Internal Revenue Bulletin 2011-15 (PDF rendition): IRS Revenue Procedures

Preserve advance releases and the authoritative Internal Revenue Bulletin rendition; directory timestamps are file-publication metadata, not legal effective dates. HTML bulletins begin June 2003; earlier available issues require full PDF parsing. Whole bulletin rendition: numbered items are identified below; other legal material and publisher context remain included. This is not a new standalone advance release.

Bulletin No. 201
1-15
April 11, 2011
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.
EMPLOYEE PLANS
T.D. 9517, page 610.
Final regulations under section 3042 of ERISA by the Joint
Board for the Enrollment of Actuaries update the requirements
for initial enrollment and for re-enrollment (including changes to
the continuing professional education requirement) and update
the standards for performance for enrolled actuaries.
EXEMPT ORGANIZATIONS
Announcement 2011–27, page 651.
A list is provided of organizations now classified as private foun-
dations.
ADMINISTRATIVE
Rev. Proc. 2011–23, page 626.
This procedure provides issuers of qualified mortgage bonds
(QMBs) and qualified mortgage credit certificates (MCCs) with
average area purchase price safe harbors for statistical areas
in the United States and with a nationwide average purchase
price for residences in the United States for purposes of the
QMB rules under section 143 of the Code and the MCC rules
under section 25. Rev. Proc. 2010–25 obsoleted in part.
Finding Lists begin on page ii.

The IRS Mission
Provide Americ
a’s taxpayers top-quality service by helping
them understa
nd and meet their tax responsibilities and en-
force the law wi
th integrity and fairness to all.
Introduction
The Internal Revenue Bulletin is the authoritative instrument of
the Commissioner of Internal Revenue for announcing official
rulings and procedures of the Internal Revenue Service and for
publishing Treasury Decisions, Executive Orders, Tax Conven-
tions, legislation, court decisions, and other items of general
interest. It is published weekly and may be obtained from the
Superintendent of Documents on a subscription basis. Bulletin
contents are compiled semiannually into Cumulative Bulletins,
which are sold on a single-copy basis.
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, mod-
ify, or amend any of those previously published in the Bulletin.
All published rulings apply retroactively unless otherwise indi-
cated. Procedures relating solely to matters of internal man-
agement 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 rulings 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.—19
86 Code.
This part i
ncludes rulings and decisions based on provisions of
the Intern
al 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, Leg-
islation 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 Rul-
ings. Bank Secrecy Act Administrative Rulings are issued by
the Department of the Treasury’s Office of the Assistant Secre-
tary (Enforcement).
Part IV
.—Items of General Interest.
This par
t includes notices of proposed rulemakings, disbar-
ment an
d 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 c
ontents of this publication are not copyrighted and may be reprinted freely. A citation of the Internal Revenue Bulletin as the source would be appropriate.
For sale by the Superintendent of Documents, U.S.Government Printing Office, Washington, DC 20402.
April 11, 20112011–15 I.R.B.

Part I. Rulings
and Decisions Under the Internal Revenue Code
of 1986
Section 3042.
—Joint
Board for the E
nrollment
of Actuaries
20 CFR Part 901
T.D. 9517
Regulations Governing the
Performance of Actuarial
Services Under the Employee
Retirement Income Security
Act of 1974
AGENCY: Joint Board for the Enrollment
of Actuaries.
ACTION: Final regulations.
SUMMARY: This document contains final
regulations under section 3042 of the Em-
ployee Retirement Income Security Act of
1974 (ERISA) relatingtotheenrollment
of actuaries. These regulations update the
eligibility requirements for performing ac-
tuarial services for ERISA-covered em-
ployee pension benefit plans, including the
continuing professional education require-
ments, and the standards for performing
such actuarial services. These regulations
will affect employee pension benefit plans
and the actuaries providing actuarial ser-
vices to those plans.
DATES:Effective date:These regulations
are effective on April 29, 2011.
FOR FURTHER INFORMATION
CONTACT: Patrick McDonough, Execu-
tive Director, Joint Board for the Enroll-
ment of Actuaries, at (202) 622–8229 (not
a toll-free number).
SUPPLEMENTARY INFORMATION:
Paperwork Reduction Act
The
collections of information con-
ta
ined in these final regulations have been
re
viewed and approved by the Office of
Ma
nagement and Budget in accordance
wi
th the Paperwork Reduction Act of 1995
(4
4 U.S.C. 3507(d)) under control number
1
545–0951.
The collectio
ns of information
in the regulat
ions are in sections
901.1(i), 901
.1(j), 901.10, 901.11(d),
901.11(f)(2
)(D), 901.11(f)(2)(G) and
(H), 901.11(
f)(3)(ii), 901.11(g)(3),
901.11(j)(1
), 901.11(j)(2), 901.11(k),
901.11(l)(4
)(v), 901.12(e), and 901.54.
These colle
ctions of information are re-
quired in or
der for the Joint Board to
carry out it
s function under section 3042
of ERISA, wh
ich provides that the Joint
Board shall
, by regulations, establish rea-
sonable st
andards and qualifications for
persons pe
rforming actuarial services with
respect to
plans subject to ERISA and,
upon appli
cation by any individual, shall
enroll su
ch individual if the Joint Board
finds tha
t such individual satisfies such
standard
s and qualifications, and also pro-
vides tha
t the Joint Board may, after notice
and an opp
ortunity for a hearing, suspend
or termi
nate the enrollment of an indi-
vidual w
ho fails to discharge his duties
under ER
ISA or who does not satisfy the
require
ments for enrollment.
An agenc
y may not conduct or sponsor,
and a per
son is not required to respond to, a
collec
tion of information unless it displays
avalid
control number.
Backgr
ound
This do
cument contains final regu-
lation
s under section 3042 of the Em-
ployee
Retirement Income Security Act of
1974 (8
8 Stat. 829), Public Law 93–406
(ERISA
). Section 3042 of ERISA provides
that t
he Joint Board for the Enrollment of
Actua
ries (Joint Board) shall, by regula-
tions
, establish reasonable standards and
quali
fications for persons performing actu-
arial
services with respect to plans subject
to ER
ISA and, upon application by any
indi
vidual, shall enroll such individual if
the J
oint Board finds that such individual
sati
sfies such standards and qualifications.
Sect
ion 3042 also provides that the Joint
Boa
rd may, after notice and an opportu-
nit
y for a hearing, suspend or terminate
the
enrollment of an individual who fails
to d
ischarge his duties under ERISA or
who
does not satisfy the requirements for
enr
ollment.
Consistent wi
th section 3042, the Joint
Board has prom
ulgated regulations at 20
CFR Part 901, a
ddressing eligibility for
enrollment,
requirements for continuing
professiona
l education of enrolled actu-
aries, profe
ssional standards for perfor-
mance of actu
arial services under ERISA,
bases for di
sciplinary actions and the pro-
cedures to b
efollowedintakingthose
actions. Th
e Joint Board last issued com-
prehensive
amendments to the regulations
regarding s
ection3042in1988(53FR
34484). In
anticipation of amending the
Joint Boar
d regulations, the Joint Board
issued a Re
quest for Information (RFI)
which was p
ublished in theFederal Reg-
isteron J
une 30, 2004 (69 FR 39376). On
December
21, 2007, the Joint Board issued
final reg
ulations relating to user fees for
the initi
al enrollment and reenrollment as
an enroll
ed actuary in theFederal Reg-
ister(7
2 FR 72606). On September 21,
2009, th
e Joint Board issued proposed
regulat
ions under section 3042 (74 FR
48030).
Written public comments were
receiv
ed on the proposed regulations, and
apubli
c hearing was held on February 25,
2010.
Explan
ation of Provisions
I.Over
view
These r
egulations finalize the rules
propos
ed in (REG–159704–03, 2009–46
I.R.B.
632) (published September 21,
2009),
with certain modifications high-
light
ed in this preamble.
II.El
igibility for Initial Enrollment
These
regulations provide that an indi-
vidua
l applying to be an enrolled actuary
must f
ulfill (1) an experience requirement,
(2) a b
asic actuarial knowledge require-
ment,
and (3) a pension actuarial knowl-
edge
requirement. All applicants for en-
roll
mentmustagreetocomplywiththese
regu
lations and with any other guidance as
requ
ired by the Joint Board.
Thes
e regulations provide two alterna-
tive
ways of satisfying the experience re-
quir
ement. Within the 10-year period im-
medi
ately preceding the date of the appli-
cat
ion, the applicant must have completed
2011–15 I.R.B.610April 11, 2011

either (1) at least 36 months of certified re-
sponsible pension actuarial experience, or
(2) at least 18 months of certified responsi-
ble pension actuarial experience if the ap-
plicant has a total of 60 months of certified
responsible actuarial experience.
These regulations retain the definitions
of responsible actuarial experience and
responsible pension actuarial experience.
Responsible actuarial experience means
actuarial experience (1) involving partic-
ipation in making determinations that the
methods and assumptions adopted in the
procedures followed in actuarial services
are appropriate in the light of all pertinent
circumstances, and (2) demonstrating a
thorough understanding of the principles
and alternatives involved in such actuarial
services. Responsible pension actuarial
experience means responsible actuarial
experience involving valuations of the
liabilities of pension plans, wherein the
performance of such valuations requires
the application of principles of life con-
tingencies and compound interest in the
determination, under one or more stan-
dard actuarial cost methods, of such of
the following as may be appropriate in
the particular case: (1) normal cost; (2)
accrued liability; (3) payment required to
amortize a liability or other amount over
a period of time; and (4) actuarial gain or
loss.
These regulations definecertified re-
sponsible actuarial experienceto mean re-
sponsible actuarial experience of an indi-
vidual that has been certified in writing by
the individual’s supervisor. These regula-
tions definecertified responsible pension
actuarial experienceto mean responsible
pension actuarial experience of an individ-
ual that has been certified in writing by the
individual’s supervisor if the supervisor is
an enrolled actuary. If the individual’s su-
pervisor is not an enrolled actuary, these
regulations provide that the pension actu-
arial experience must be certified in writ-
ing by both the supervisor and an enrolled
actuary with knowledge of the individual’s
pension actuarial experience.
One commenter requested greater flex-
ibility in satisfying the experience require-
ments for enrollment based on experience
in more specialized pension areas of prac-
tice. These regulations retain the require-
ment that enrolled actuaries have certified
responsible pensionactuarial experience
as previously defined because the Joint
Board believes that a broad base of pension
knowledge is necessaryto recognize issues
that may arise even in a specialized area of
practice. Nonetheless, the Joint Board rec-
ognizes that the broad base of experience
needed to become an enrolled actuary does
not qualify an enrolled actuary to do every
type of work for which an enrolled actuary
is required.
In response to the proposed regula-
tion, one commenter suggested that, given
the pace of change and for consistency
with the experience requirement for return
from inactive status, all of an applicant’s
responsible pension experience should
be completed within 5 years preceding
enrollment (rather than 10 years). The
commenter pointed out that for reenroll-
ment under the proposed regulations, an
inactive enrolled actuary would need more
recent experience. These regulations re-
tain the rule in the current regulations that
requires the experience for initial enroll-
ment to have been completed within the
previous 10 years, and, as explained in
more detail in section IV of this preamble
(Inactive Enrolled Actuaries), they retain
the requirements in the proposed regula-
tions for an enrolled actuary who wishes to
return to active status from inactive status
that depends on how long the actuary has
been on the inactive roster. The difference
in the timing of the required experience
for initial enrollment and for returning
from inactive status reflects the different
purposes served by the two requirements.
The Joint Board requires enrolled actu-
aries who let their enrollment lapse into
inactive status to demonstrate their return
to active practice with more recent expe-
rience. It can be expected that, in general,
such actuaries are farther along in their
careers and are more likely to quickly
build up, or return to, an active indepen-
dent practice. For such actuaries, the Joint
Board believes that recent pension expe-
rience is paramount. In contrast, it can be
expected that newly enrolled actuaries will
take longer to develop active independent
practices. For these actuaries, the Joint
Board believes that a longer look-back
period is reasonable.
In response to the proposed regulations,
one commenter suggested that, in order to
make sure that an actuary does not lose
the opportunity to get credit for responsi-
ble actuarial and responsible pension actu-
arial experience, enrolled actuaries should
be required to certify the experience of po-
tential candidates annually and when the
potential candidate changes supervisor or
employer. The Joint Board feels it is not
necessary to add this additional paperwork
requirement for enrolled actuaries who su-
pervise and train actuaries who are not yet
enrolled. The Joint Board will address on a
case-by-case basis situations involving the
inability of the Executive Director to ob-
tain certification of an applicant’s experi-
ence.
These regulations do not amend the def-
inition of basic actuarial knowledge re-
quired for initial enrollment. Basic actuar-
ial knowledge may be obtained in one of
three ways— successful completion of a
Joint Board basic examination; successful
completion of one or more proctored ex-
aminations which are given by an actuarial
organization and which the Joint Board has
determined cover substantially the same
subject areas, have at least comparable lev-
els of difficulty, and require at least the
same competence as the Joint Board basic
examination; or receipt of a bachelor’s or
higher degree in either actuarial mathemat-
ics or another area which include at least as
many semester hours or quarter hours as
required by the Joint Board in mathemat-
ics, statistics, actuarial mathematics, and
other areas determined by the Joint Board.
These regulations provide that an ap-
plicant may demonstrate pension actuar-
ial knowledge through successful comple-
tion, within the 10-year period immedi-
ately preceding the date of the application
for enrollment, of either the Joint Board
pension examination (currently adminis-
tered as the EA–2A and EA–2B), or an
approved pension examination, or exam-
inations, given by an actuarial organiza-
tion which the Joint Board has determined
cover substantially the same subject areas,
have at least comparable levels of diffi-
culty, and require at least the same com-
petence as the Joint Board pension exami-
nation. For this purpose, these regulations
provide that the date of successful comple-
tion of an examination is generally the date
a candidate sits for the examination, pro-
vided that the candidate receives a passing
grade on that examination. However, an
applicant who sat for a given examination
prior to the effective date of these regula-
tions will be deemed to have sat for such
examination on the effective date.
April 11, 20116112011–15 I.R.B.

III.Eligibility for Re-enrollment
A.Requirement to file an application for
renewal
These regulations do not change the re-
quirement that an enrolled actuary seeking
to renew his or her enrollment must file
an application for renewal of enrollment
between October 1, 2010 and March 1,
2011, and between October 1 and March 1
of every third year thereafter. An enrolled
actuary seeking renewal must complete
the required continuing professional
education hours prior to submitting an
application for renewal, but in no event
later than the December 31 immediately
preceding the March 1 due date for the
application for renewal. These regulations
continue to provide that the effective date
for renewal of enrollment for individuals
who are currently enrolled (and in active
status) and who file complete renewal
applications by the March 1 due date shall
be the April 1 immediately following the
March 1 due date. The effective date of
renewal of enrollment for an individual
who files a complete renewal application
after the March 1 due date is the later of
the April 1 immediately following the due
date of application and the date of the
notice of renewal.
B.Continuing professional education
requirement
1.Number of hours required
These regulations retain the general re-
quirement that an enrolled actuary earn 36
hours of continuing professional education
during each full enrollment cycle. These
regulations define theenrollment cycleto
mean the three-year period from January 1,
2011, to December 31, 2013, and every
three-year period thereafter.
Several commenters suggested that the
time period for earning continuing profes-
sional education credit should extend be-
yond the end of the enrollment cycle. The
Joint Board decided that it is reasonable
to expect enrolled actuaries to make time
for satisfying their continuing professional
education requirement during the enroll-
ment cycle and that extending the end of
each enrollment cycle so that it overlaps
with the beginning of the next enrollment
cycle would create an unnecessary com-
plication. However, an enrolled actuary
who does not complete the required hours
by December 31 of the enrollment cycle
maysubmitanapplicationtoreturntoac-
tive status after completing the required
hours. Such an individual’s reenrollment
will be effective on the later of (1) the
April 1 immediately following the end of
the enrollment cycle or (2) the date that the
Joint Board grants the application. These
regulations include examples that illustrate
when an enrolled actuary’s reenrollment
will be effective.
These regulations make no change to
the rule that newly enrolled actuaries who
are initially enrolled during the first year
of an enrollment cycle must complete 24
hours of continuing professional educa-
tion hours in the enrollment cycle during
which they are enrolled. Newly enrolled
actuaries who are initially enrolled dur-
ing the second year of an enrollment cy-
cle must complete 12 hours of continuing
professional education hours in the enroll-
ment cycle during which they are enrolled.
Newly enrolled actuaries who are initially
enrolled during the last year of an enroll-
ment cycle are exempt from the continu-
ing education requirements until the next
enrollment cycle, but must file a timely ap-
plication for renewal.
These regulations require at least 18
hours of continuing professional education
in core subject matter during the enroll-
ment cycle that ends December 31, 2010,
for all enrolled actuaries enrolled during
the entire cycle. Thereafter, for actuaries
who have already been enrolled for at least
one full enrollment cycle before the start
of a new enrollment cycle, these regula-
tions provide that only 12 of the 36 hours
of required continuing professional educa-
tion during the new enrollment cycle must
consist of core subject matter.
These regulations provide that the re-
quired continuing professional education
hours must be earned after January 1 of
the year the enrolled actuary becomes
enrolled. Half of the required hours for
newly enrolled actuaries must be com-
prised of core subject matter.
The Joint Board received comments
both in favor of and against the proposed
two-tiered requirement that 18 hours of
continuing professional education be core
subject matter for enrolled actuaries dur-
ing their first full enrollment cycle but
only 12 hours be core subject matter for
each subsequent enrollment cycle. In light
of the complexity and rapid changes in
core subject matter, the Joint Board feels
that some ongoing education in core sub-
ject matter is always necessary. On the
other hand, the Joint Board wishes to en-
courage enrolled actuaries at every level
of experience to satisfy a portion of their
continuing professional education require-
ment through participation in non-core
programs that are designed to enhance
their knowledge in matters related to the
performance of pensionactuarial services.
The Joint Board feels that the two-tiered
approach is the best way to achieve that re-
sult. Accordingly, these regulations adopt
the two-tiered requirement as proposed.
For each full enrollment cycle begin-
ning after December 31, 2010, these reg-
ulations require at least 2 of the required
core hours of continuing professional edu-
cation to relate to ethical standards. Some
commenters suggestedeither not treating
continuing professional education on ethi-
cal standards as core subject matter or in-
creasing the number of hours required to
consist of core subject matter by 2 hours
to account for the ethics requirement. The
Joint Board feels that fidelity to the high
ethical standards of practice is as essential
for enrolled actuaries as is knowledge of
the technical rules studied in other core ar-
eas. Ethics have always been considered
to be core subject matter, and an enrolled
actuary who wishes to increase the num-
ber of hours spent studying the core techni-
cal rules may always undertake more than
the minimum number of core hours. Ac-
cordingly, the Joint Board feels that includ-
ing ethical standards as part of the required
hours of core subject matter is appropriate.
In response to comments, these regula-
tions clarify that when core subject mat-
ter hours are required (including when an
individual seeks to return to active status
from inactive status), an individual must
complete a minimum of two hours of con-
tinuing professional education credit relat-
ing to ethical standards, regardless of the
total number of core hours required.
The regulations require an enrolled ac-
tuary to retain certainrecords evidencing
completion of continuing professional ed-
ucation for three years after the end of the
enrollment cycle for which the enrolled ac-
tuary claims the credit. To receive credit
based on participation in a qualifying pro-
gram, the regulations require the enrolled
actuary to retain the certificate of comple-
2011–15 I.R.B.612April 11, 2011

