, 2020-27 I.R.B. 1
2020-45, 2020-27 I.R.B. 3
2020-46, 2020-27 I.R.B. 7
2020-47, 2020-27 I.R.B. 7
2020-49, 2020-27 I.R.B. 8
2020-50, 2020-28 I.R.B. 35
2020-48, 2020-29 I.R.B. 72
2020-51, 2020-29 I.R.B. 73
2020-52, 2020-29 I.R.B. 79
2020-53, 2020-30 I.R.B. 151
2020-54, 2020-31 I.R.B. 226
2020-56, 2020-32 I.R.B. 239
2020-57, 2020-32 I.R.B. 240
2020-58, 2020-34 I.R.B. 419
2020-55, 2020-35 I.R.B. 467
2020-61, 2020-35 I.R.B. 468
2020-62, 2020-35 I.R.B. 476
2020-63, 2020-35 I.R.B. 491
2020-60, 2020-36 I.R.B. 514
2020-64, 2020-36 I.R.B. 519
2020-65, 2020-38 I.R.B. 567
2020-68, 2020-38 I.R.B. 567
2020-69, 2020-39 I.R.B. 604
2020-59, 2020-40 I.R.B. 782
2020-66, 2020-40 I.R.B. 785
2020-71, 2020-40 I.R.B. 786
2020-72, 2020-40 I.R.B. 789
2020-73, 2020-41 I.R.B. 886
2020-74, 2020-41 I.R.B. 887
Proposed Regulations:
REG-119307-19, 2020-28 I.R.B. 44
REG-112339-19, 2020-30 I.R.B. 155
REG-117589-18, 2020-30 I.R.B. 184
REG-125716-18, 2020-30 I.R.B. 197
REG-123027-19, 2020-31 I.R.B. 229
REG-130081-19, 2020-32 I.R.B. 246
REG-127732-19, 2020-33 I.R.B. 385
REG-111879-20, 2020-34 I.R.B. 421
Proposed Regulations:—Continued
REG-112042-19, 2020-34 I.R.B. 422
REG-132766-18, 2020-34 I.R.B. 436
REG-132434-17, 2020-35 I.R.B. 508
REG-116475-19, 2020-37 I.R.B. 553
REG-107911-18, 2020-40 I.R.B. 795
Revenue Procedures:
2020-16, 2020-27 I.R.B. 10
2020-31, 2020-27 I.R.B. 12
2020-35, 2020-29 I.R.B. 82
2020-36, 2020-32 I.R.B. 243
2020-37, 2020-33 I.R.B. 381
2020-38, 2020-36 I.R.B. 522
2020-39, 2020-36 I.R.B. 546
2020-40, 2020-38 I.R.B. 575
2020-41, 2020-40 I.R.B. 793
2020-42, 2020-41 I.R.B. 891
Revenue Rulings:
2020-14, 2020-28 I.R.B. 33
2020-15, 2020-32 I.R.B. 233
2020-16, 2020-37 I.R.B. 550
2020-17, 2020-37 I.R.B. 552
2020-18, 2020-39 I.R.B. 584
2020-19, 2020-40 I.R.B. 611
2020-20, 2020-41 I.R.B. 880
2020-21, 2020-41 I.R.B. 882
Treasury Decisions:
9899, 2020-29 I.R.B. 62
9900, 2020-30 I.R.B. 143
9903, 2020-32 I.R.B. 235
9901, 2020-33 I.R.B. 266
9902, 2020-33 I.R.B. 349
9904, 2020-34 I.R.B. 413
9907, 2020-38 I.R.B. 559
9906, 2020-39 I.R.B. 579
9905, 2020-40 I.R.B. 614
9915, 2020-41 I.R.B. 882
1
A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2019–27 through 2019–52 is in Internal Revenue Bulletin
2019–52, dated December 27, 2019.

Bulletin No. 2020–41 iii October 5, 2020
Finding List of Current Actions on
Previously Published Items
1
Bulletin 2020–41
1
A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2019–27 through 2019–52 is in Internal Revenue Bulletin
2019–52, dated December 27, 2019.

Internal Revenue Service
Washington, DC 20224
Official Business
Penalty for Private Use, $300
INTERNAL REVENUE BULLETIN
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