tion or certificate of instruction, as appli-
cable. To receive credit for publications,
these regulations require the enrolled ac-
tuary to retain the name of the publisher,
the title and author of the publication, a
copy of the publication, the date of pub-
lication, the total credit hours earned, and
the total core and non-core credit hours
earned. To receive credit for service on a
Joint Board advisory committee, for prepa-
ration of Joint Board examinations, for
passing examinations sponsored by pro-
fessional organizations or societies, or for
passing the Joint Board pension examina-
tion, these regulations require the enrolled
actuary to retain sufficient documentation
to establish completion of such hours.
2.Subject matter of continuing
professional education— Core and
Non-Core Subject Matter
All continuing professional education
must be in either core or non-core subject
matter. The Joint Board received a num-
ber of comments requesting expansion and
clarification of the content that would be
classified as core or non-core credit. These
regulations adopt the same definition of
core and non-core continuing professional
education material as proposed. The Joint
Board recognizes that more specific rules
proscribing the required content could pro-
vide greater certainty for qualifying spon-
sors and enrolled actuaries regarding the
designation of credits as core and non-
core. However, given the frequent changes
in pension law, the impact of new court de-
cisions, and other changing factors that af-
fect an enrolled actuary’s practice, it is im-
portant to keep the definition of the content
requirement somewhat flexible. The Joint
Board relies on the integrity and judgment
of the qualifying sponsors to provide ap-
propriate material and to appropriately cat-
egorize the material as core or non-core.
Similarly, a number of commenters re-
quested a more specific definition of ethi-
cal standards for purposes of meeting the
ethics requirement of the continuing ed-
ucation requirement. Although the Joint
Board has not amended the regulation, it
notes that courses that include discussion
of actuarial codes of conduct, actuarial re-
sponsibilities and any actions discussed in
section 901.20 of the regulations would
comply with this requirement.
These regulations redefine core subject
matter as program content and knowledge
that is integral and necessary to the sat-
isfactory performance of pension actuar-
ial services and actuarial certification un-
der ERISA and the Internal Revenue Code.
Such core subject matter includes the char-
acteristics of actuarial cost methods under
ERISA, actuarial assumptions, minimum
funding standards, titles I, II, and IV of
ERISA, requirements with respect to the
valuation of plan assets, requirements for
qualification of pension plans, maximum
deductible contributions, tax treatment of
distributions from qualified pension plans,
excise taxes related to the funding of quali-
fied pension plans and standards of perfor-
mance (including ethical standards) for ac-
tuarial services. These regulations further
specify that core subject matter includes
all materials included on the syllabi of any
of the pension actuarial examinations of-
fered by the Joint Board during the current
enrollment cycle and the enrollment cycle
immediately preceding the current enroll-
ment cycle.
These regulations retain the definition
of non-core subject matter as program con-
tent designed to enhance the knowledge of
an enrolled actuary in matters related to the
performance of pension actuarial services.
These regulations provide that examples of
non-core subject matter include econom-
ics, computer programming, pension ac-
counting, investment and finance, risk the-
ory, communication skills, and business
and general tax law.
3.Qualifying Program Requirement
These regulations do not change the re-
quirement that a program used to earn con-
tinuing professional education credit must
be a qualifying program. These regula-
tions modify the definition of qualifying
program to be a course of learning that—
(A) is conducted by a qualifying sponsor
who identifies the program as a qualifying
program; (B) is developed by individual(s)
qualified in the subject matter; (C) covers
current subject matter; (D) includes writ-
ten outlines or textbooks; (E) is taught by
instructors, discussion leaders, and speak-
ers qualified with respect to the course
content; (F) includes means for evaluation
by the Joint Board of technical content and
presentation; (G) provides a certificate of
completion to those who have successfully
completed the program; and (H) provides a
certificate of instruction to those who have
served as instructors, discussion leaders, or
speakers.
These regulations provide that qualify-
ing sponsors are sponsors recognized as
such by the Executive Director and whose
programs offer opportunities for contin-
uing professional education in subject
matter within the scope of the continu-
ing professional education requirement.
In response to comments, these regula-
tions have been changed so that they do
not prohibit a sole proprietor from being
a qualifying sponsor. These regulations
provide that those seeking recognition as
a qualifying sponsor must file a request
with the Executive Director and must pro-
vide all information deemed necessary
for approval by the Executive Director,
including information to establish that
all programs identified as qualifying pro-
grams by the qualifying sponsor will
satisfy the requirements for qualifying
programs. These regulations provide that
recognition as a qualifying sponsor by
the Executive Director shall be effective
when approved unless the Executive Di-
rector provides that it shall be effective
on a different date, and shall terminate
at the end of the sponsor enrollment cy-
cle. The sponsor enrollment cycles are
three-year periods that begin one-year
later than the enrollment cycles, starting
with the sponsor enrollment cycle begin-
ning on January 1, 2012. For qualifying
sponsors approved on or after January 1,
2008, and before January 1, 2012, the
applicable sponsor enrollment cycle will
end December 31, 2011.
These regulations provide that a pro-
gram’s qualifying sponsor shall furnish
each individual who successfully com-
pleted the qualifying program with a
certificate listing the name of the partici-
pant, the name of the qualifying sponsor,
the title, location, and speaker(s) of each
session, the date(s) of participation, the
total credit hours earned, how many of
those hours consisted of core and non-core
subject matter, how many of those hours
relate to ethics, and how many of the hours
were earned for a formal program with
respect to the participant. In response to
comments, these regulations clarify that it
is only the qualifying sponsor of a program
that may issue a certificate of participa-
tion.
April 11, 20116132011–15 I.R.B.

These regulations provide that qualify-
ing sponsors shall provide each instructor,
discussion leader, or speaker with a certifi-
cate of instruction that lists the name of the
instructor, discussionleader, or speaker,
the name of the qualifying sponsor, the
title and location of each session at which
the individual was an instructor, discus-
sion leader, or speaker, the date(s) of the
program, the total credit hours earned,
how many of those hours consisted of core
and non-core subject matter, how many of
those hours relate to ethics, and whether
the program is a formal program with re-
spect to the instructor.
The proposed regulations would have
defined separate types of qualifying pro-
grams for formal programs, correspon-
dence and individual study programs, and
teleconferencing programs. These regula-
tions do not segregate qualifying programs
into these types. Instead, these regulations
provide that certain qualifying programs
qualify as formal programs. Each type of
program that would have been separately
defined under the proposed regulations
may still satisfy the requirements of a
qualifying program.
In response to comments, the Joint
Board notes that the qualifying sponsor
must take reasonable steps to verify par-
ticipation. The nature of the program will
affect the means by which the qualifying
sponsor verifies participation. Under this
approach, a qualifying program that is
either a teleconference or a program at-
tended in person may be a formal program
but the manner in which the qualify-
ing sponsor verifies participation will be
different depending on the manner of par-
ticipation. In contrast, a correspondence
or individual study program would never
be a formal program but could nonetheless
be a qualifying program if the qualifying
sponsor verifies participation (for exam-
ple, with a written examination).
In response to comments, these regu-
lations clarify that a qualifying sponsor
must maintain records to verify that each
program it sponsors is a qualifying pro-
gram, including the certificates of comple-
tion, certificates of instruction, and out-
lines and course material. In the case of
programs with more than one session, the
qualifying sponsor must keep records to
verify which session(s) each participant
completed. These regulations clarify that
all of these records are required to be main-
tained for six years after the end of the
sponsor enrollment cycle in which the pro-
gram was held.
Several commenters asked for clarifica-
tion on the ability to use emerging tech-
nologies for record retention and transmis-
sion. The regulations do not specify the
format in which records must be main-
tained or provided but merely require that
copies be provided and produced upon re-
quest. Accordingly, records may be main-
tained electronically so long as a copy can
be produced upon request.
4.Formal programs
These regulations require at least one-
third of the required hours to consist of
participation in a formal program. In re-
sponse to comments on the proposed regu-
lations, these regulations expand the def-
inition of a formal program to take into
account modern technologies that permit
participation and interaction among partic-
ipants who are in different locations.
Under these regulations, whether a
program qualifies as a formal program is
determined on a participant-by-participant
basis. These regulations provide that a
qualifying program qualifies as a formal
program with respect to a participant only
if the participant simultaneously partici-
pates in the program in the same physical
location with at least twoother participants
engaged in substantive pension service.
The participants with respect to whom the
program is a formal program must also
have the opportunity to interact with an-
other individual qualified with respect to
the course content who serves as an in-
structor, whether or not the instructor is in
the same physical location as the partici-
pants. Groups of three or more participants
who are in the same physical location
may participate in a formal program in
person, via the internet, videoconferenc-
ing, or teleconferencing. If the qualifying
program is pre-recorded, to qualify as a
formal program there must be a qualified
individual who serves as the instructor and
is available to answer questions immedi-
ately following the pre-recorded program.
Under these regulations, a qualifying
program is a formal program with respect
to the instructor only if the instructor is in
the physical presence of at least three other
individuals engaged in substantive pension
service.
5.Alternate ways of earning continuing
professional education credit
These regulations provide six ways to
satisfy the continuing professional educa-
tion requirement otherthan through partic-
ipation in a qualifying program. First, up
to half of the required hours may be sat-
isfied by serving as an instructor, discus-
sion leader, or speaker at a qualifying pro-
gram. For this purpose the instructor, dis-
cussion leader, or speaker is credited with
4 hours of continuing professional educa-
tion credit for each 50 minutes completed
during a qualifying program. In response
to a comment, these regulations clarify that
if the program is a formal program with re-
spect to the instructor, only the time spent
during the actual program is counted to-
ward satisfaction of the formal program re-
quirement. The nature of the subject mat-
ter will determine whether the credit hours
consist of core or non-core subject mat-
ter. These regulations expressly provide
that panelists, moderators, and others who
are not required to prepare substantive sub-
ject matter for their portion of the program
are not entitled to credit as an instructor,
discussion leader, or speaker, but they may
qualify for participation in the program.
Second, up to 25 percent of the required
hours may be awarded to the author, co-au-
thor, or a person listed as a major contrib-
utor for each hour spent on the creation of
peer-reviewed material for publication or
distribution on matters directly related to
core or non-core subject matter. To qual-
ify, the material must be available on rea-
sonable terms for acquisition and use by all
enrolled actuaries.
If the material is re-published or re-dis-
tributed, credit will be awarded only for
time spent revising a substantial portion
of the material; for example, to reflect
changes in law or practices relative to the
performance of pensionactuarial services.
Third, these regulations permit the Joint
Boardtoawardcontinuing professional
education credit for service on (any of)
its advisory committee(s), to the extent
that the Joint Board considers awarding
such credit is warranted by the service
rendered. This provision recognizes the
fact that the work done by the members of
the advisory committee involves detailed
review of materials that constitute core
subject matter.
2011–15 I.R.B.614April 11, 2011

Fourth, these regulations permit the
Joint Board to award education credit
for participation in drafting questions for
use on Joint Board examinations or in
pretesting its examinations, to the extent
that the Joint Board considers awarding
such credit appropriate. These regulations
limit the education credit for preparation
of Joint Board examinations to 50 percent
of the continuing professional education
requirement for the applicable enrollment
cycle.
One commenter suggested that the reg-
ulations should specify the number of con-
tinuing professional education credits that
may be granted for service on an Advisory
Committee to the Joint Board and other
committees involved in the preparation of
enrollment examinations, and to eliminate
the 50 percent limit on continuing pro-
fessional education requirements that can
be satisfied by service on an examination
writing committee. The regulations retain
the Joint Board’s authority to determine
how many credits are granted for service
rendered.
In the Board’s experience, most actuar-
ies who serve on an examination writing
committeetendtoworkononlyoneof
the examinations; the Board believes that
the scope of the material covered on a
given examination is not broad enough for
service on a writing committee to count
toward more than 50% of the continu-
ing professional education requirements
for a given enrollment cycle. Therefore,
although the Board appreciatively ac-
knowledges the substantial time and effort
expended by members of the writing com-
mittees, the final regulations retain the
50% limit.
The commenter also suggested that
service on an Advisory Committee to
the Joint Board throughout an entire en-
rollment cycle fulfill all the continuing
professional education requirements for
that cycle, including the requirement to
earn credits related to ethical standards.
However, the Board does not believe that
the exam syllabus or other work typically
done by an Advisory Committee includes
enough material directly related to ethical
standards to fulfill the requirement for this
type of credit. Therefore, the Board does
not anticipate that credits related to ethical
standards would be granted on the basis of
service on an Advisory Committee.
Fifth, these regulations provide that
individuals may earn continuing profes-
sional education credit for achieving a
passing grade on proctored examinations
sponsored by a professional organization
or society recognizedby the Joint Board.
Separate provisions, described in the next
paragraph, apply to the Joint Board’s ex-
aminations. These regulations further
provide that such credit is limited to the
number of hours scheduled for the exami-
nation that are attributable to content that
qualifies as either core or non-core subject
matter and that, regardless of the nature
of the content, none of the credit counts
toward the core credit requirement. All of
an enrolled actuary’s non-core credit re-
quirement may be satisfied with this type
of credit.
Sixth, these regulations provide that en-
rolled actuaries who are enrolled prior to
the beginning of an enrollment cycle may
satisfy the entire continuing professional
education requirement for the enrollment
cycle by both (1) achieving a passing score
on the Joint Board pension examination
administered during the enrollment cy-
cle and (2) completing a minimum of 12
hours of continuing professional education
through participation in formal programs
during the enrollment cycle.
6.Waivers
These regulations permit the Execu-
tive Director to waive all or part of an
enrolled actuary’s continuing professional
education requirement. An enrolled actu-
ary seeking such a waiver must submit a
request for a waiver to the Executive Di-
rector. This request must contain evidence
sufficient to demonstrate that the enrolled
actuary made every effort throughout the
enrollment cycle to participate in one or
more qualifying programs that would have
satisfied the continuing professional edu-
cation requirements. The enrolled actuary
is required to submit supporting documen-
tation with the waiver application as well
as any additional documentation or expla-
nation deemed necessary by the Executive
Director. The proposed regulations would
have imposed a deadline on the waiver
application. Instead, these regulations
provide that the enrolled actuary seeking
to rely on a waiver must receive the waiver
from the Executive Director before filing
an application for renewal of enrollment.
IV.Inactive Enrolled Actuaries
These regulations provide that the Ex-
ecutive Director shall maintain a roster of
individuals who are in inactive status, in
addition to rosters of individuals who are
duly enrolled and those whose enrollment
has been suspended or terminated. These
regulations also give the Executive Direc-
tor explicit permission to publish any or
all of the rosters, including display on the
Joint Board’s web site, to the extent per-
mitted by law.
These regulations extend the period of
time that an individual may remain on the
roster of inactive enrolled actuaries from
three years to up to three enrollment cy-
cles. Under these regulations, a person
who is on the roster of inactive enrolled ac-
tuaries for three enrollment cycles without
returning to active status must satisfy the
requirements for initial enrollment to be-
come an active enrolled actuary. For this
purpose, these regulations provide a transi-
tion rule that treats enrolled actuaries who
are inactive or retired as of April 1, 2010
as if they were placed on the roster of in-
active enrolled actuaries on that date.
To remain on the roster of active en-
rolled actuaries, an enrolled actuary must
submit a timely application for renewal
showing satisfaction of the requirements
for reenrollment, including completion of
the required continuing professional edu-
cation hours within the appropriate time
frame.
The Executive Director will automati-
cally move enrolled actuaries who do not
submit a timely application for reenroll-
ment and enrolled actuaries who submit
an application that on its face does not
show information sufficient to satisfy the
requirements for renewal (for example, an
application that does not show sufficient
continuing professional education credits).
Such enrolled actuaries will be placed on
the roster of inactive enrolled actuaries as
of April 1 following the March 1 due date
for the application. Enrolled actuaries who
submit an application that on its face does
not show information sufficient to satisfy
the requirements for renewal will not be
entitled to a refund of the application fee.
Enrolled actuaries who submit an applica-
tion that on its face does not show informa-
tion sufficient to satisfy the requirements
for renewal will be considered inactive as
of the April 1 immediately following the
April 11, 20116152011–15 I.R.B.

March 1 due date for the application even
if the Executive Director does not become
aware of the insufficiency of the applica-
tionuntilafterApril1.
In addition, the Executive Director may
audit renewal applications to verify the in-
formation submitted. If the Executive Di-
rector determines that the information on
the application is inaccurate, the Execu-
tive Director will move the enrolled actu-
ary to the roster of inactive enrolled actu-
aries only after notifying the enrolled ac-
tuary of the Executive Director’s intent to
do so and giving the enrolled actuary 60
days to respond. The Executive Director
will consider any written response in mak-
ing a final determination as to eligibility
for renewal of enrollment. The Execu-
tive Director will notify the enrolled actu-
ary by mail of the final determination as to
whether or not to place the enrolled actu-
ary on the inactive roster at that time. If the
Executive Director makes a final determi-
nation to place an individual on the roster
of inactive enrolled actuaries, the individ-
ual may seek review of the determination
from the Joint Board by submitting a re-
quest to the Joint Board within 30 days of
the notice of final determination.
These regulations provide that while an
individual remains on the roster of inac-
tive enrolled actuaries, such person may
not indicate to others that he or she is an
enrolled actuary and is not eligible to per-
form actuarial services as an enrolled actu-
ary under ERISA or the Internal Revenue
Code. These regulations provide that an
individual still on the roster of inactive en-
rolled actuaries who wishes to return to ac-
tive status may file an application for re-
newal of enrollment, but the requirements
for reenrollment are different depending
on whether the applicant is in the first, sec-
ond, or third enrollment cycle on the roster
of inactive enrolled actuaries.
These regulations provide that individ-
uals who apply for renewal of enrollment
during their first enrollment cycle on the
inactive roster must complete 36 hours
of continuing professional education be-
tween the beginning of the prior enroll-
ment cycle and the date of the application
for renewal.
These regulations provide that individ-
uals who apply for renewal of enrollment
during their second enrollment cycle on
the inactive roster must complete 48 hours
of continuing professional education credit
plus demonstrate 18 months of certified
responsible pension actuarial experience.
These regulations provide that the con-
tinuing professional education credit must
have been earned since the beginning of
the applicant’s first enrollment cycle on the
inactive roster. The qualifying responsi-
ble pension actuarial experience must have
occurred after the beginning of the appli-
cant’s first enrollment cycle on the inactive
list.
These regulations provide that individ-
uals who apply for renewal of enrollment
during their third enrollment cycle on the
inactive roster must complete 60 hours of
continuing professional education credit
plus demonstrate 18 months of certified
responsible pension actuarial experience.
For this purpose, these regulations provide
that the continuing professional education
credit must have been earned since the
beginning of the applicant’s second en-
rollment cycle and the qualifying actuarial
experience must have occurred after the
beginning of the applicant’s second enroll-
ment cycle on the inactive list.
Regardless of when the inactive en-
rolled actuary applies for renewal, these
regulations provide that any continuing
professional education credit used to qual-
ify for reenrollment may not also be used
to satisfy the continuing professional edu-
cation requirement during the applicant’s
first enrollment cycle back on the active
roster.
V.Standards of Performance
These regulations also expand upon the
standards of performance of actuarial ser-
vices. These regulations add a requirement
that an enrolled actuary shall perform actu-
arial services only in accordance with all of
the duties and requirements for such per-
sons under applicable law and consistent
with relevant generally accepted standards
for professional responsibility and ethics.
Several comments were received with
respect to the standards of practice provi-
sions that were modeled on the obligations
set forth in Circular 230 of all persons
practicing before the IRS. The Joint Board
believes that the rules in Circular 230
pertaining to due diligence, solicitations,
prompt disposition of pending matters,
and the return of client records are equally
pertinent to practice before the PBGC and
DOL, as well as the IRS. These provisions
have been retained unchanged from the
proposal, except that with respect to the
return of client records. With respect to
the return of client records, a commenter
asked that the provision be clarified to
provide the ability to retain records that
implicate intellectual property rights. The
Board believes that the duty to return
or make available records to the client
should not be made narrower than the
scope of the provision in Circular 230.
Nonetheless, to conform more specifically
to the concept of Circular 230 and the pur-
pose of incorporating the provisions into
these regulations, the provision regarding
“Records of the client” for this purpose
has been modified to provide only for the
return of documents necessary to comply
with legal obligations under ERISA and
the Internal Revenue Code.
These final regulations modify the
rules regarding conflicts of interest. The
Joint Board received several comments
on the proposed rule to require that dis-
closure of conflicts of interest be made
in writing to all affected parties and that
the affected parties agree in writing to the
enrolled actuary performing the services.
After consideration of these comments,
the Joint Board has determined that it will
adopt rules that are similar to the con-
flict of interest rules that apply to those
practicing before the Internal Revenue
Service. See Treasury Department Circu-
lar No. 230, 31 C.F.R. 10.29. Accordingly,
the regulations provide that, unless an
exception applies, anenrolled actuary
shall not perform actuarial services for
a client if the representation involves a
conflict of interest. A conflict of interest
exists if either (1) the representation of one
client will be directly adverse to another
client; or (2) there is a significant risk that
the representation of one or more clients
will be materially limited by the enrolled
actuary’s responsibilities to another client,
a former client, or by a personal interest
of the enrolled actuary. Notwithstanding
the existence of a conflict of interest, the
enrolled actuary may represent a client
if (1) the enrolled actuary reasonably
believes that the enrolled actuary will be
able to provide competent and diligent
representation to each affected client, (2)
the representation is not prohibited by
law, and (3) each affected client waives
the conflict of interest and gives informed
consent, at the time the existence of
2011–15 I.R.B.616April 11, 2011

the conflict of interest is known by the
enrolled actuary.
Nothing in these final regulations is in-
tended to alter the rules for practice before
the Internal Revenue Service under Trea-
sury Department Circular No. 230.
The proposed regulations would have
imposed a requirement that, upon learn-
ing of another enrolled actuary’s material
violation of the standards of performance
of actuarial services, an enrolled actuary
report the violation to the Executive Direc-
tor. The Joint Board received many com-
ments in response to this proposal. Several
commenters suggested the elimination of
the proposed reporting requirement. In
the alternative, commenters asked that
the requirement be significantly modi-
fied. Commenters were concerned that the
reporting requirement would discourage
cooperation and sharing of information
among enrolled actuaries and that it would
conflict with other rules that require en-
rolled actuaries not to disclose confidential
or privileged information. Commenters
also suggested that an enrolled actuary
should not be required to report violations
that are resolved through discussion with
the other enrolled actuary. Finally, com-
menters asked for a clarification of the
term material violation.
In light of the comments received, the
Joint Board decided not to include the pro-
posed reporting requirement as part of the
standards of performance for enrolled ac-
tuaries. Without amendment, the regula-
tions already include a rule that if an offi-
cer or employee of the Department of Trea-
sury, the Department of Labor, the Pension
Benefit Guaranty Corporation, or a mem-
ber of the Joint Board has reason to be-
lieve that an enrolled actuary has violated
any provision of the regulations, or if such
person receives information to that effect,
he or she may informthe Executive Direc-
tor. Without amendment, the regulations
already provide that others may make such
a report to the Executive Director, an offi-
cer or employee of the Department of Trea-
sury, the Department of Labor, the Pension
Benefit Guaranty Corporation, or a mem-
ber of the Joint Board. These regulations
amend that provision only to provide that
the optional report should be made directly
to the Executive Director. Self-policing is
an important part of maintaining the high
standards of the profession, and the Joint
Board encourages enrolled actuaries to re-
port violations of the regulations to the
Executive Director. However, in light of
the concerns raised by commenters, the
Joint Board decided not to change the ex-
isting rule except to provide that any report
should be made directly only to the Exec-
utive Director.
In response to comments, these regu-
lations clarify that the requirement for an
enrolled actuary to ensure that the actu-
arial assumptions are reasonable individ-
ually and in combination, and the actuar-
ial cost method and the actuarial method of
valuation of assets are appropriate applies
unless the actuarialassumptions or meth-
odsaremandatedbylaw.
Special Analyses
Executive Orders 13563 and 12866
direct agencies to assess all costs and ben-
efits of available regulatory alternatives
and, if regulation is necessary, to select
regulatory approaches that maximize net
benefits (including potential economic,
environmental, public health and safety
effects, distributive impacts, and equity).
Executive Order 13563 emphasizes the
importance of quantifying both costs and
benefits, of reducing costs, of harmonizing
rules, and of promoting flexibility. This
rule has been designated a “significant
regulatory action” although not econom-
ically significant, under section 3(f) of
Executive Order 12866. Accordingly, the
rule has been reviewed by the Office of
Management and Budget.
It also has been determined that sec-
tion 553(b) of the Administrative Proce-
dure Act (5 U.S.C. chapter 5) does not ap-
ply to these regulations. It is hereby certi-
fied that the collection of information im-
posed by these regulations will not have
a significant economic impact on a sub-
stantial number of small entities. There
are presently only about 4000 enrolled ac-
tuaries and the changes made by the final
regulations will reduce the overall collec-
tion of information burden by removing
the requirement for participants in continu-
ing education courses to keep course mate-
rials. Qualified sponsors of continuing ed-
ucation courses, a few of which are small
entities, have a paperwork burden under
these regulations that is substantially the
same as the pre-existing burden. There-
fore, the economic impact of the collection
of information requirement will not be sig-
nificant and the number of small entities
affected by the collection of information
requirement will not be substantial. Ac-
cordingly, the Regulatory Flexibility Act
(5 U.S.C. chapter 6) does not apply. The
notice of proposed rulemaking was sub-
mitted to the Chief Counsel for Advocacy
of the Small Business Administration for
comment on its impact on small business.
Drafting Information
The principal author of these regula-
tions is Michael P. Brewer, IRS Office of
Division Counsel/Associate Chief Coun-
sel (Tax Exempt and Government Enti-
ties). However, other personnel from the
Joint Board and the IRS participated in
their development.
*****
Adoption of Amendments to the
Regulations
Accordingly, 20 CFR part 901 is
amended as follows:
PART 901—REGULATIONS
GOVERNING THE PERFORMANCE
OF ACTUARIAL SERVICES UNDER
THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974
Paragraph 1. The authority citation for
part 901 continues to read in part as fol-
lows:
Authority: These rules are issued under
authority of 88 Stat. 1002; 29 U.S.C. 1241,
1242. See also 5 U.S.C. 301; 31 U.S.C.
330; and 31 U.S.C. 321.
§901.0 [Amended]
Par. 2. Section 901.0 is amended by
removing the phrase “subpart D of this part
is reserved and will setforth” and adding in
its place the phrase “subpart D sets forth”
in the second sentence.
Par. 3. Section 901.1 is amended by:
A. Amending paragraph (g) by remov-
ing the phrase “approved by the Joint
Board (or its designee) to perform” and
adding in its place the phrase “approved by
the Joint Board for the Enrollment of Ac-
tuaries (the Joint Board), or its designee,
to perform”.
B. Adding new paragraphs (i), (j) and
(k) to read as follows:
April 11, 20116172011–15 I.R.B.

§901.1 Definitions.
*****
(i)Certified responsible actuarial expe-
riencemeans responsible actuarial experi-
ence of an individual that has been certi-
fied in writing by the individual’s supervi-
sor.
(j)Certified responsible pension actu-
arial experiencemeans responsible pen-
sion actuarial experience of an individual
that has been certified in writing by the in-
dividual’s supervisor if the supervisor is an
enrolled actuary. If the individual’s super-
visor is not an enrolled actuary, the pen-
sion actuarial experience must be certified
in writing by both the supervisor and an en-
rolled actuary with knowledge of the indi-
vidual’s pension actuarial experience.
(k)Enrollment cyclemeans the three-
year period from January 1, 2011, to De-
cember 31, 2013, and every three-year pe-
riod thereafter.
§901.10 [Amended]
Par. 4. Section 901.10 is amended by:
A. Amending paragraph (a) by remov-
ing the phrase “shall agree to comply with
the regulations of the Joint Board” and
adding in its place the phrase “shall agree
to comply with these regulations and any
other guidance as required by the Joint
Board”.
B. Adding a second sentence to para-
graph (a) to read “A reasonable non-re-
fundable fee may be charged for each ap-
plication for enrollment filed.”
Par. 5. Section 901.11 is amended by:
A. Revising the first sentence of para-
graph (a).
B. Revising paragraphs (c) and (d).
C. Revising paragraphs (e) introductory
text, (e)(1) and (e)(2)(i).
D. Revising the last sentence of para-
graph (e)(2)(ii).
E. Adding new paragraphs (e)(2)(iv),
(v), and (vi).
F. Removing paragraph (e)(3).
G. Revising paragraphs (f)(1) and
(f)(1)(i).
H. Revising the second sentence
of paragraph (f)(1)(ii), and paragraph
(f)(1)(iv).
I. Revising paragraph (f)(2).
J. Adding paragraph (f)(3).
K. Revising paragraph (g).
L. Removing the last two sentences of
paragraph (h)(2).
M. Removing paragraph (l).
N. Redesignating paragraphs (i), (j),
and (k) as paragraphs (j), (k), and (l), re-
spectively.
O. Adding and reserving new paragraph
(i).
P. Revising newly redesignated para-
graphs (j) and (k).
Q. Revising the first sentences of newly
redesignated paragraphs (l)(1) and (l)(2),
and the second sentence of newly redesig-
nated paragraph (l)(3).
R. Revising newly redesignated para-
graphs (l)(4), (l)(5), (l)(6), and (l)(7), and
the first sentence of newly redesignated
paragraph (l)(9).
S. Revising paragraph (n).
T. Adding new paragraphs (o) and (p).
The revisions and additions read as fol-
lows:
§901.11 Enrollment procedures.
(a)Enrollment. The Joint Board shall
enroll each applicant it determines has met
the requirements of these regulations, and
any other guidance as required by the Joint
Board, and shall so notify the applicant.
***
*****
(c)Rosters—(1)Maintenance of ros-
ters. The Executive Director shall main-
tain rosters of—
(i) All actuaries who are duly enrolled
under this part;
(ii) All individuals whose enrollment
has been suspended or terminated; and
(iii) All individuals who are in inactive
status.
(2)Publication of Rosters. The Exec-
utive Director may publish any or all of
the rosters, including display on the Joint
Board’s Web site, to the extent permitted
by law.
(d)Renewal of enrollment. To maintain
active enrollment to perform actuarial ser-
vices under ERISA, each enrolled actuary
is required to have his/ her enrollment re-
newed as set forth herein.
(1) Each enrolled actuary must file
an application for renewal of enroll-
ment on the prescribed form no ear-
lier than October 1, 2010, and no later
than March 1, 2011, and no earlier than
October 1 and no later than March 1 of
every third year thereafter. If March 1 is a
Saturday, Sunday, or holiday, the due date
shall be the next day that is not a Saturday,
Sunday, or holiday.
(2) The effective date of renewal of en-
rollment for an individual who files a com-
plete renewal application within the time
period described in paragraph (d)(1) of this
section is the April 1 immediately follow-
ing the date of application. The effective
date of renewal of enrollment for an indi-
vidual who files a complete renewal appli-
cation after the due date described in para-
graph (d)(1) of this section is the later of
the April 1 immediately following the due
date of application and the date of the no-
tice of renewal.
(3) Forms required for renewal may be
obtained from the Executive Director.
(4) A reasonable non-refundable fee
may be charged for each application for
renewal of enrollment filed.
(e)Condition for renewal: Continuing
professional education. Toqualifyforre-
newal of enrollment, an enrolled actuary
must certify, on the form prescribed by the
Executive Director, that he/she has com-
pleted the applicable minimum number of
hours of continuing professional education
credit required by this paragraph (e) and
satisfied the recordkeeping requirements
of paragraph (j) of this section.
(1)Transition rule for renewal of
enrollment effective April 1, 2011.(i)
A minimum of 36 hours of continuing
professional education credit must be
completed between January 1, 2008 and
December 31, 2010. Of the 36 hours,
at least 18 must consist of core subject
matter; the remainder may be non-core
subject matter.
(ii) An individual who received ini-
tial enrollment in 2008 must complete 24
hours of continuing professional educa-
tion by December 31, 2010. An individual
who received initial enrollment in 2009
must complete 12 hours of continuing
professional education by December 31,
2010. In either case, at least one-half of
the applicable hours must consist of core
subject matter; the remainder may consist
of non-core subject matter. For purposes
of this paragraph (e)(1)(ii), credit will
be awarded for continuing professional
education completedafter January 1 of
the year in which initial enrollment was
received.
(iii) An individual who receives initial
enrollment during 2010 is exempt from the
2011–15 I.R.B.618April 11, 2011

continuing professional education require-
ments during 2010, but must file a timely
application for renewal during the time pe-
riod described in paragraph (d)(1) of this
section.
(2)For renewal of enrollment effec-
tive April 1, 2014, and every third year
thereafter. (i) A minimum of 36 hours of
continuing professional education credit
must be completed between January 1,
2011 and December 31, 2013, and between
January 1 and December 31 for each
three-year period subsequent thereto.
(ii) * * * For purposes of this paragraph
(e)(2)(ii), credit will be awarded for con-
tinuing professional education completed
after January 1 of the year in which initial
enrollment was received.
*****
(iv) For an individual who was initially
enrolled before January 1, 2008 (and who
has therefore completed at least one full
enrollment cycle as of January 1, 2011),
at least 12 hours of the 36 hours of con-
tinuing professional education required for
each enrollment cycle must consist of core
subject matter; the remainder may consist
of non-core subject matter.
(v) For an individual who was initially
enrolled on or after January 1, 2008, at
least 18 hours of his or her 36 hours of con-
tinuing professional education required for
the first full enrollment cycle must con-
sist of core subject matter. Thereafter, for
such individuals, for each subsequent en-
rollment cycle at least 12 hours of the 36
hours must consist of core subject matter.
In each instance, the remainder may con-
sist of non-core subject matter.
(vi) When core subject matter hours
are required (including when an individual
seeks to return to active status from inac-
tive status), an individual must complete a
minimum of two hours of continuing pro-
fessional education credit relating to ethi-
cal standards, regardless of the total num-
ber of core hours required.
(f)Qualifying continuing professional
education—(1)In general. To qualify for
continuing professional education credit
an enrolled actuary must complete his/her
hours of continuing professional education
credit under a qualifying program, within
the meaning of paragraph (f)(2) of this
section, consisting of core and/or non-core
subject matter. In addition, a portion
of the continuing professional education
credit may be earned under the provisions
of paragraph (g) of this section. In any
event, no less than 1/3 of the total hours of
continuing professional education credit
required for an enrollment cycle must be
obtained by participation in a formal pro-
gram or programs, within the meaning of
paragraph (f)(2)(ii)(A) of this section.
(i) Core subject matter is program con-
tent and knowledge that is integral and
necessary to the satisfactory performance
of pension actuarial services and actuar-
ial certification under ERISA and the In-
ternal Revenue Code. Such core subject
matter includes the characteristics of actu-
arial cost methods under ERISA, actuarial
assumptions, minimum funding standards,
titles I, II, and IV of ERISA, requirements
with respect to the valuation of plan assets,
requirements for qualification of pension
plans, maximum deductible contributions,
tax treatment of distributions from quali-
fied pension plans, excise taxes related to
the funding of qualified pension plans and
standards of performance (including ethi-
cal standards) for actuarial services. Core
subject matter includes all materials in-
cluded on the syllabi of any of the pension
actuarial examinations offered by the Joint
Board during the current enrollment cycle
and the enrollment cycle immediately pre-
ceding the current enrollment cycle.
(ii) * * * Examples include econom-
ics, computer programming, pension ac-
counting, investment and finance, risk the-
ory, communication skills, and business
and general tax law.
*****
(iv) The same course of study cannot
be used more than once within a given
36-month period to satisfy the continu-
ing professional education requirements of
these regulations. A program or session
bearing the same or a similar title to a pre-
vious one may be used to satisfy the re-
quirements of these regulations if the ma-
jor content of the program or session dif-
fers substantively from the previous one.
(2)Qualifying Program—(i)In gen-
eral. A qualifying program is a course of
learning that—
(A) Is conducted by a qualifying spon-
sor, within the meaning of paragraph (f)(3)
of this section, who identifies the program
as a qualifying program;
(B) Is developed by individual(s) qual-
ified in the subject matter;
(C) Covers current subject matter;
(D) Includes written outlines or text-
books;
(E) Is taught by instructors, discussion
leaders, and speakers qualified with re-
spect to the course content;
(F) Includes means for evaluation by
the Joint Board of technical content and
presentation;
(G) Provides a certificate of comple-
tion, within the meaning of paragraph
(f)(3)(iv) of this section, to each person
who successfully completed the program;
and
(H) Provides a certificate of instruction,
within the meaning of paragraph (f)(3)(v)
of this section, to each person who served
an instructor, discussion leader, or speaker.
(ii)Formal programs—(A)Partici-
pants. Formal programs are programs
that meet all of the requirements of this
paragraph (f)(2)(ii) and paragraph (f)(2)(i)
of this section. Whether a program qual-
ifies as a formal program is determined
on a participant-by-participant basis. A
qualifying program qualifies as a formal
program with respect to a participant if the
participant simultaneously participates in
the program in the same physical location
with at least two other participants en-
gaged in substantive pension service, and
the participants have the opportunity to
interact with another individual qualified
with respect to the course content who
serves as an instructor, whether or not the
instructor is in the same physical loca-
tion. Groups of three or more participants
who are in the same physical location
may participate in a formal program in
person or via the internet, videoconferenc-
ing, or teleconferencing. If the qualifying
program is pre-recorded, to qualify as a
formal program, there must be a qualified
individual who serves as the instructor and
is available to answer questions immedi-
ately following the pre-recorded program.
(B)Instructor. A qualifying program is
a formal program with respect to the in-
structor only if the program is a formal pro-
gram under paragraph (f)(2)(ii)(A) of this
section with respect to at least three partic-
ipants and the instructor is in the physical
presence of at least three other individuals
engaged in substantive pension service.
(3)Qualifying sponsors—(i)In gen-
eral. Qualifying sponsors are organiza-
tions recognized by the Executive Director
whose programs offer opportunities for
April 11, 20116192011–15 I.R.B.

continuing professional education in sub-
ject matter within the scope of this section.
(ii)Recognition by the Executive Direc-
tor. An organization requesting qualifying
sponsor status shall file a sponsor agree-
ment request with the Executive Director
and furnish information in support of such
request as deemed necessary for approval
by the Executive Director. Such informa-
tion shall include sufficient information to
establish that all programs designated as
qualifying programs offered by the quali-
fying sponsor will satisfy the requirements
of paragraph (f)(2) of this section. Recog-
nition as a qualifying sponsor by the Exec-
utive Director shall be effective when ap-
proved, unless the Executive Director pro-
vides that it shall be effective on a differ-
ent date, and shall terminate at the end of
the sponsor enrollment cycle. The Exec-
utive Director may publish the names of
such sponsors on a periodic basis.
(iii)Sponsor enrollment cycle—(A)
Transition sponsor enrollment cycle.The
transition sponsor enrollment cycle is the
period beginning on January 1, 2008 and
ending December 31, 2011.
(B)Subsequent sponsor enrollment
cycles. After the transition sponsor en-
rollment cycle, the sponsor enrollment
cycle means the three-year period from
January 1, 2012, to December 31, 2014,
and every three-year period thereafter.
(iv)Certificates of completion.Upon
verification of successful completion of a
qualifying program, the program’s quali-
fying sponsor shall furnish each individual
who successfully completed the qualifying
program with a certificate listing the fol-
lowing information:
(A) The name of the participant.
(B) The name of the qualifying sponsor.
(C) The title, location, and speaker(s) of
each session attended.
(D) The dates of the program.
(E) The total credit hours earned, the to-
tal core and non-core credit hours earned,
and how many of those hours relate to
ethics.
(F) Whether or not the program is a for-
mal program with respect to the partici-
pant.
(v)Certificates of instruction. The pro-
gram’s qualifying sponsor shall furnish
to each instructor, discussion leader, or
speaker, a certificatelisting the following
information:
(A) The name of the instructor, discus-
sion leader, or speaker.
(B) The name of the qualifying sponsor.
(C) The title and location of the pro-
gram.
(D) The dates of the program.
(E) The total credit hours earned and the
total core and non-core credit hours earned
for the program, and how many of those
hours relate to ethics.
(F) Whether or not the program is a for-
mal program with respect to the instructor.
(g)Alternative means for completion of
credit hours—(1)In general. In addition
to credit hours completed under paragraph
(f) of this section, an enrolled actuary may
be awarded continuing professional edu-
cation credit under the provisions of this
paragraph (g).
(2)Serving as an instructor, discussion
leader or speaker. (i) Four credit hours
(that is, 200 minutes) of continuing profes-
sional education credit will be awarded for
each 50 minutes completed as an instruc-
tor, discussion leader, or speaker at a qual-
ifying program which meets the continu-
ing professional education requirements of
paragraph (f) of this section. If the qualify-
ing program is a formal program with re-
spect to the instructor, only the time spent
during the actual program is counted to-
ward satisfaction of the formal program re-
quirement.
(ii) The credit for instruction and prepa-
ration may not exceed 50 percent of the
continuing professional education require-
ment for an enrollment cycle.
(iii) Presentation of the same material as
an instructor, discussion leader, or speaker
more than one time in any 36-month period
will not qualify for continuing professional
education credit. A program will not be
considered to consist of the same material
if a substantial portion of the content has
been revised to reflect changes in the law
or practices relative to the performance of
pension actuarial service.
(iv) Credit as an instructor, discussion
leader, or speaker will not be awarded to
panelists, moderators, or others who are
not required to prepare substantive sub-
ject matter for their portion of the pro-
gram. However, such individuals may be
awarded credit for attendance, provided
the other provisions of this section are met.
(v) The nature of the subject matter will
determine if credit will be of a core or non-
core nature.
(3)Credit for publications. (i) Con-
tinuing professional education credit will
be awarded for the creation of peer-re-
viewed materials for publication or distri-
bution with respect to matters directly re-
lated to the continuing professional educa-
tion requirements of this section. Credit
will be awarded to the author, co-author,
or a person listed as a major contributor.
(ii) One hour of credit will be allowed
for each hour of preparation time of the
material. It will be the responsibility of
the person claiming the credit to maintain
records to verify preparation time.
(iii) Publication or distribution may uti-
lize any available technology for the dis-
semination of written, visual or auditory
materials.
(iv) The materials must be available on
reasonable terms for acquisition and use by
all enrolled actuaries.
(v) The credit for the creation of ma-
terials may not exceed 25 percent of the
continuing professional education require-
ment of any enrollment cycle.
(vi) The nature of the subject matter
will determine if credit will be of a core
or non-core nature.
(vii) Publication of the same material
more than one time will not qualify for
continuing professional education credit.
A publication will not be considered to
consist of the same material if a substantial
portion has been revised to reflect changes
in the law or practices relative to the per-
formance of pension actuarial service.
(4)Service on Joint Board advisory
committee(s). Continuing professional ed-
ucation credit may be awarded by the Joint
Board for service on (any of) its advisory
committee(s), to the extent that the Joint
Boardconsiderswarrantedbytheservice
rendered.
(5)Preparation of Joint Board exami-
nations. Continuing professional educa-
tion credit may be awarded by the Joint
Board for participation in drafting ques-
tions for use on Joint Board examinations
or in pretesting its examinations, to the ex-
tent the Joint Board determines suitable.
Such credit may not exceed 50 percent
of the continuing professional education
requirement for the applicable enrollment
cycle.
(6)Examinations sponsored by profes-
sional organizations or societies. Individ-
uals may earn continuing professional edu-
cation credit for achieving a passing grade
2011–15 I.R.B.620April 11, 2011

on proctored examinations sponsored by a
professional organization or society recog-
nized by the Joint Board. Such credit is
limited to the number of hours scheduled
for each examination and may be applied
only as non-core credit provided the con-
tent of the examination is core or non-core.
No credit may be earned for hours attribut-
able to any content that is neither core nor
non-core.
(7)Joint Board pension examination.
Individuals may establish eligibility for re-
newal of enrollment for any enrollment cy-
cle by—
(i) Achieving a passing score on the
Joint Board pension examination, as de-
scribed in §901.12(d)(1)(i), administered
under this part during the applicable en-
rollment cycle; and
(ii) Completing a minimum of 12 hours
of qualifying continuing professional edu-
cation by attending formal program(s) dur-
ing the same applicable enrollment cycle.
This option of satisfying the continuing
professional education requirements is not
available to those who receive initial en-
rollment during the enrollment cycle.
*****
(i) [Reserved].
(j)Recordkeeping requirements—(1)
Qualifying sponsors. A qualifying spon-
sor must maintain records to verify that
each program it sponsors is a qualifying
program within the meaning of paragraph
(f)(2) of this section, including the cer-
tificates of completion, certificates of
instruction, and outlines and course mate-
rial. In the case of programs of more than
one session, records must be maintained
to verify each session of the program that
is completed by each participant. Records
required to be maintained under this para-
graph must be retained by the qualifying
sponsor for a period of six years following
the end of the sponsor enrollment cycle in
which the program is held.
(2)Enrolled actuaries—(i)Qualify-
ing program credits as a participant.To
receive continuing professional educa-
tion credit for completion of hours of
continuing professional education under
paragraph (f) of this section, an enrolled
actuary must retain all certificates of com-
pletion evidencing completion of such
hours for the three-year period following
the end of the enrollment cycle in which
the credits are earned.
(ii)Qualifying program credits as an in-
structor, discussion leader, or speaker.To
receive continuing professional education
credit for completion of hours earned un-
der paragraph (g)(2) of this section, an en-
rolled actuary must retain all certificates of
instruction evidencing completion of such
hours for the three-year period following
the end of the enrollment cycle in which
the credits are earned.
(iii)Credit for publications. To receive
continuing professional education credit
for a publication under paragraph (g)(3)
of this section, the following information
must be maintained by the enrolled actu-
ary for the three-year period following the
end of the enrollment cycle in which the
credits are earned:
(A) The name of the publisher.
(B) The title and author of the publica-
tion.
(C) A copy of the publication.
(D) The date of the publication.
(E) The total credit hours earned, and
the total core and non-core credit hours
earned, and how many of those hours relate
to ethics.
(iv)Other credits. To receive continu-
ing professional education credit for hours
earned under paragraphs (g)(4) through
(g)(7) of this section, an enrolled actuary
must retain sufficient documentation to
establish completion of such hours for the
three-year period following the end of the
enrollment cycle in which the credits are
earned.
(k)Waivers. (1) Waiver from the
continuing professional education re-
quirements for a givenperiodmaybe
granted by the Executive Director only
under extraordinary circumstances, and
upon submission of sufficient evidence
that every effort was made throughout
the enrollment cycle to participate in one
or more qualifying programs that would
have satisfied the continuing professional
education requirements.
(2) A request for waiver must be ac-
companied by appropriate documentation.
The individual will be required to furnish
any additional documentation or explana-
tion deemed necessary by the Executive
Director.
(3) The individual will be notified by
the Executive Director of the disposition of
the request for waiver. If the waiver is not
approved, and the individual does not oth-
erwise satisfy the continuing professional
education requirements within the allotted
time, the individual will be placed on the
roster of inactive enrolled individuals.
(4)Individualsseekingtorelyona
waiver of the continuing professional ed-
ucation requirements must receive the
waiver from the Executive Director before
filing an application for renewal of enroll-
ment.
(l)Failure to comply. (1) Compliance
by an individual with the requirements of
this part shall be determined by the Exec-
utive Director. * * *
(2) The Executive Director may require
any individual, by first class mail sent
to his/her mailing address of record with
the Joint Board, to provide copies of any
records required to be maintained under
this section. * * *
(3)***Arequestforreviewandthe
reasons in support of the request must be
filed with the Joint Board within 30 days of
the date of the notice of failure to comply.
(4)Inactive status—(i)Automatic
placement on the inactive roster.To
remain on the roster of active enrolled
actuaries, an enrolled actuary must submit
a timely application for renewal show-
ing satisfaction of the requirements for
reenrollment, including completion of the
required continuing professional educa-
tion hours, within the appropriate time
frame. The Executive Director will move
an enrolled actuary who does not sub-
mit such an application for reenrollment
from the roster of enrolled actuaries to the
roster of inactive enrolled actuaries as of
April 1 following the March 1 due date for
the application. However, if an enrolled
actuary completes the required number of
continuing professional education hours
after the close of the enrollment cycle,
submits an application for reenrollment,
and is informed by the Executive Director
before April 1st that the enrollment has
been renewed, then the Executive Director
will not move such individual to the roster
of inactive enrolled actuaries at that time.
(ii)Placement on the inactive roster af-
ter notice and right to respond. The Exec-
utive Director will move an enrolled actu-
ary who does submit a timely application
of renewal that shows timely completion
of the required continuing professional ed-
ucation to the inactive roster only after giv-
ing the enrolled actuary 60 days to respond
as described in paragraph (l)(1) of this sec-
tion.
April 11, 20116212011–15 I.R.B.

(iii)Length on time on inactive roster.
An individual may remain on the roster of
inactive enrolled actuaries for a period up
to three enrollment cycles from the date
renewal would have been effective.
(iv)Consequence of being on the inac-
tive roster. An individual in inactive status
will be ineligible to perform pension ac-
tuarial services as an enrolled actuary un-
der ERISA and the Internal Revenue Code.
During such time in inactive status or at
any other time an individual is ineligible
to perform pension actuarial services as an
enrolled actuary, theindividual shall not
in any manner, directly or indirectly, in-
dicate he or she is so enrolled, or use the
term ’’enrolled actuary,’’ the designation
’’E.A.,’’ or other form of reference to eligi-
bility to perform pension actuarial services
as an enrolled actuary.
(v)Returning to active status.Anin-
dividual placed in inactive status may re-
turn to active status by filing an applica-
tion for renewal of enrollment (with the
appropriate fee) and providing evidence of
the completion of all required continuing
professional education hours and of sat-
isfaction of any applicable requirements
for qualifying experience under paragraph
(l)(7) of this section.If an application for
return to active status is approved, the indi-
vidual will be eligible to perform services
as an enrolled actuary effective with the
date the notice of approval is mailed to that
individual by the Executive Director.
(5)Time for return to active enrollment.
(i) An individual placed in inactive status
must file an application for return to active
enrollment, and satisfy the requirements
for return to active enrollment as set forth
in this section, within three enrollment cy-
cles of being placed in inactive status. Oth-
erwise, the name of such individual will be
removed from the inactive enrollment ros-
ter and his/her enrollment will terminate.
(ii) For purposes of paragraph (l)(5)(i)
of this section, an individual who is in in-
active or retired status as of April 1, 2010,
will be deemed to have been placed in in-
active status on April 1, 2010.
(6) An individual in inactive status may
satisfy the requirements for return to active
enrollment at any time during his/her pe-
riod of inactive enrollment. If only com-
pletion of the continuing professional ed-
ucation requirement is necessary, the ap-
plication for return to active enrollment
may be filed immediately upon such com-
pletion. If qualifying experience is also
required, the application for return to ac-
tive enrollment may not be filed until the
completion of both the continuing profes-
sional education and qualifying experience
requirements set forth in this subsection.
Continuing professional education credits
applied to meet the requirements for reen-
rollment under this paragraph (l)(6) may
notbeusedtosatisfytherequirementsof
the enrollment cycle in which the individ-
ual has been placed back on the active ros-
ter.
(7)Continuing professional education
requirements for return to active enroll-
ment from inactive status.(i)Duringthe
first inactive enrollment cycle; 36 hours
of qualifying continuing professional ed-
ucation as set forth in paragraph (e)(2) of
this section, without regard to paragraph
(e)(2)(ii) or (e)(2)(iii) of this section, must
be completed. Any hours of continuing
professional education credit earned dur-
ing the immediately prior enrollment cycle
may be applied in satisfying this require-
ment.
(ii) During the second inactive enroll-
ment cycle; four-thirds of the qualifying
continuing professional education require-
ments as set forth in paragraph (e)(2) of
this section (that is, 48 hours), without re-
gard to paragraph (e)(2)(ii) or (e)(2)(iii) of
this section, plus eighteen months of cer-
tified responsible pension actuarial expe-
rience, must be completed since the start
of the first inactive enrollment cycle. Any
hours of continuing professional education
credit earned during the first inactive en-
rollment cycle may be applied in satisfying
this requirement.
(iii) During the third inactive enroll-
ment cycle: five-thirds of the qualifying
continuing professional education require-
ments as set forth in paragraph (e)(2) of
this section, (that is, 60 hours), without re-
gard to paragraph (e)(2)(ii) or (e)(2)(iii) of
this section plus eighteen months of certi-
fied responsible pension actuarial experi-
ence, must be completed since the start of
the second inactive enrollment cycle. Any
hours of continuing professional education
credit earned during the second inactive
enrollment cycle may be applied in satis-
fying this requirement. No hours earned
during the first inactive enrollment cycle
may be applied in satisfying this require-
ment.
*****
(9) An individual who has certified
in good faith that he/she has satisfied
the continuing professional education re-
quirements of this section will not be
considered to be in non-compliance with
such requirements on the basis of a pro-
gram he/she has attended later being found
inadequate or not in compliance with the
requirements for continuing professional
education. * * *
*****
(n)Verification. The Executive Di-
rector or his/her designee may request
and review the continuing professional
education records of an enrolled actuary,
including programs attended, in a manner
deemed appropriate to determine compli-
ance with the requirements and standards
for the renewal of enrollment as provided
in this section. The Executive Director
may also request and review the records
of any qualifying sponsor in a manner
deemed appropriate to determine compli-
ance with the requirements of paragraphs
(f)(3) and (j)(1) of this section.
(o)Examples. The following exam-
ples illustrate the application of the rules
of paragraph (l)(7) of this section and the
effective date of an enrolled actuary’s re-
newal:
Example 1. Individual E, who was initially en-
rolled before January 1, 2008, completes 12 hours of
core continuing professional education credit and 24
hours of non-core continuing professional education
credit between January 1, 2011, and December 31,
2013. E files a complete application for reenrollment
on February 28, 2014. E’s reenrollment is effective
as of April 1, 2014.
Example 2. Individual F, who was initially en-
rolled before January 1, 2008, also completes 12
hours of core continuing professional education
credit and 24 hours of non-core continuing profes-
sional education credit between January 1, 2011, and
December 31, 2013. However, F does not file an
application for reenrollment until March 20, 2014.
The Joint Board notifies F that it has granted F’s
application on June 25, 2014. Accordingly, effective
April 1, 2014, F is placed on the roster of inactive
enrolled actuaries. F returns to active status as of
June 25, 2014. F is ineligible to perform pension ac-
tuarial services as an enrolled actuary under ERISA
and the Internal Revenue Code from April 1 through
June 24, 2014.
Example 3. Individual G, who was initially
enrolled before January 1, 2008, completes only
8 hours of core continuing professional education
credit and 24 hours of non-core continuing profes-
sional education credit between January 1, 2011,
and December 31, 2013. G completes another 6
hours of core continuing professional education
on January 15, 2014, and files an application for
return to active status on January 20, 2014. G’s
2011–15 I.R.B.622April 11, 2011

application shows the timely completion of 32
hours of continuing professional education plus
the additional 4 hours of continuing professional
education earned after the end of the enrollment
cycle. The Joint Board notifies G that it has granted
the application on April 20, 2014. Accordingly,
effective April 1, 2014, G is placed on the roster
of inactive enrolled actuaries. G returns to active
status as of April 20, 2014. G is ineligible to perform
pension actuarial services as an enrolled actuary
under ERISA and the Internal Revenue Code from
April 1 through April 19, 2014. Of the 6 hours of
continuing professional education earned by G on
January 15, 2014, only 2 hours may be applied to the
enrollment cycle that ends December 31, 2016.
Example 4. (i) Individual H, who was initially
enrolled before January 1, 2008, completes 5 hours of
core continuing professional education credit and 10
hours of non-core continuing professional education
credit between January 1, 2011, and December 31,
2013. Accordingly, effective April 1, 2014, E is
placed on the roster of inactive enrolled actuaries and
is ineligible to perform pension actuarial services as
an enrolled actuary under ERISA and the Internal
Revenue Code.
(ii) H completes 7 hours of core continuing pro-
fessional education credit and 14 hours of noncore
continuing professional education credit between
January 1, 2014, and May 24, 2016. Because H has
completed 12 hours of core continuing professional
education and 24 hours of non-core continuing pro-
fessional education during the last active enrollment
period and the initial period when on inactive status,
H has satisfied the requirements for reenrollment
during the first inactive cycle. Accordingly, H may
file an application for return to active enrollment on
May 24, 2016. If this application is approved, H will
be eligible to perform pension actuarial services as an
enrolled actuary under ERISA and the Internal Rev-
enue Code, effective with the date of such approval.
(iii) Because H used the 21 hours of continuing
professional education credit earned after January 1,
2014, for return from inactive status, H may not apply
any of these 21 hours of core and non-core continuing
professional education credits towards the require-
ments for renewed enrollment effective April 1, 2017.
Accordingly, H must complete an additional 36 hours
of continuing professional education (12 core and 24
non-core) prior to December 31, 2016, to be eligible
for renewed enrollment effective April 1, 2017.
Example 5. (i) The facts are the same as inExam-
ple 4except H completes 2 hours of core continuing
professional education credit and 8 hours of non-core
continuing professional education credit between
January 1, 2014, and December 31, 2016. Thus,
because H did not fulfill the requirements for return
to active status during his first inactive cycle, H must
satisfy the requirements of paragraph (l)(7)(ii) of this
section in order to return to active status.
(ii) Accordingly, in order to be eligible to file an
application for return to active status on or before De-
cember 31, 2019, H must complete an additional 38
hours of continuing professional education credit (of
which at least 14 hours must consist of core subject
matter) between January 1, 2017, and December 31,
2019, and have 18 months of certified responsible
pension actuarial experience during the period begin-
ning on January 1, 2014.
(iii) Note that the 5 hours of core continuing
professional education credit and the 10 hours of
non-core continuing professional education credit
that H completes between January 1, 2011, and
December 31, 2013, are not counted toward H’s
return to active status and are also not taken into
account toward the additional hours of continuing
professional education credit that H must complete
between January 1, 2017, and December 31, 2019,
in order to apply for renewal of enrollment effective
April 1, 2020.
Example 6. (i)ThefactsarethesameasinEx-
ample 4except H completes 2 hours of core con-
tinuing professional education credit and 8 hours of
non-core continuing professional education credit be-
tween January 1, 2014, and December 31, 2016, and
12 hours of core continuing professional education
credit and 24 hours of non-core continuing profes-
sional education credit between January 1, 2017, and
December 31, 2019. Thus, because H did not fulfill
the requirements for return to active status during his
first or second inactive cycles, H must satisfy the re-
quirements of paragraph (l)(7)(iii) of this section in
order to return to active status.
(ii) Accordingly, in order to be eligible to file an
application for return to active status on or before De-
cember 31, 2022, H must complete an additional 24
hours of continuing professional education credit (of
which, at least 8 hours must consist of core subject
matter) between January 1, 2020 and December 31,
2022, and have at least 18 months of certified respon-
sible pension actuarial experience during the period
beginning on January 1, 2017.
(iii) Note that the total of 15 hours of con-
tinuing professional education credit that E com-
pletes between January 1, 2011, and December 31,
2013, as well as the 10 hours of continuing profes-
sional education credit between January 1, 2014,
and December 31, 2016, are not counted toward
H’s return to active status and are not taken into
account toward the additional hours of continuing
professional education credit that H must complete
between January 1, 2020, and December 31, 2022, in
order to be eligible to file an application for renewal
of enrollment active status effective April 1, 2023.
Example 7. (i) Individual J, who was initially en-
rolled July 1, 2012, completes 1 hour of core con-
tinuing professional education credit and 2 hours of
non-core continuing professional education credit be-
tween January 1, 2012, and December 31, 2013. Ac-
cordingly, effective April 1, 2014, J is placed on the
roster of inactive enrolled actuaries and is ineligible
to perform pension actuarial services as an enrolled
actuary under ERISA and the Internal Revenue Code.
(ii) F completes 5 hours of core continuing profes-
sional education credit and 4 hours of non-core con-
tinuing professional education credit between Jan-
uary 1, 2014, and October 6, 2014. Because J did
not complete the required 12 hours of continuing pro-
fessionaleducation(ofwhichatleast6hoursmust
consist of core subject matter) during F’s initial en-
rollment cycle, J is not eligible to file an application
for a return to active enrollment on October 6, 2014,
notwithstanding the fact that had J completed such
hours between January 1, 2012, and December 31,
2013, J would have satisfied the requirements for re-
newed enrollment effective April 1, 2014.
(iii) Accordingly, J must complete an additional
24 hours of continuing professional education (of
which at least 12 hours must consist of core subject
matter) during his/her first inactive enrollment cycle
before applying for renewal of enrollment.
Example 8. ThefactsarethesameasinExam-
ple 7except that J completes 17 hours of core con-
tinuing professional education credit and 16 hours of
non-core continuing professional education credit be-
tween January 1, 2014, and February 12, 2015. Ac-
cordingly, because as of February 12, 2015, J satisfied
the continuing professional education requirements
as set forth in paragraph (e)(2) of this section with-
out regard to paragraph (e)(2)(ii) thereof, J may file
an application for return to active enrollment status
on February 12, 2015.
(p) With the exception of paragraphs
(e)(1) and (f)(3)(iii) of this section, this
section applies to the enrollment cycle be-
ginning January 1, 2011, and all subse-
quent enrollment cycles.
§901.12 [Removed]
Par. 6. Section 901.12 is removed.
§901.13 [Redesignated as §901.12]
Par. 7. Section 901.13 is redesignated
as §901.12.
Par. 8. Newly redesignated §901.12 is
amended by revising the section heading
and paragraphs (a), (b), (d), and (e) to read
as follows:
§901.12 Eligibility for enrollment.
(a)In general. An individual applying
to be an enrolled actuary must fulfill the
experience requirement of paragraph (b) of
this section, the basic actuarial knowledge
requirement of paragraph (c) of this sec-
tion, and the pension actuarial knowledge
requirement of paragraph (d) of this sec-
tion.
(b)Qualifying experience. Within the
10-year period immediately preceding the
date of application, the applicant shall have
completed either—
(1) A minimum of 36 months of certi-
fied responsible pension actuarial experi-
ence; or
(2)Aminimumof60monthsofcer-
tified responsible actuarial experience,
including at least 18 months of certified
responsible pension actuarial experience.
*****
(d)Pension actuarial knowledge.(1)
The applicant shall demonstrate pension
actuarial knowledge by one of the follow-
ing:
(i)Joint Board pension examination.
Successful completion, within the 10-year
April 11, 20116232011–15 I.R.B.

period immediately preceding the date of
the application, to a score satisfactory to
the Joint Board, of an examination pre-
scribed by the Joint Board in actuarial
mathematics and methodology relating to
pension plans, including the provisions of
ERISA relating to the minimum funding
requirements and allocation of assets on
plan termination.
(ii)Organization pension examina-
tions. Successful completion, within the
10-year period immediately preceding the
date of the application, to a score satis-
factory to the Joint Board, of one or more
proctored examinations which are given
by an actuarial organization and which
the Joint Board has determined cover sub-
stantially the same subject areas, have at
least a comparable level of difficulty, and
require at least the same competence as the
Joint Board pension examination referred
to in paragraph (d)(1)(i) of this section.
(2) For purposes of this section, the date
of successful completion of an examina-
tion is generally the date a candidate sits
for the examination, provided that the can-
didate receives a passing grade on that ex-
amination. However,an applicant who sat
for an examination prior to the effective
date of these regulations will be deemed to
have sat for such examination on the effec-
tive date.
(e)Form; fee. An applicant who wishes
to take an examination administered by
the Joint Board under paragraph (c)(1) or
(d)(1) of this section shall file an appli-
cation on a form prescribed by the Joint
Board. Such application shall be accom-
panied by payment in the amount set forth
on the application form. The amount rep-
resents a fee charged to each applicant for
examination and is designed to cover the
costs for the administration of the exami-
nation. The fee shall be retained whether
or not the applicant successfully completes
the examination or is enrolled.
*****
Par. 9. Section 901.20 is amended as
follows:
A. Revising paragraphs (b), (d), (e), (f),
and (g).
B. Redesignating paragraph (h) as para-
graph (k), and adding new paragraph (h).
C. Adding and reserving paragraph (i).
D. Adding new paragraphs (j) and (l).
The revisions and additions read as fol-
lows:
§901.20 Standards of performance of
actuarial services.
*****
(b)Professional duty. (1) An enrolled
actuary shall perform actuarial services
only in a manner that is fully in accordance
with all of the duties and requirements
for such persons under applicable law
and consistent with relevant generally
accepted standards for professional re-
sponsibility and ethics.
(2) An enrolled actuary shall not per-
form actuarial services for any person or
organization which he/she believes, or has
reasonable grounds to believe, may utilize
his/her services in a fraudulent manner or
in a manner inconsistent with law.
*****
(d)Conflicts of interest. (1) Except as
provided in paragraph (d)(2) of this sec-
tion, an enrolled actuary shall not perform
actuarial services for a client if the repre-
sentation involves a conflict of interest. A
conflict of interest exists if—
(i) The representation of one client will
be directly adverse to another client; or
(ii) There is a significant risk that the
representation of one or more clients will
be materially limited by the enrolled ac-
tuary’s responsibilities to another client, a
former client, or by a personal interest of
the enrolled actuary.
(2) Notwithstanding the existence of a
conflict of interest under paragraph (d)(1)
of this section, the enrolled actuary may
represent a client if—
(i) The enrolled actuary reasonably be-
lieves that he or she will be able to pro-
vide competent and diligent representation
to each affected client;
(ii) The representation is not prohibited
by law; and
(iii) Each affected client waives the
conflict of interestand gives informed
consent at the time the existence of the
conflict of interest is known by the en-
rolled actuary.
(e)Assumptions, calculations and rec-
ommendations. (1) The enrolled actuary
shall exercise due care, skill, prudence and
diligence when performing actuarial ser-
vices under ERISA and the Internal Rev-
enue Code. In particular, in the course of
preparing a report or certificate stating ac-
tuarial costs or liabilities, the enrolled ac-
tuary shall ensure that—
(i) Except as mandated by law, the ac-
tuarial assumptions are reasonable individ-
ually and in combination, and the actuar-
ial cost method and the actuarial method
of valuation of assets are appropriate;
(ii) The calculations are accurately car-
ried out and properly documented; and
(iii) The report, any recommendations,
and any supplemental advice or explana-
tion relative to the report reflect the results
of the calculations.
(2) An enrolled actuary shall include
in any report or certificate stating actuar-
ial costs or liabilities, a statement or refer-
ence describing or clearly identifying the
data, any material inadequacies therein and
the implications thereof, and the actuarial
methods and assumptions employed.
(f)Due diligence. (1) An enrolled actu-
ary must exercise due diligence—
(i) In preparing or assisting in the prepa-
ration of, approving, and filing tax returns,
documents, affidavits, and other papers re-
lating to the Department of the Treasury,
the Department of Labor, the Pension Ben-
efit Guaranty Corporation, or any other ap-
plicable Federal or State entity;
(ii) In determining the correctness of
oral or written representations made by
the enrolled actuaryto the Department of
the Treasury, the Department of Labor, the
Pension Benefit Guaranty Corporation, or
any other applicable Federal or State en-
tity; and
(iii) In determining the correctness of
oral or written representations made by the
enrolled actuary to clients.
(2) An enrolled actuary advising a client
to take a position on any document to be
filed with the Department of the Treasury,
the Department of Labor, the Pension Ben-
efit Guaranty Corporation, or any other ap-
plicable Federal or State entity (or prepar-
ing or signing such a return or document)
generally may rely in good faith without
verification upon information furnished by
the client. The enrolled actuary may not,
however, ignore the implications of infor-
mation furnished to, or actually known by,
the enrolled actuary, and must make rea-
sonable inquiries if the information as fur-
nished appears to be incorrect, inconsistent
with an important fact or another factual
assumption, or incomplete.
(g)Solicitations regarding actuarial
services. An enrolled actuary may not in
any way use or participate in the use of
any form of public communication or pri-
2011–15 I.R.B.624April 11, 2011

vate solicitation related to the performance
of actuarial services containing a false,
fraudulent, or coercive statement or claim,
or a misleading or deceptive statement or
claim. An enrolled actuary may not make,
directly or indirectly, an uninvited written
or oral solicitation of employment related
to actuarial services if the solicitation vi-
olates Federal or State law, nor may such
person employ, accept employment in
partnership form, corporate form, or any
other form, or share fees with, any individ-
ual or entity who so solicits. Any lawful
solicitation relatedto the performance of
actuarial services made by or on behalf of
an enrolled actuary must clearly identify
the solicitation as such and, if applicable,
identify the source of the information used
in choosing the recipient.
(h)Prompt disposition of pending mat-
ters. An enrolled actuary may not un-
reasonably delay the prompt disposition
of any matter before the Internal Revenue
Service, the Department of Labor, the Pen-
sion Benefit Guaranty Corporation, or any
other applicable Federal or State entity.
(i) [Reserved].
(j)Return of client’s records. (1) In gen-
eral, an enrolled actuary must, at the re-
quest of a client, promptly return any and
all records of the client that are necessary
for the client to comply with his or her le-
gal obligations. The enrolled actuary may
retain copies of the records returned to a
client. The existence of a dispute over
fees generally does not relieve the enrolled
actuary of his or her responsibility under
this section. Nevertheless, if applicable
state law allows or permits the retention
of a client’s records by an enrolled actuary
in the case of a dispute over fees for ser-
vices rendered, the enrolled actuary need
only return those records that must be at-
tached to the client’s required forms un-
der ERISA and the Internal Revenue Code.
The enrolled actuary, however, must pro-
vide the client with reasonable access to
review and copy any additional records of
the client retained by the enrolled actuary
under state law that are necessary for the
client to comply with his or her obliga-
tions under ERISA and the Internal Rev-
enue Code.
(2) For purposes of this section, records
of the client include all documents or writ-
ten or electronic materials provided to the
enrolled actuary, or obtained by the en-
rolled actuary in the course of the enrolled
actuary’s representation of the client, that
preexisted the retention of the enrolled ac-
tuary by the client. The term ’’records
of the client’’ also includes materials that
were prepared by the client or a third party
(not including an employee or agent of the
enrolled actuary) at any time and provided
to the enrolled actuary with respect to the
subject matter of the representation. The
term “records of the client” also includes
any return, claim for refund, schedule, af-
fidavit, appraisal or any other document
prepared by the enrolled actuary, or his or
her employee or agent, that was presented
to the client with respect to a prior repre-
sentation if such document is necessary for
the taxpayer to comply with his or her cur-
rent obligations under ERISA and the In-
ternal Revenue Code. The term ’’records
of the client’’ does not include any return,
claim for refund, schedule, affidavit, ap-
praisal or any other document prepared by
the enrolled actuary or the enrolled actu-
ary’s firm, employees or agents if the en-
rolled actuary is withholding such docu-
ment pending the client’s performance of
its contractual obligation to pay fees with
respect to such document.
*****
(l) The rules of this section apply to
all actuarial services and related acts per-
formed on or after April 29, 2011.
Par. 10. Section 901.31 is amended by
revising paragraphs (a) and (c) to read as
follows:
§901.31 Grounds for suspension or
termination of enrollment.
(a)Failure to satisfy requirements for
enrollment. The enrollment of an actuary
may be terminated if it is found that the ac-
tuary did not satisfy the eligibility require-
ments set forth in §901.11 or §901.12.
*****
(c)Disreputable conduct. The enroll-
ment of an actuary may be suspended or
terminated if it is found that the actuary
has, at any time after he/she applied for en-
rollment, engaged in any conduct set forth
in §901.12(f) or other conduct evidencing
fraud, dishonesty, or breach of trust. Such
other conduct includes, but is not limited
to, the following:
*****
Par.11.Section901.32isamendedby
revising the last sentence to read as fol-
lows:
§901.32 Receipt ofinformation
concerning enrolled actuaries.
***Ifanyotherpersonhasinformation
of any such violation, he/ she may make a
report thereof to the Executive Director.
Par. 12. Section 901.47 is amended by
revising the last sentence to read as fol-
lows:
§901.47 Transcript.
***Copiesofexhibitsintroducedatthe
hearing or at the taking of depositions will
be supplied to parties upon the payment of
a reasonable fee (31 U.S.C. 9701).
Par. 13. Section 901.72 is added to read
as follows:
§901.72 Additional rules.
The Joint Board may, in notice or other
guidance of general applicability, provide
additional rules regarding the enrollment
of actuaries.
Approved March 2, 2011.
Carolyn Zimmerman,
Chairman, Joint Board
for the Enrollment of Actuaries.
April 11, 20116252011–15 I.R.B.

Part III. Administrative, Procedural, and Miscellaneous
26 CFR 601.201: Rulings and determination letters.
(Also: Part I, §§ 25, 103, 143.)
Rev. Proc. 2011–23
SECTION 1. PURPOSE
This revenue procedure provides is-
suers of qualified mortgage bonds, as
defined in section 143(a) of the Internal
Revenue Code, and issuers of mortgage
credit certificates, as defined in section
25(c), with (1) the nationwide average
purchase price for residences located in
the United States, and (2) average area
purchase price safe harbors for residences
located in statistical areas in each state,
the District of Columbia, Puerto Rico,
the Northern Mariana Islands, American
Samoa, the Virgin Islands, and Guam.
SECTION 2. BACKGROUND
.01 Section 103(a) provides that, except
as provided in section 103(b), gross in-
come does not include interest on any state
or local bond. Section 103(b)(1) provides
that section 103(a) shall not apply to any
private activity bond that is not a “qualified
bond” within the meaning of section 141.
Section 141(e) provides, in part, that the
term “qualified bond” means any private
activity bond if such bond (1) is a quali-
fied mortgage bond under section 143, (2)
meets the volume cap requirements under
section 146, and (3) meets the applicable
requirements under section 147.
.02 Section 143(a)(1) provides that the
term “qualified mortgage bond” means a
bond that is issued as part of a qualified
mortgage issue. Section 143(a)(2)(A) pro-
vides that the term “qualified mortgage is-
sue” means an issue of one or more bonds
by a state or political subdivision thereof,
but only if: (i) all proceeds of the issue (ex-
clusive of issuance costs and a reasonably
required reserve) are to be used to finance
owner-occupied residences; (ii) the issue
meets the requirements of subsections (c),
(d), (e), (f), (g), (h), (i), and (m)(7) of sec-
tion 143; (iii) the issue does not meet the
private business tests of paragraphs (1) and
(2) of section 141(b); and (iv) with respect
to amounts received more than 10 years
after the date of issuance, repayments of
$250,000 or more of principal on mortgage
financing provided by the issue are used by
the close of the first semiannual period be-
ginning after the date the prepayment (or
complete repayment) is received to redeem
bonds that are part of the issue.
Average Area Purchase Price
.03 Section 143(e)(1) provides that an
issue of bonds meets the purchase price
requirements of section 143(e) if the ac-
quisition cost of each residence financed
by the issue does not exceed 90 percent of
the average area purchase price applicable
to such residence. Section 143(e)(5) pro-
vides that, in the case of a targeted area res-
idence (as defined in section 143(j)), sec-
tion 143(e)(1) shall be applied by substi-
tuting 110 percent for 90 percent.
.04 Section 143(e)(2) provides that the
term “average area purchase price” means,
with respect to any residence, the average
purchase price of single-family residences
(in the statistical area in which the resi-
dence is located) that were purchased dur-
ing the most recent 12-month period for
which sufficient statistical information is
available. Under sections 143(e)(3) and
(4), respectively, separate determinations
are to be made for new and existing resi-
dences, and for two-, three-, and four-fam-
ily residences.
.05 Section 143(e)(2) provides that the
determination of the average area purchase
price for a statistical area shall be made as
of the date on which the commitment to
provide the financing is made or, if earlier,
the date of the purchase of the residence.
.06 Section 143(k)(2)(A) provides that
the term “statistical area” means (i) a
metropolitan statistical area (MSA), and
(ii) any county (or the portion thereof)
that is not within an MSA. Section
143(k)(2)(C) further provides that if suf-
ficient recent statistical information with
respect to a county (or portion thereof)
is unavailable, the Secretary may sub-
stitute another area for which there is
sufficient recent statistical information for
such county (or portion thereof). In the
case of any portion of a State which is
not within a county, section 143(k)(2)(D)
provides that the Secretary may designate
as a county any area that is the equivalent
of a county. Section 6a.103A–1(b)(4)(i)
of the Temporary Income Tax Regulations
(issued under section 103A of the Internal
Revenue Code of 1954, the predecessor of
section 143) provides that the term “State”
includes a possession of the United States
and the District of Columbia.
.07 Section 6a.103A–2(f)(5)(i) pro-
vides that an issuer may rely upon the aver-
age area purchase price safe harbors pub-
lished by the Department of the Treasury
for the statistical area in which a residence
is located. Section 6a.103A–2(f)(5)(i)
further provides that an issuer may use
an average area purchase price limitation
different from the published safe harbor if
the issuer has more accurate and compre-
hensive data for the statistical area.
Qualified Mortgage Credit Certificate
Program
.08 Section 25(c) permits a state or
political subdivision to establish a quali-
fied mortgage credit certificate program.
In general, a qualified mortgage credit
certificate program is a program under
which the issuing authority elects not to
issue an amount of private activity bonds
that it may otherwise issue during the
calendar year under section 146, and in
their place, issues mortgage credit certifi-
cates to taxpayers in connection with the
acquisition of their principal residences.
Section 25(a)(1) provides, in general, that
the holder of a mortgage credit certificate
may claim a federal income tax credit
equal to the product of the credit rate
specified in the certificate and the interest
paid or accrued during the tax year on the
remaining principal of the indebtedness
incurred to acquire the residence. Section
25(c)(2)(A)(iii)(III) generally provides
that residences acquired in connection
with the issuance of mortgage credit cer-
tificates must meet the purchase price
requirements of section 143(e).
Income Limitations for Qualified
Mortgage Bonds and Mortgage Credit
Certificates
.09 Section 143(f) imposes limitations
on the income of mortgagors for whom
financing may be provided by qualified
mortgage bonds. In addition, section
25(c)(2)(A)(iii)(IV) provides that holders
of mortgage credit certificates must meet
2011–15 I.R.B.626April 11, 2011

the income requirement of section 143(f).
Generally, under sections 143(f)(1) and
25(c)(2)(A)(iii)(IV), the income require-
ment is met only if all owner-financing
under a qualified mortgage bond and all
mortgage credit certificates issued under a
qualified mortgage credit certificate pro-
gram are provided to mortgagors whose
family income is 115 percent or less of the
applicable median family income. Section
143(f)(5), however, generally provides
for an upward adjustment to the percent-
age limitation in high housing cost areas.
High housing cost areas are defined in
section 143(f)(5)(C) as any statistical area
for which the housing cost/income ratio is
greater than 1.2.
.10 Under section 143(f)(5)(D), the
housing cost/income ratio with respect to
any statistical area is determined by divid-
ing (a) the applicable housing price ratio
for such area by (b) the ratio that the area
median gross income for such area bears
to the median gross income for the United
States. The applicable housing price ratio
is the new housing price ratio (new hous-
ing average area purchase price divided by
the new housing average purchase price
for the United States) or the existing hous-
ing price ratio (existing housing average
area purchase price divided by the existing
housing average purchase price for the
United States), whichever results in the
housing cost/income ratio being closer to
1.
Average Area and Nationwide Purchase
Price Limitations
.11 Average area purchase price safe
harbors for each state, the District of
Columbia, Puerto Rico, the Northern
Mariana Islands, American Samoa, the
Virgin Islands, and Guam were last
published in Rev. Proc. 2010–25,
2010–27 I.R.B. 16.
.12 The nationwideaverage purchase
price limitation was last published in
section 4.02 of Rev. Proc. 2010–25.
Guidance with respect to the United States
and area median grossincome figures that
aretobeusedincomputingthehousing
cost/income ratio described in section
143(f)(5) was last published in Rev. Proc.
2010–23, 2010–24 I.R.B. 762.
.13 This revenue procedure uses FHA
loan limits for a given statistical area to
calculate the average area purchase price
safe harbor for that area. FHA sets lim-
its on the dollar value of loans it will in-
sure based on median home prices and
conforming loan limits established by the
Federal Home Loan Mortgage Corpora-
tion. In particular, FHA sets an area’s loan
limit at 95 percent of the median home
sales price for the area, subject to certain
floors and caps measured against conform-
ingloanlimits.
.14 To calculate the average area pur-
chase price safe harbors in this revenue
procedure, the FHA loan limits are ad-
justed to take into account the differences
between average and median purchase
prices. Because FHA loan limits do not
differentiate between new and existing
residences, this revenue procedure con-
tains a single average area purchase price
safe harbor for both new and existing
residences in a statistical area. The Trea-
sury Department and the Internal Revenue
Service have determined that FHA loan
limits provide a reasonable basis for de-
termining average area purchase price
safe harbors. If the Treasury Department
and the Internal Revenue Service become
aware of other sources of average purchase
price data, including data that differentiate
between new and existing residences, con-
sideration will be given as to whether such
data provide a more accurate method for
calculating average area purchase price
safe harbors.
.15 The average area purchase price
safeharborslistedinsection4.01ofthis
revenue procedure are based on FHA loan
limits released December 01, 2010. FHA
loan limits are available for statistical ar-
eas in each state, the District of Columbia,
Puerto Rico, the Northern Mariana Islands,
American Samoa, the Virgin Islands, and
Guam. See section 3.03 of this revenue
procedure with respect to FHA loan lim-
its revised after December 01, 2010.
.16 OMB Bulletin No. 03–04, dated
and effective June 6, 2003, revised the def-
initions of the nation’s metropolitan areas
and recognized 49 new metropolitan sta-
tistical areas. The OMB bulletin no longer
includes primary metropolitan statistical
areas.
SECTION 3. APPLICATION
Average Area Purchase Price Safe
Harbors
.01 Average area purchase price safe
harbors for statistical areas in each state,
the District of Columbia, Puerto Rico,
the Northern Mariana Islands, American
Samoa, the Virgin Islands, and Guam are
set forth in section 4.01 of this revenue
procedure. Average area purchase price
safe harbors are provided for single-family
and two to four-family residences. For
each type of residence, section 4.01 of this
revenue procedure contains a single safe
harbor that may be used for both new and
existing residences. Issuers of qualified
mortgage bonds and issuers of mortgage
credit certificates may rely on these safe
harbors to satisfy the requirements of sec-
tions 143(e) and (f). Section 4.01 of this
revenue procedure provides safe harbors
for MSAs and for certain counties and
county equivalents. If no purchase price
safe harbor is available for a statistical
area, the safe harbor for “ALL OTHER
AREAS” may be used for that statistical
area.
.02IfaresidenceisinanMSA,thesafe
harbor applicable to it is the limitation of
that MSA. If an MSA falls in more than
one state, the MSA is listed in section 4.01
of this revenue procedure under each state.
.03 If the FHA revises the FHA loan
limit for any statistical area after Decem-
ber 01, 2010, an issuer of qualified mort-
gage bonds or mortgage credit certificates
may use the revised FHA loan limit for that
statistical area to compute (as provided in
the next sentence) a revised average area
purchase price safe harbor for the statisti-
cal area provided that the issuer maintains
records evidencing the revised FHA loan
limit. The revised average area purchase
price safe harbor for that statistical area
is computed by dividing the revised FHA
loan limit by .9875.
.04 If, pursuant to section
6a.103A–2(f)(5)(i), an issuer uses more
accurate and comprehensive data to
determine the average area purchase price
for a statistical area, the issuer must make
separate average area purchase price
determinations for new and existing resi-
dences. Moreover, when computing the
average area purchase price for a statistical
area that is an MSA, as defined in OMB
April 11, 20116272011–15 I.R.B.

Bulletin No. 03–04, the issuer must make
the computation for the entire applicable
MSA. When computing the average area
purchase price for a statistical area that
is not an MSA, the issuer must make the
computation for the entire statistical area
and may not combine statistical areas.
Thus, for example, the issuer may not
combine two or more counties.
.05 If an issuer receives a ruling permit-
ting it to rely on an average area purchase
price limitation that is higher than the
applicable safe harbor in this revenue
procedure, the issuer may rely on that
higher limitation for the purpose of satis-
fying the requirements of section 143(e)
and (f) for bonds sold, and mortgage
credit certificates issued, not more than 30
months following the termination date of
the12-monthperiodusedbytheissuerto
compute the limitation.
Nationwide Average Purchase Price
.06 Section 4.02 of this revenue proce-
dure sets forth a single nationwide average
purchase price for purposes of computing
the housing cost/income ratio under sec-
tion 143(f)(5).
.07 Issuers must use the nationwide av-
erage purchase price set forth in section
4.02 of this revenue procedure when com-
puting the housing cost/income ratio un-
der section 143(f)(5) regardless of whether
they are relying on the average area pur-
chase price safe harbors contained in this
revenue procedure or using more accurate
and comprehensive data to determine av-
erage area purchase prices for new and ex-
isting residences for a statistical area that
are different from the published safe har-
bors in this revenue procedure.
.08 If, pursuant to section 6.02 of this
revenue procedure, an issuer relies on the
average area purchase price safe harbors
contained in Rev. Proc. 2010–25, the is-
suer must use the nationwide average pur-
chase price set forth in section 4.02 of Rev.
Proc. 2010–25 in computing the housing
cost/income ratio under section 143(f)(5).
Likewise, if, pursuant to section 6.05 of
this revenue procedure, an issuer relies
on the nationwide average purchase price
published in Rev. Proc. 2010–25, the is-
suer may not rely on the average area pur-
chase price safe harbors published in this
revenue procedure.
SECTION 4. AVERAGE AREA AND
NATIONWIDE AVERAGE PURCHASE
PRICES
.01 Average area purchase prices for
single-family and two to four-family resi-
dences in MSAs, and for certain counties
and county equivalents are set forth be-
low. The safe harbor for “ALL OTHER
AREAS” (found at the end of the table
below) may be used for a statistical area
that is not listed below.
2011 Average Area Purchase Prices for Mortgage Revenue Bonds
County NameStateOne-Unit
Limit
Two-Unit
Limit
Three-Unit
Limit
Four-Unit
Limit
ALEUTIANS WESTAK
$361,013$462,127$558,633$694,228
ANCHORAGEAK
$351,899$450,481$544,557$676,709
DENALIAK
$320,253$409,975$495,544$615,848
DILLINGHAMAK
$336,709$431,038$521,013$647,494
FAIRBANKS NORTHAK
$320,253$409,975$495,544$615,848
JUNEAUAK
$403,797$516,911$624,861$776,557
KETCHIKAN GATEWAK
$326,076$417,418$504,557$627,089
KODIAK ISLANDAK
$334,228$427,848$517,165$642,734
MATANUSKA-SUSITAK
$351,899$450,481$544,557$676,709
NOMEAK
$278,329$356,304$430,684$535,241
NORTH SLOPEAK
$310,937$398,025$481,165$597,975
SITKAAK
$436,709$559,038$675,797$839,848
VALDEZ-CORDOVAAK
$274,835$351,848$425,266$528,506
YAKUTAT CITYAK
$393,620$503,899$609,114$756,962
BALDWINAL
$288,608$369,468$446,582$554,987
RUSSELLAL
$293,468$375,696$454,127$564,354
2011–15 I.R.B.628April 11, 2011

APACHEAZ
$284,810$364,608$440,709$547,696
COCONINOAZ
$455,696$583,342$705,165$876,354
GILAAZ
$329,114$421,316$509,266$632,911
MARICOPAAZ
$350,633$448,861$542,582$674,278
MOHAVEAZ
$326,582$418,076$505,367$628,051
NAVAJOAZ
$312,658$400,253$483,797$601,266
PIMAAZ
$320,253$409,975$495,544$615,848
PINALAZ
$350,633$448,861$542,582$674,278
YAVAPAIAZ
$394,937$505,570$611,139$759,494
ALAMEDACA
$738,987$946,025$1,143,544$1,421,165
ALPINECA
$554,430$709,772$857,924$1,066,228
AMADORCA
$449,367$575,241$695,342$864,152
BUTTECA
$405,063$518,532$626,785$778,987
CALAVERASCA
$468,354$599,544$724,759$900,709
COLUSACA
$402,532$515,291$622,886$774,076
CONTRA COSTACA
$738,987$946,025$1,143,544$1,421,165
DEL NORTECA
$315,190$403,494$487,747$606,127
EL DORADOCA
$587,342$751,899$908,861$1,129,519
FRESNOCA
$386,076$494,228$597,418$742,430
GLENNCA
$291,139$372,709$450,532$559,899
HUMBOLDTCA
$398,734$510,430$617,013$766,785
IMPERIALCA
$329,114$421,316$509,266$632,911
INYOCA
$443,038$567,139$685,570$852,000
KERNCA
$373,418$478,025$577,823$718,127
KINGSCA
$329,114$421,316$509,266$632,911
LAKECA
$406,329$520,152$628,759$781,418
LASSENCA
$288,608$369,468$446,582$554,987
LOS ANGELESCA
$738,987$946,025$1,143,544$1,421,165
MADERACA
$430,380$550,937$665,975$827,646
MARINCA
$738,987$946,025$1,143,544$1,421,165
MARIPOSACA
$417,722$534,734$646,380$803,291
MENDOCINOCA
$518,987$664,405$803,089$998,076
MERCEDCA
$478,481$612,557$740,405$920,152
MONOCA
$535,696$685,772$828,962$1,030,177
MONTEREYCA
$738,987$946,025$1,143,544$1,421,165
NAPACA
$738,987$946,025$1,143,544$1,421,165
NEVADACA
$569,620$729,215$881,468$1,095,443
ORANGECA
$738,987$946,025$1,143,544$1,421,165
April 11, 20116292011–15 I.R.B.

PLACERCA
$587,342$751,899$908,861$1,129,519
PLUMASCA
$415,190$531,494$642,481$798,430
RIVERSIDECA
$506,329$648,203$783,494$973,722
SACRAMENTOCA
$587,342$751,899$908,861$1,129,519
SAN BENITOCA
$738,987$946,025$1,143,544$1,421,165
SAN BERNARDINOCA
$506,329$648,203$783,494$973,722
SAN DIEGOCA
$706,329$904,253$1,093,013$1,358,329
SAN FRANCISCOCA
$738,987$946,025$1,143,544$1,421,165
SAN JOAQUINCA
$494,937$633,620$765,873$951,797
SAN LUIS OBISPOCA
$696,203$891,241$1,077,316$1,338,886
SAN MATEOCA
$738,987$946,025$1,143,544$1,421,165
SANTA BARBARACA
$738,987$946,025$1,143,544$1,421,165
SANTA CLARACA
$738,987$946,025$1,143,544$1,421,165
SANTA CRUZCA
$738,987$946,025$1,143,544$1,421,165
SHASTACA
$429,114$549,316$664,000$825,215
SIERRACA
$308,608$395,038$477,519$593,468
SISKIYOUCA
$297,468$380,810$460,304$572,051
SOLANOCA
$564,557$722,734$873,620$1,085,722
SONOMACA
$670,886$858,835$1,038,177$1,290,177
STANISLAUSCA
$429,114$549,316$664,000$825,215
SUTTERCA
$430,380$550,937$665,975$827,646
TEHAMACA
$316,456$405,114$489,671$608,557
TULARECA
$329,114$421,316$509,266$632,911
TUOLUMNECA
$443,038$567,139$685,570$852,000
VENTURACA
$738,987$946,025$1,143,544$1,421,165
YOLOCA
$587,342$751,899$908,861$1,129,519
YUBACA
$430,380$550,937$665,975$827,646
ADAMSCO
$411,392$526,633$636,608$791,139
ARAPAHOECO
$411,392$526,633$636,608$791,139
ARCHULETACO
$321,519$411,595$497,519$618,278
BOULDERCO
$465,823$596,304$720,810$895,797
BROOMFIELDCO
$411,392$526,633$636,608$791,139
CHAFFEECO
$283,544$362,987$438,734$545,266
CLEAR CREEKCO
$411,392$526,633$636,608$791,139
DENVERCO
$411,392$526,633$636,608$791,139
DOUGLASCO
$411,392$526,633$636,608$791,139
EAGLECO
$738,987$946,025$1,143,544$1,421,165
EL PASOCO
$329,114$421,316$509,266$632,911
2011–15 I.R.B.630April 11, 2011

ELBERTCO
$411,392$526,633$636,608$791,139
GARFIELDCO
$430,380$550,937$665,975$827,646
GILPINCO
$411,392$526,633$636,608$791,139
GRANDCO
$360,759$461,823$558,228$693,772
GUNNISONCO
$439,241$562,278$679,696$844,709
HINSDALECO
$564,557$722,734$873,620$1,085,722
JEFFERSONCO
$411,392$526,633$636,608$791,139
LA PLATACO
$449,367$575,241$695,342$864,152
LAKECO
$738,987$946,025$1,143,544$1,421,165
LARIMERCO
$316,456$405,114$489,671$608,557
MESACO
$375,949$481,266$581,772$722,987
MINERALCO
$303,797$388,911$470,076$584,203
OURAYCO
$488,608$625,519$756,101$939,646
PARKCO
$411,392$526,633$636,608$791,139
PITKINCO
$738,987$946,025$1,143,544$1,421,165
ROUTTCO
$683,544$875,038$1,057,772$1,314,532
SAN JUANCO
$430,380$550,937$665,975$827,646
SAN MIGUELCO
$659,494$844,253$1,020,506$1,268,253
SUMMITCO
$738,987$946,025$1,143,544$1,421,165
TELLERCO
$329,114$421,316$509,266$632,911
WELDCO
$422,785$541,215$654,228$813,063
FAIRFIELDCT
$717,722$918,835$1,110,633$1,380,253
HARTFORDCT
$445,570$570,380$689,468$856,861
LITCHFIELDCT
$379,747$486,127$587,646$730,278
MIDDLESEXCT
$445,570$570,380$689,468$856,861
NEW HAVENCT
$392,405$502,329$607,190$754,633
NEW LONDONCT
$403,797$516,911$624,861$776,557
TOLLANDCT
$445,570$570,380$689,468$856,861
WINDHAMCT
$275,949$353,266$426,987$530,684
DISTRICT OF COLDC
$738,987$946,025$1,143,544$1,421,165
KENTDE
$381,013$487,747$589,570$732,709
NEW CASTLEDE
$425,316$544,456$658,127$817,924
SUSSEXDE
$379,747$486,127$587,646$730,278
BAKERFL
$392,405$502,329$607,190$754,633
BAYFL
$401,266$513,671$620,911$771,646
April 11, 20116312011–15 I.R.B.

BREVARDFL
$294,937$377,570$456,405$567,190
BROWARDFL
$429,114$549,316$664,000$825,215
CHARLOTTEFL
$300,000$384,051$464,203$576,911
CLAYFL
$392,405$502,329$607,190$754,633
COLLIERFL
$537,975$688,709$832,456$1,034,582
DUVALFL
$392,405$502,329$607,190$754,633
FLAGLERFL
$291,139$372,709$450,532$559,899
FRANKLINFL
$308,861$395,392$477,924$593,975
HERNANDOFL
$296,203$379,190$458,329$569,620
HILLSBOROUGHFL
$296,203$379,190$458,329$569,620
INDIAN RIVERFL
$287,342$367,848$444,608$552,557
LAKEFL
$358,228$458,582$554,329$688,911
LEEFL
$360,759$461,823$558,228$693,772
MANATEEFL
$448,101$573,620$693,418$861,722
MARTINFL
$379,747$486,127$587,646$730,278
MIAMI-DADEFL
$429,114$549,316$664,000$825,215
MONROEFL
$738,987$946,025$1,143,544$1,421,165
NASSAUFL
$392,405$502,329$607,190$754,633
OKALOOSAFL
$316,456$405,114$489,671$608,557
ORANGEFL
$358,228$458,582$554,329$688,911
OSCEOLAFL
$358,228$458,582$554,329$688,911
PALM BEACHFL
$429,114$549,316$664,000$825,215
PASCOFL
$296,203$379,190$458,329$569,620
PINELLASFL
$296,203$379,190$458,329$569,620
SARASOTAFL
$448,101$573,620$693,418$861,722
SEMINOLEFL
$358,228$458,582$554,329$688,911
ST. JOHNSFL
$392,405$502,329$607,190$754,633
ST. LUCIEFL
$379,747$486,127$587,646$730,278
SUMTERFL
$282,278$361,367$436,810$542,835
VOLUSIAFL
$307,595$393,772$475,949$591,544
WALTONFL
$367,382$470,278$568,506$706,481
BARROWGA
$350,633$448,861$542,582$674,278
BARTOWGA
$350,633$448,861$542,582$674,278
BRANTLEYGA
$279,747$358,127$432,861$537,975
BUTTSGA
$350,633$448,861$542,582$674,278
CARROLLGA
$350,633$448,861$542,582$674,278
CHATTAHOOCHEEGA
$293,468$375,696$454,127$564,354
CHEROKEEGA
$350,633$448,861$542,582$674,278
2011–15 I.R.B.632April 11, 2011

CLARKEGA
$302,532$387,291$468,152$581,772
CLAYTONGA
$350,633$448,861$542,582$674,278
COBBGA
$350,633$448,861$542,582$674,278
COWETAGA
$350,633$448,861$542,582$674,278
DAWSONGA
$350,633$448,861$542,582$674,278
DEKALBGA
$350,633$448,861$542,582$674,278
DOUGLASGA
$350,633$448,861$542,582$674,278
FAYETTEGA
$350,633$448,861$542,582$674,278
FORSYTHGA
$350,633$448,861$542,582$674,278
FULTONGA
$350,633$448,861$542,582$674,278
GLYNNGA
$279,747$358,127$432,861$537,975
GREENEGA
$670,886$858,835$1,038,177$1,290,177
GWINNETTGA
$350,633$448,861$542,582$674,278
HARALSONGA
$350,633$448,861$542,582$674,278
HARRISGA
$293,468$375,696$454,127$564,354
HEARDGA
$350,633$448,861$542,582$674,278
HENRYGA
$350,633$448,861$542,582$674,278
JASPERGA
$350,633$448,861$542,582$674,278
LAMARGA
$350,633$448,861$542,582$674,278
MADISONGA
$302,532$387,291$468,152$581,772
MARIONGA
$293,468$375,696$454,127$564,354
MCINTOSHGA
$279,747$358,127$432,861$537,975
MERIWETHERGA
$350,633$448,861$542,582$674,278
MUSCOGEEGA
$293,468$375,696$454,127$564,354
NEWTONGA
$350,633$448,861$542,582$674,278
OCONEEGA
$302,532$387,291$468,152$581,772
OGLETHORPEGA
$302,532$387,291$468,152$581,772
PAULDINGGA
$350,633$448,861$542,582$674,278
PICKENSGA
$350,633$448,861$542,582$674,278
PIKEGA
$350,633$448,861$542,582$674,278
ROCKDALEGA
$350,633$448,861$542,582$674,278
SPALDINGGA
$350,633$448,861$542,582$674,278
WALTONGA
$350,633$448,861$542,582$674,278
HAWAIIHI
$626,582$802,127$969,620$1,204,962
HONOLULUHI
$803,797$1,012,658$1,243,848$1,545,772
KALAWAOHI
$725,316$928,557$1,122,380$1,394,886
KAUAIHI
$783,544$1,003,089$1,212,506$1,506,835
MAUIHI
$800,000$1,012,658$1,237,975$1,538,481
April 11, 20116332011–15 I.R.B.

ADAID
$307,595$393,772$475,949$591,544
ADAMSID
$277,215$354,886$428,962$533,114
BLAINEID
$738,987$946,025$1,143,544$1,421,165
BOISEID
$307,595$393,772$475,949$591,544
CANYONID
$307,595$393,772$475,949$591,544
GEMID
$307,595$393,772$475,949$591,544
KOOTENAIID
$289,873$371,089$448,557$557,418
OWYHEEID
$307,595$393,772$475,949$591,544
TETONID
$702,532$899,342$1,087,139$1,351,038
VALLEYID
$468,354$599,544$724,759$900,709
BONDIL
$284,810$364,608$440,709$547,696
BOONEIL
$343,544$439,797$531,595$660,658
CALHOUNIL
$284,810$364,608$440,709$547,696
CLINTONIL
$284,810$364,608$440,709$547,696
COOKIL
$415,190$531,494$642,481$798,430
DEKALBIL
$415,190$531,494$642,481$798,430
DUPAGEIL
$415,190$531,494$642,481$798,430
GRUNDYIL
$415,190$531,494$642,481$798,430
JERSEYIL
$284,810$364,608$440,709$547,696
KANEIL
$415,190$531,494$642,481$798,430
KENDALLIL
$415,190$531,494$642,481$798,430
LAKEIL
$415,190$531,494$642,481$798,430
MACOUPINIL
$284,810$364,608$440,709$547,696
MADISONIL
$284,810$364,608$440,709$547,696
MCHENRYIL
$415,190$531,494$642,481$798,430
MONROEIL
$284,810$364,608$440,709$547,696
ST. CLAIRIL
$284,810$364,608$440,709$547,696
WILLIL
$415,190$531,494$642,481$798,430
WINNEBAGOIL
$343,544$439,797$531,595$660,658
CLARKIN
$306,329$392,152$474,025$589,114
DEARBORNIN
$341,772$437,519$528,861$657,266
FLOYDIN
$306,329$392,152$474,025$589,114
FRANKLININ
$341,772$437,519$528,861$657,266
HARRISONIN
$306,329$392,152$474,025$589,114
JASPERIN
$415,190$531,494$642,481$798,430
LAKEIN
$415,190$531,494$642,481$798,430
NEWTONIN
$415,190$531,494$642,481$798,430
2011–15 I.R.B.634April 11, 2011

OHIOIN
$341,772$437,519$528,861$657,266
PORTERIN
$415,190$531,494$642,481$798,430
WASHINGTONIN
$306,329$392,152$474,025$589,114
BOONEKY
$341,772$437,519$528,861$657,266
BRACKENKY
$341,772$437,519$528,861$657,266
BULLITTKY
$306,329$392,152$474,025$589,114
CAMPBELLKY
$341,772$437,519$528,861$657,266
GALLATINKY
$341,772$437,519$528,861$657,266
GRANTKY
$341,772$437,519$528,861$657,266
HENRYKY
$306,329$392,152$474,025$589,114
JEFFERSONKY
$306,329$392,152$474,025$589,114
KENTONKY
$341,772$437,519$528,861$657,266
MEADEKY
$306,329$392,152$474,025$589,114
NELSONKY
$306,329$392,152$474,025$589,114
OLDHAMKY
$306,329$392,152$474,025$589,114
PENDLETONKY
$341,772$437,519$528,861$657,266
SHELBYKY
$306,329$392,152$474,025$589,114
SPENCERKY
$306,329$392,152$474,025$589,114
TRIMBLEKY
$306,329$392,152$474,025$589,114
ASCENSIONLA
$283,544$362,987$438,734$545,266
EAST BATON ROUGLA
$283,544$362,987$438,734$545,266
EAST FELICIANALA
$283,544$362,987$438,734$545,266
IBERVILLELA
$283,544$362,987$438,734$545,266
JEFFERSONLA
$291,139$372,709$450,532$559,899
LIVINGSTONLA
$283,544$362,987$438,734$545,266
ORLEANSLA
$291,139$372,709$450,532$559,899
PLAQUEMINESLA
$291,139$372,709$450,532$559,899
POINTE COUPEELA
$283,544$362,987$438,734$545,266
ST. BERNARDLA
$291,139$372,709$450,532$559,899
ST. CHARLESLA
$291,139$372,709$450,532$559,899
ST. HELENALA
$283,544$362,987$438,734$545,266
ST. JOHN THE BALA
$291,139$372,709$450,532$559,899
ST. TAMMANYLA
$291,139$372,709$450,532$559,899
WEST BATON ROUGLA
$283,544$362,987$438,734$545,266
WEST FELICIANALA
$283,544$362,987$438,734$545,266
April 11, 20116352011–15 I.R.B.

BARNSTABLEMA
$468,354$599,544$724,759$900,709
BRISTOLMA
$481,013$615,797$744,354$925,013
DUKESMA
$738,987$946,025$1,143,544$1,421,165
ESSEXMA
$530,380$678,987$820,709$1,019,949
FRANKLINMA
$322,785$413,215$499,494$620,759
HAMPDENMA
$322,785$413,215$499,494$620,759
HAMPSHIREMA
$322,785$413,215$499,494$620,759
MIDDLESEXMA
$530,380$678,987$820,709$1,019,949
NANTUCKETMA
$738,987$946,025$1,143,544$1,421,165
NORFOLKMA
$530,380$678,987$820,709$1,019,949
PLYMOUTHMA
$530,380$678,987$820,709$1,019,949
SUFFOLKMA
$530,380$678,987$820,709$1,019,949
WORCESTERMA
$389,873$499,089$603,291$749,772
ANNE ARUNDELMD
$567,089$725,975$877,519$1,090,582
BALTIMOREMD
$567,089$725,975$877,519$1,090,582
BALTIMORE CITYMD
$567,089$725,975$877,519$1,090,582
CALVERTMD
$738,987$946,025$1,143,544$1,421,165
CARROLLMD
$567,089$725,975$877,519$1,090,582
CECILMD
$425,316$544,456$658,127$817,924
CHARLESMD
$738,987$946,025$1,143,544$1,421,165
FREDERICKMD
$738,987$946,025$1,143,544$1,421,165
GARRETTMD
$443,038$567,139$685,570$852,000
HARFORDMD
$567,089$725,975$877,519$1,090,582
HOWARDMD
$567,089$725,975$877,519$1,090,582
KENTMD
$348,101$445,620$538,633$669,418
MONTGOMERYMD
$738,987$946,025$1,143,544$1,421,165
PRINCE GEORGE’SMD
$738,987$946,025$1,143,544$1,421,165
QUEEN ANNE’SMD
$567,089$725,975$877,519$1,090,582
SOMERSETMD
$332,911$426,177$515,139$640,203
ST. MARY’SMD
$405,063$518,532$626,785$778,987
TALBOTMD
$449,367$575,241$695,342$864,152
WASHINGTONMD
$382,278$489,367$591,544$735,139
WICOMICOMD
$332,911$426,177$515,139$640,203
WORCESTERMD
$443,038$567,139$685,570$852,000
CUMBERLANDME
$341,772$437,519$528,861$657,266
HANCOCKME
$275,949$353,266$426,987$530,684
KNOXME
$282,987$362,278$437,873$544,203
2011–15 I.R.B.636April 11, 2011

LINCOLNME
$322,785$413,215$499,494$620,759
SAGADAHOCME
$341,772$437,519$528,861$657,266
YORKME
$341,772$437,519$528,861$657,266
BERRIENMI
$302,532$387,291$468,152$581,772
KALAMAZOOMI
$289,873$371,089$448,557$557,418
LAPEERMI
$301,266$385,671$466,177$579,342
LENAWEEMI
$301,266$385,671$466,177$579,342
LIVINGSTONMI
$301,266$385,671$466,177$579,342
MACOMBMI
$301,266$385,671$466,177$579,342
MONROEMI
$301,266$385,671$466,177$579,342
OAKLANDMI
$301,266$385,671$466,177$579,342
ST. CLAIRMI
$301,266$385,671$466,177$579,342
VAN BURENMI
$289,873$371,089$448,557$557,418
WASHTENAWMI
$349,367$447,241$540,608$671,848
WAYNEMI
$301,266$385,671$466,177$579,342
ANOKAMN
$369,620$473,165$571,949$710,785
CARVERMN
$369,620$473,165$571,949$710,785
CHISAGOMN
$369,620$473,165$571,949$710,785
COOKMN
$300,000$384,051$464,203$576,911
DAKOTAMN
$369,620$473,165$571,949$710,785
HENNEPINMN
$369,620$473,165$571,949$710,785
ISANTIMN
$369,620$473,165$571,949$710,785
RAMSEYMN
$369,620$473,165$571,949$710,785
SCOTTMN
$369,620$473,165$571,949$710,785
SHERBURNEMN
$369,620$473,165$571,949$710,785
WASHINGTONMN
$369,620$473,165$571,949$710,785
WRIGHTMN
$369,620$473,165$571,949$710,785
CRAWFORDMO
$284,810$364,608$440,709$547,696
FRANKLINMO
$284,810$364,608$440,709$547,696
JEFFERSONMO
$284,810$364,608$440,709$547,696
LINCOLNMO
$284,810$364,608$440,709$547,696
ST. CHARLESMO
$284,810$364,608$440,709$547,696
ST. LOUISMO
$284,810$364,608$440,709$547,696
ST. LOUIS CITYMO
$284,810$364,608$440,709$547,696
WARRENMO
$284,810$364,608$440,709$547,696
WASHINGTONMO
$284,810$364,608$440,709$547,696
April 11, 20116372011–15 I.R.B.

CARBONMT
$294,937$377,570$456,405$567,190
FLATHEADMT
$305,114$390,582$472,152$586,734
GALLATINMT
$391,139$500,709$605,266$752,203
JEFFERSONMT
$345,570$442,380$534,734$664,557
LAKEMT
$305,063$390,532$472,051$586,633
LEWIS AND CLARKMT
$345,570$442,380$534,734$664,557
MADISONMT
$285,316$365,266$441,519$548,658
MISSOULAMT
$294,937$377,570$456,405$567,190
RAVALLIMT
$307,595$393,772$475,949$591,544
SWEET GRASSMT
$350,633$448,861$542,582$674,278
YELLOWSTONEMT
$294,937$377,570$456,405$567,190
ANSONNC
$307,595$393,772$475,949$591,544
BRUNSWICKNC
$307,595$393,772$475,949$591,544
BUNCOMBENC
$307,595$393,772$475,949$591,544
CABARRUSNC
$307,595$393,772$475,949$591,544
CAMDENNC
$738,987$946,025$1,143,544$1,421,165
CARTERETNC
$291,139$372,709$450,532$559,899
CHATHAMNC
$338,886$433,823$524,405$651,696
CURRITUCKNC
$464,658$594,835$719,038$893,570
DARENC
$465,823$596,304$720,810$895,797
DURHAMNC
$338,886$433,823$524,405$651,696
FRANKLINNC
$298,734$382,430$462,278$574,481
GASTONNC
$307,595$393,772$475,949$591,544
HAYWOODNC
$307,595$393,772$475,949$591,544
HENDERSONNC
$307,595$393,772$475,949$591,544
HYDENC
$489,114$626,127$756,861$940,608
JOHNSTONNC
$298,734$382,430$462,278$574,481
MADISONNC
$307,595$393,772$475,949$591,544
MECKLENBURGNC
$307,595$393,772$475,949$591,544
NEW HANOVERNC
$307,595$393,772$475,949$591,544
ONSLOWNC
$310,127$397,013$479,899$596,405
ORANGENC
$338,886$433,823$524,405$651,696
PASQUOTANKNC
$738,987$946,025$1,143,544$1,421,165
PENDERNC
$307,595$393,772$475,949$591,544
PERQUIMANSNC
$738,987$946,025$1,143,544$1,421,165
PERSONNC
$338,886$433,823$524,405$651,696
TRANSYLVANIANC
$297,468$380,810$460,304$572,051
UNIONNC
$307,595$393,772$475,949$591,544
2011–15 I.R.B.638April 11, 2011

WAKENC
$298,734$382,430$462,278$574,481
WATAUGANC
$288,608$369,468$446,582$554,987
BELKNAPNH
$284,810$364,608$440,709$547,696
GRAFTONNH
$284,810$364,608$440,709$547,696
HILLSBOROUGHNH
$407,595$521,772$630,734$783,848
MERRIMACKNH
$306,329$392,152$474,025$589,114
ROCKINGHAMNH
$530,380$678,987$820,709$1,019,949
STRAFFORDNH
$530,380$678,987$820,709$1,019,949
ATLANTICNJ
$459,494$588,203$711,038$883,646
BERGENNJ
$738,987$946,025$1,143,544$1,421,165
BURLINGTONNJ
$425,316$544,456$658,127$817,924
CAMDENNJ
$425,316$544,456$658,127$817,924
CAPE MAYNJ
$493,671$632,000$763,899$949,367
CUMBERLANDNJ
$410,127$525,013$634,633$788,709
ESSEXNJ
$738,987$946,025$1,143,544$1,421,165
GLOUCESTERNJ
$425,316$544,456$658,127$817,924
HUDSONNJ
$738,987$946,025$1,143,544$1,421,165
HUNTERDONNJ
$738,987$946,025$1,143,544$1,421,165
MERCERNJ
$445,570$570,380$689,468$856,861
MIDDLESEXNJ
$738,987$946,025$1,143,544$1,421,165
MONMOUTHNJ
$738,987$946,025$1,143,544$1,421,165
MORRISNJ
$738,987$946,025$1,143,544$1,421,165
OCEANNJ
$738,987$946,025$1,143,544$1,421,165
PASSAICNJ
$738,987$946,025$1,143,544$1,421,165
SALEMNJ
$425,316$544,456$658,127$817,924
SOMERSETNJ
$738,987$946,025$1,143,544$1,421,165
SUSSEXNJ
$738,987$946,025$1,143,544$1,421,165
UNIONNJ
$738,987$946,025$1,143,544$1,421,165
WARRENNJ
$407,595$521,772$630,734$783,848
LOS ALAMOSNM
$385,468$493,468$596,456$741,266
SAN JUANNM
$284,810$364,608$440,709$547,696
SANTA FENM
$432,911$554,177$669,873$832,506
TAOSNM
$276,000$353,316$427,089$530,785
CARSON CITYNV
$403,797$516,911$624,861$776,557
CLARKNV
$405,063$518,532$626,785$778,987
April 11, 20116392011–15 I.R.B.

DOUGLASNV
$474,684$607,696$734,532$912,861
ELKONV
$329,114$421,316$509,266$632,911
EUREKANV
$329,114$421,316$509,266$632,911
LYONNV
$335,443$429,418$519,089$645,063
NYENV
$329,114$421,316$509,266$632,911
STOREYNV
$408,861$523,392$632,658$786,278
WASHOENV
$408,861$523,392$632,658$786,278
ALBANYNY
$316,456$405,114$489,671$608,557
BRONXNY
$738,987$946,025$1,143,544$1,421,165
COLUMBIANY
$279,747$358,127$432,861$537,975
DUTCHESSNY
$449,367$575,241$695,342$864,152
ERIENY
$279,747$358,127$432,861$537,975
KINGSNY
$738,987$946,025$1,143,544$1,421,165
MADISONNY
$284,810$364,608$440,709$547,696
NASSAUNY
$738,987$946,025$1,143,544$1,421,165
NEW YORKNY
$738,987$946,025$1,143,544$1,421,165
NIAGARANY
$279,747$358,127$432,861$537,975
ONONDAGANY
$284,810$364,608$440,709$547,696
ORANGENY
$449,367$575,241$695,342$864,152
OSWEGONY
$284,810$364,608$440,709$547,696
PUTNAMNY
$738,987$946,025$1,143,544$1,421,165
QUEENSNY
$738,987$946,025$1,143,544$1,421,165
RENSSELAERNY
$316,456$405,114$489,671$608,557
RICHMONDNY
$738,987$946,025$1,143,544$1,421,165
ROCKLANDNY
$738,987$946,025$1,143,544$1,421,165
SARATOGANY
$316,456$405,114$489,671$608,557
SCHENECTADYNY
$316,456$405,114$489,671$608,557
SCHOHARIENY
$316,456$405,114$489,671$608,557
SUFFOLKNY
$738,987$946,025$1,143,544$1,421,165
ULSTERNY
$411,392$526,633$636,608$791,139
WESTCHESTERNY
$738,987$946,025$1,143,544$1,421,165
ASHTABULAOH
$294,937$377,570$456,405$567,190
ATHENSOH
$437,975$560,658$677,722$842,278
BROWNOH
$341,772$437,519$528,861$657,266
BUTLEROH
$341,772$437,519$528,861$657,266
CARROLLOH
$281,013$359,747$434,835$540,405
CLERMONTOH
$341,772$437,519$528,861$657,266
2011–15 I.R.B.640April 11, 2011

CUYAHOGAOH
$302,532$387,291$468,152$581,772
DELAWAREOH
$345,570$442,380$534,734$664,557
FAIRFIELDOH
$345,570$442,380$534,734$664,557
FRANKLINOH
$345,570$442,380$534,734$664,557
GEAUGAOH
$302,532$387,291$468,152$581,772
GREENEOH
$274,684$351,646$425,063$528,253
HAMILTONOH
$341,772$437,519$528,861$657,266
LAKEOH
$302,532$387,291$468,152$581,772
LICKINGOH
$345,570$442,380$534,734$664,557
LORAINOH
$302,532$387,291$468,152$581,772
MADISONOH
$345,570$442,380$534,734$664,557
MEDINAOH
$302,532$387,291$468,152$581,772
MERCEROH
$296,203$379,190$458,329$569,620
MIAMIOH
$274,684$351,646$425,063$528,253
MONTGOMERYOH
$274,684$351,646$425,063$528,253
MORROWOH
$345,570$442,380$534,734$664,557
PICKAWAYOH
$345,570$442,380$534,734$664,557
PORTAGEOH
$334,177$427,797$517,114$642,633
PREBLEOH
$274,684$351,646$425,063$528,253
STARKOH
$281,013$359,747$434,835$540,405
SUMMITOH
$334,177$427,797$517,114$642,633
UNIONOH
$345,570$442,380$534,734$664,557
VAN WERTOH
$305,063$390,532$472,051$586,633
WARRENOH
$341,772$437,519$528,861$657,266
BENTONOR
$341,772$437,519$528,861$657,266
CLACKAMASOR
$424,051$542,835$656,203$815,494
CLATSOPOR
$351,899$450,481$544,557$676,709
COLUMBIAOR
$424,051$542,835$656,203$815,494
CURRYOR
$355,696$455,342$550,430$684,051
DESCHUTESOR
$453,165$580,101$701,215$871,494
HOOD RIVEROR
$398,734$510,430$617,013$766,785
JACKSONOR
$427,848$547,696$662,076$822,785
JOSEPHINEOR
$329,114$421,316$509,266$632,911
LANEOR
$348,101$445,620$538,633$669,418
LINCOLNOR
$316,456$405,114$489,671$608,557
MARIONOR
$298,734$382,430$462,278$574,481
MULTNOMAHOR
$424,051$542,835$656,203$815,494
April 11, 20116412011–15 I.R.B.

POLKOR
$298,734$382,430$462,278$574,481
TILLAMOOKOR
$348,101$445,620$538,633$669,418
WASHINGTONOR
$424,051$542,835$656,203$815,494
YAMHILLOR
$424,051$542,835$656,203$815,494
ALLEGHENYPA
$331,646$424,557$513,215$637,772
ARMSTRONGPA
$331,646$424,557$513,215$637,772
BEAVERPA
$331,646$424,557$513,215$637,772
BERKSPA
$303,797$388,911$470,076$584,203
BUCKSPA
$425,316$544,456$658,127$817,924
BUTLERPA
$331,646$424,557$513,215$637,772
CARBONPA
$407,595$521,772$630,734$783,848
CENTREPA
$283,544$362,987$438,734$545,266
CHESTERPA
$425,316$544,456$658,127$817,924
DELAWAREPA
$425,316$544,456$658,127$817,924
FAYETTEPA
$331,646$424,557$513,215$637,772
LANCASTERPA
$388,608$497,468$601,316$747,342
LEHIGHPA
$407,595$521,772$630,734$783,848
MONTGOMERYPA
$425,316$544,456$658,127$817,924
NORTHAMPTONPA
$407,595$521,772$630,734$783,848
PHILADELPHIAPA
$425,316$544,456$658,127$817,924
PIKEPA
$738,987$946,025$1,143,544$1,421,165
WASHINGTONPA
$331,646$424,557$513,215$637,772
WESTMORELANDPA
$331,646$424,557$513,215$637,772
YORKPA
$430,380$550,937$665,975$827,646
BRISTOLRI
$481,013$615,797$744,354$925,013
KENTRI
$481,013$615,797$744,354$925,013
NEWPORTRI
$481,013$615,797$744,354$925,013
PROVIDENCERI
$481,013$615,797$744,354$925,013
WASHINGTONRI
$481,013$615,797$744,354$925,013
BEAUFORTSC
$392,405$502,329$607,190$754,633
BERKELEYSC
$339,241$434,278$524,962$652,405
CHARLESTONSC
$339,241$434,278$524,962$652,405
DORCHESTERSC
$339,241$434,278$524,962$652,405
GEORGETOWNSC
$400,000$512,051$618,987$769,215
GREENVILLESC
$298,734$382,430$462,278$574,481
HORRYSC
$289,873$371,089$448,557$557,418
2011–15 I.R.B.642April 11, 2011

JASPERSC
$392,405$502,329$607,190$754,633
LAURENSSC
$298,734$382,430$462,278$574,481
PICKENSSC
$298,734$382,430$462,278$574,481
YORKSC
$307,595$393,772$475,949$591,544
CANNONTN
$437,975$560,658$677,722$842,278
CHEATHAMTN
$437,975$560,658$677,722$842,278
DAVIDSONTN
$437,975$560,658$677,722$842,278
DICKSONTN
$437,975$560,658$677,722$842,278
HICKMANTN
$437,975$560,658$677,722$842,278
MACONTN
$437,975$560,658$677,722$842,278
ROBERTSONTN
$437,975$560,658$677,722$842,278
RUTHERFORDTN
$437,975$560,658$677,722$842,278
SMITHTN
$437,975$560,658$677,722$842,278
SUMNERTN
$437,975$560,658$677,722$842,278
TROUSDALETN
$437,975$560,658$677,722$842,278
WILLIAMSONTN
$437,975$560,658$677,722$842,278
WILSONTN
$437,975$560,658$677,722$842,278
ATASCOSATX
$336,709$431,038$521,013$647,494
BANDERATX
$336,709$431,038$521,013$647,494
BASTROPTX
$292,405$374,329$452,456$562,329
BEXARTX
$336,709$431,038$521,013$647,494
CALDWELLTX
$292,405$374,329$452,456$562,329
COMALTX
$336,709$431,038$521,013$647,494
GUADALUPETX
$336,709$431,038$521,013$647,494
HAYSTX
$292,405$374,329$452,456$562,329
JEFF DAVISTX
$274,684$351,646$425,063$528,253
KENDALLTX
$336,709$431,038$521,013$647,494
MEDINATX
$336,709$431,038$521,013$647,494
TRAVISTX
$292,405$374,329$452,456$562,329
WILLIAMSONTX
$292,405$374,329$452,456$562,329
WILSONTX
$336,709$431,038$521,013$647,494
DAGGETTUT
$306,278$392,101$473,924$589,013
DAVISUT
$402,532$515,291$622,886$774,076
JUABUT
$327,848$419,696$507,291$630,481
KANEUT
$388,608$497,468$601,316$747,342
MORGANUT
$402,532$515,291$622,886$774,076
April 11, 20116432011–15 I.R.B.

RICHUT
$300,456$384,608$464,911$577,772
SALT LAKEUT
$738,987$946,025$1,143,544$1,421,165
SUMMITUT
$738,987$946,025$1,143,544$1,421,165
TOOELEUT
$738,987$946,025$1,143,544$1,421,165
UTAHUT
$327,848$419,696$507,291$630,481
WASATCHUT
$436,709$559,038$675,797$839,848
WASHINGTONUT
$377,215$482,886$583,696$725,418
WEBERUT
$402,532$515,291$622,886$774,076
ALBEMARLEVA
$442,532$566,532$684,759$851,038
ALEXANDRIAVA
$738,987$946,025$1,143,544$1,421,165
AMELIAVA
$542,684$694,734$839,747$1,043,646
AMHERSTVA
$295,797$378,684$457,722$568,810
APPOMATTOXVA
$295,797$378,684$457,722$568,810
ARLINGTONVA
$738,987$946,025$1,143,544$1,421,165
BEDFORDVA
$295,797$378,684$457,722$568,810
BEDFORD INDVA
$295,797$378,684$457,722$568,810
BOTETOURTVA
$283,544$362,987$438,734$545,266
CAMPBELLVA
$295,797$378,684$457,722$568,810
CAROLINEVA
$542,684$694,734$839,747$1,043,646
CHARLES CITYVA
$542,684$694,734$839,747$1,043,646
CHARLOTTESVILLEVA
$442,532$566,532$684,759$851,038
CHESAPEAKEVA
$464,658$594,835$719,038$893,570
CHESTERFIELDVA
$542,684$694,734$839,747$1,043,646
CLARKEVA
$738,987$946,025$1,143,544$1,421,165
COLONIAL HEIGHTVA
$542,684$694,734$839,747$1,043,646
CRAIGVA
$283,544$362,987$438,734$545,266
CULPEPERVA
$387,342$495,848$599,392$744,911
CUMBERLANDVA
$542,684$694,734$839,747$1,043,646
DINWIDDIEVA
$542,684$694,734$839,747$1,043,646
ESSEXVA
$379,747$486,127$587,646$730,278
FAIRFAXVA
$738,987$946,025$1,143,544$1,421,165
FAIRFAX INDVA
$738,987$946,025$1,143,544$1,421,165
FALLS CHURCHVA
$738,987$946,025$1,143,544$1,421,165
FAUQUIERVA
$738,987$946,025$1,143,544$1,421,165
FLUVANNAVA
$442,532$566,532$684,759$851,038
FRANKLINVA
$283,544$362,987$438,734$545,266
FREDERICKVA
$481,013$615,797$744,354$925,013
FREDERICKSBURGVA
$738,987$946,025$1,143,544$1,421,165
2011–15 I.R.B.644April 11, 2011

GILESVA
$295,797$378,684$457,722$568,810
GLOUCESTERVA
$464,658$594,835$719,038$893,570
GOOCHLANDVA
$542,684$694,734$839,747$1,043,646
GREENEVA
$442,532$566,532$684,759$851,038
HAMPTONVA
$464,658$594,835$719,038$893,570
HANOVERVA
$542,684$694,734$839,747$1,043,646
HARRISONBURGVA
$280,658$359,291$434,278$539,696
HENRICOVA
$542,684$694,734$839,747$1,043,646
HIGHLANDVA
$291,139$372,709$450,532$559,899
HOPEWELLVA
$542,684$694,734$839,747$1,043,646
ISLE OF WIGHTVA
$464,658$594,835$719,038$893,570
JAMES CITYVA
$464,658$594,835$719,038$893,570
KING AND QUEENVA
$542,684$694,734$839,747$1,043,646
KING GEORGEVA
$391,139$500,709$605,266$752,203
KING WILLIAMVA
$542,684$694,734$839,747$1,043,646
LANCASTERVA
$551,899$706,532$854,025$1,061,367
LEXINGTONVA
$300,000$384,051$464,203$576,911
LOUDOUNVA
$738,987$946,025$1,143,544$1,421,165
LOUISAVA
$542,684$694,734$839,747$1,043,646
LYNCHBURGVA
$295,797$378,684$457,722$568,810
MADISONVA
$281,013$359,747$434,835$540,405
MANASSASVA
$738,987$946,025$1,143,544$1,421,165
MANASSAS PARKVA
$738,987$946,025$1,143,544$1,421,165
MATHEWSVA
$464,658$594,835$719,038$893,570
MIDDLESEXVA
$334,177$427,797$517,114$642,633
MONTGOMERYVA
$295,797$378,684$457,722$568,810
NELSONVA
$442,532$566,532$684,759$851,038
NEW KENTVA
$542,684$694,734$839,747$1,043,646
NEWPORT NEWSVA
$464,658$594,835$719,038$893,570
NORFOLKVA
$464,658$594,835$719,038$893,570
NORTHUMBERLANDVA
$397,468$508,810$615,038$764,354
ORANGEVA
$335,443$429,418$519,089$645,063
PETERSBURGVA
$542,684$694,734$839,747$1,043,646
POQUOSONVA
$464,658$594,835$719,038$893,570
PORTSMOUTHVA
$464,658$594,835$719,038$893,570
POWHATANVA
$542,684$694,734$839,747$1,043,646
PRINCE GEORGEVA
$542,684$694,734$839,747$1,043,646
PRINCE WILLIAMVA
$738,987$946,025$1,143,544$1,421,165
April 11, 20116452011–15 I.R.B.

PULASKIVA
$295,797$378,684$457,722$568,810
RADFORDVA
$295,797$378,684$457,722$568,810
RAPPAHANNOCKVA
$364,506$466,633$564,051$700,962
RICHMONDVA
$303,797$388,911$470,076$584,203
RICHMOND INDVA
$542,684$694,734$839,747$1,043,646
ROANOKEVA
$283,544$362,987$438,734$545,266
ROANOKE INDVA
$283,544$362,987$438,734$545,266
ROCKINGHAMVA
$280,658$359,291$434,278$539,696
SALEMVA
$283,544$362,987$438,734$545,266
SPOTSYLVANIAVA
$738,987$946,025$1,143,544$1,421,165
STAFFORDVA
$738,987$946,025$1,143,544$1,421,165
SUFFOLKVA
$464,658$594,835$719,038$893,570
SURRYVA
$464,658$594,835$719,038$893,570
SUSSEXVA
$542,684$694,734$839,747$1,043,646
VIRGINIA BEACHVA
$464,658$594,835$719,038$893,570
WARRENVA
$738,987$946,025$1,143,544$1,421,165
WILLIAMSBURGVA
$464,658$594,835$719,038$893,570
WINCHESTERVA
$481,013$615,797$744,354$925,013
YORKVA
$464,658$594,835$719,038$893,570
BENNINGTONVT
$280,658$359,291$434,278$539,696
CHITTENDENVT
$322,785$413,215$499,494$620,759
FRANKLINVT
$322,785$413,215$499,494$620,759
GRAND ISLEVT
$322,785$413,215$499,494$620,759
LAMOILLEVT
$279,494$357,772$432,506$537,468
ORANGEVT
$284,810$364,608$440,709$547,696
WINDSORVT
$284,810$364,608$440,709$547,696
BENTONWA
$278,481$356,506$430,937$535,544
CHELANWA
$347,038$444,253$537,013$667,392
CLALLAMWA
$388,962$497,924$601,873$748,000
CLARKWA
$424,051$542,835$656,203$815,494
DOUGLASWA
$347,038$444,253$537,013$667,392
FRANKLINWA
$278,481$356,506$430,937$535,544
ISLANDWA
$386,076$494,228$597,418$742,430
JEFFERSONWA
$443,038$567,139$685,570$852,000
KINGWA
$574,684$735,696$889,266$1,105,165
KITSAPWA
$481,013$615,797$744,354$925,013
KITTITASWA
$332,911$426,177$515,139$640,203
2011–15 I.R.B.646April 11, 2011

MASONWA
$313,924$401,873$485,772$603,696
PIERCEWA
$574,684$735,696$889,266$1,105,165
SAN JUANWA
$601,266$769,722$930,430$1,156,304
SKAGITWA
$378,481$484,506$585,671$727,848
SKAMANIAWA
$424,051$542,835$656,203$815,494
SNOHOMISHWA
$574,684$735,696$889,266$1,105,165
THURSTONWA
$365,823$468,304$566,076$703,494
WHATCOMWA
$379,747$486,127$587,646$730,278
COLUMBIAWI
$297,468$380,810$460,304$572,051
DANEWI
$297,468$380,810$460,304$572,051
IOWAWI
$297,468$380,810$460,304$572,051
KENOSHAWI
$415,190$531,494$642,481$798,430
MILWAUKEEWI
$318,987$408,354$493,620$613,418
OZAUKEEWI
$318,987$408,354$493,620$613,418
PIERCEWI
$369,620$473,165$571,949$710,785
ST. CROIXWI
$369,620$473,165$571,949$710,785
WALWORTHWI
$282,278$361,367$436,810$542,835
WASHINGTONWI
$318,987$408,354$493,620$613,418
WAUKESHAWI
$318,987$408,354$493,620$613,418
BERKELEYWV
$382,278$489,367$591,544$735,139
HAMPSHIREWV
$481,013$615,797$744,354$925,013
JEFFERSONWV
$738,987$946,025$1,143,544$1,421,165
MORGANWV
$382,278$489,367$591,544$735,139
SHERIDANWY
$275,949$353,266$426,987$530,684
SUBLETTEWY
$302,532$387,291$468,152$581,772
TETONWY
$702,532$899,342$1,087,139$1,351,038
MANUAAS
$308,861$395,392$477,924$593,975
GUAMGU
$659,494$844,253$1,020,506$1,268,253
NORTHERN ISLANDMP
$612,658$784,304$948,051$1,178,228
ROTAMP
$479,747$614,177$742,380$922,582
SAIPANMP
$617,722$790,785$955,899$1,187,949
TINIANMP
$621,519$795,646$961,772$1,195,241
April 11, 20116472011–15 I.R.B.

AGUAS BUENASPR
$613,924$785,924$950,025$1,180,658
AIBONITOPR
$613,924$785,924$950,025$1,180,658
ARECIBOPR
$613,924$785,924$950,025$1,180,658
BARCELONETAPR
$613,924$785,924$950,025$1,180,658
BARRANQUITASPR
$613,924$785,924$950,025$1,180,658
BAYAMONPR
$613,924$785,924$950,025$1,180,658
CAGUASPR
$613,924$785,924$950,025$1,180,658
CAMUYPR
$613,924$785,924$950,025$1,180,658
CANOVANASPR
$613,924$785,924$950,025$1,180,658
CAROLINAPR
$613,924$785,924$950,025$1,180,658
CATANOPR
$613,924$785,924$950,025$1,180,658
CAYEYPR
$613,924$785,924$950,025$1,180,658
CEIBAPR
$329,114$421,316$509,266$632,911
CIALESPR
$613,924$785,924$950,025$1,180,658
CIDRAPR
$613,924$785,924$950,025$1,180,658
COMERIOPR
$613,924$785,924$950,025$1,180,658
COROZALPR
$613,924$785,924$950,025$1,180,658
DORADOPR
$613,924$785,924$950,025$1,180,658
FAJARDOPR
$329,114$421,316$509,266$632,911
FLORIDAPR
$613,924$785,924$950,025$1,180,658
GUAYNABOPR
$613,924$785,924$950,025$1,180,658
GURABOPR
$613,924$785,924$950,025$1,180,658
HATILLOPR
$613,924$785,924$950,025$1,180,658
HUMACAOPR
$613,924$785,924$950,025$1,180,658
JUNCOSPR
$613,924$785,924$950,025$1,180,658
LAS PIEDRASPR
$613,924$785,924$950,025$1,180,658
LOIZAPR
$613,924$785,924$950,025$1,180,658
LUQUILLOPR
$329,114$421,316$509,266$632,911
MANATIPR
$613,924$785,924$950,025$1,180,658
MAUNABOPR
$613,924$785,924$950,025$1,180,658
MOROVISPR
$613,924$785,924$950,025$1,180,658
NAGUABOPR
$613,924$785,924$950,025$1,180,658
NARANJITOPR
$613,924$785,924$950,025$1,180,658
OROCOVISPR
$613,924$785,924$950,025$1,180,658
QUEBRADILLASPR
$613,924$785,924$950,025$1,180,658
RIO GRANDEPR
$613,924$785,924$950,025$1,180,658
SAN JUANPR
$613,924$785,924$950,025$1,180,658
SAN LORENZOPR
$613,924$785,924$950,025$1,180,658
TOA ALTAPR
$613,924$785,924$950,025$1,180,658
2011–15 I.R.B.648April 11, 2011

TOA BAJAPR
$613,924$785,924$950,025$1,180,658
TRUJILLO ALTOPR
$613,924$785,924$950,025$1,180,658
VEGA ALTAPR
$613,924$785,924$950,025$1,180,658
VEGA BAJAPR
$613,924$785,924$950,025$1,180,658
YABUCOAPR
$613,924$785,924$950,025$1,180,658
ST. CROIXVI
$331,899$424,861$513,570$638,278
ST. JOHN, VIVI
$631,190$808,051$976,709$1,213,823
ST. THOMASVI
$451,848$578,430$699,190$868,962
All other areas (floor):
$274,481$351,392$424,709$527,848
.02 The nationwideaverage purchase
price (for use in the housing cost/income
ratio for new and existing residences) is
$220,000.
SECTION 5. EFFECT ON OTHER
DOCUMENTS
Rev. Proc. 2010–25 is obsolete except
as provided in section 6 of this revenue
procedure.
SECTION 6. EFFECTIVE DATES
.01 Issuers may rely on this revenue
procedure to determine average area pur-
chase price safe harbors for commitments
to provide financing or issue mortgage
credit certificates that are made, or (if the
purchase precedes the commitment) for
residences that are purchased, in the period
that begins on March 22, 2011, and ends
on the date as of which the safe harbors
contained in section 4.01 of this revenue
procedure are rendered obsolete by a new
revenue procedure.
.02 Notwithstanding section 5 of this
revenue procedure, issuers may continue
to rely on the average area purchase price
safe harbors contained in Rev. Proc.
2010–25, with respect to bonds sold, or
for mortgage credit certificates issued with
respect to bond authority exchanged, be-
fore April 21, 2011, if the commitments to
provide financing or issue mortgage credit
certificates are made on or before May 21,
2011.
.03 Except as provided in section 6.04,
issuers must use the nationwide average
purchase price limitation contained in
this revenue procedure for commitments
to provide financing or issue mortgage
credit certificates that are made, or (if the
purchase precedes the commitment) for
residences that are purchased, in the pe-
riod that begins on March 22, 2011, and
ends on the date when the nationwide av-
erage purchase price limitation is rendered
obsolete by a new revenue procedure.
.04 Notwithstanding sections 5 and
6.03 of this revenue procedure, issuers
may continue to rely on the nationwide
average purchase price set forth in Rev.
Proc. 2010–25 with respect to bonds sold,
or for mortgage credit certificates issued
with respect to bond authority exchanged,
before April 21, 2011, if the commitments
to provide financing or issue mortgage
credit certificates are made on or before
May 21, 2011.
SECTION 7. REQUEST FOR
COMMENTS
The Treasury Department and the IRS
are reviewing the available data sources
and method used to determine the aver-
age area purchase price safe harbors listed
in section 4.01 of this revenue procedure
and are considering possible changes in the
data used to determine these safe harbors
beginning in 2012. The alternative method
under consideration would involve the use
of certain current available data from the
Department of Housing and Urban De-
velopment (“HUD”) regarding county me-
dian housing purchase prices instead of the
FHA loan limits.
For example, the 2011 single unit
purchase price limit for Elmore County,
Alabama is $274,481 based on the FHA
loan limit of $271,050. According to
HUD, the median housing price in Elmore
County was $141,727 for January through
August 2010. However, Elmore County is
part of the Montgomery metropolitan area
and Autauga County in that metropolitan
area had the highest median price for that
period of $150,000. Since $150,000 is a
median value, dividing by .79 converts
ittoameanvalueforasingleunitlimit
of $189,873. Applying factors based on
the minimum FHA loan limit amounts by
property size, the limit would be $243,075
for two-units, $293,790 for three-units,
and $365,145 for four-units.
Similarly, the 2011 single unit purchase
price for Wicomico County, Maryland is
$332,911 based on the FHA loan limit of
$328,750. According to HUD, the me-
dian housing pricein Wicomico County
was $155,000 for January through August
2010. Although Wicomico is in the Salis-
bury metropolitan area, it has the highest
median price for that period for the area.
Since $155,000 is a median value, dividing
by .79 converts it to a mean value for a sin-
gle-unit limit of $196,203. Applying fac-
tors based on the minimum FHA loan limit
amounts by property size, the limit would
be $251,179 for two-units, $303,585 for
three-units, and $377,318 for four-units.
The Treasury Department and the IRS
solicit public comments on this alterna-
tive method using current HUD data on
county median housing purchase prices or
whether other data or methods should be
used to calculate these safe harbors.
Comments should be submitted
in writing and can be e-mailed to
April 11, 20116492011–15 I.R.B.

notice.comments@irscounsel.treas.gov
(include “Rev. Proc. 2011–23” in
the subject line) or mailed to Office
of Associate Chief Counsel (Financial
Institutions & Products), Re: Rev. Proc.
2011–23, CC:FIP:B5, Room 3547, 1111
Constitution Avenue, NW, Washington,
DC 20224. The due date for the public
comments is June 15, 2011. Comments
that are submitted will be made available
to the public.
SECTION 8. PAPERWORK
REDUCTION ACT
The collection of information con-
tained in this revenue procedure has been
reviewed and approved by the Office
of Management and Budget in accor-
dance with the Paperwork Reduction Act
(44 U.S.C. 3507) under control number
1545–1877.
An agency may not conduct or sponsor,
and a person is not required to respond
to, a collection of information unless the
collection of information displays a valid
OMB control number.
This revenue procedure contains a col-
lection of information requirement in sec-
tion 3.03. The purpose of the collection
of information is to verify the applica-
ble FHA loan limit that issuers of quali-
fied mortgage bonds and qualified mort-
gage certificates have used to calculate the
average area purchase price for a given
metropolitan statistical area for purposes
of section 143(e) and 25(c). The collec-
tion of information is required to obtain
the benefit of using revisions to FHA loan
limits to determine average area purchase
prices. The likely respondents are state
and local governments.
The estimated total annual reporting
and/or recordkeeping burden is: 15 hours.
The estimated annual burden per re-
spondent and/or recordkeeper: 15 minutes.
The estimated number of respondents
and/or recordkeepers: 60.
Books or records relating to a collection
of information must be retained as long
as their contents may become material in
the administration of any internal revenue
law. Generally tax returns and tax return
information are confidential, as required
by 26 U.S.C. 6103.
SECTION 9. DRAFTING
INFORMATION
The principal authors of this rev-
enue procedure are David E. White
and Timothy L. Jones of the Office
of Associate Chief Counsel (Financial
Institutions & Products). For further
information regarding this revenue
procedure, contact David E. White at (202)
622–3980 (not a toll-free call).
2011–15 I.R.B.650April 11, 2011

Part IV. Items o
fGeneralInterest
Foundations S
tatus of Certain
Organization
s
Announcement
2011–27
The following
organizations have failed
to establish o
r have been unable to main-
tain their st
atus as public charities or as op-
erating foun
dations. Accordingly, grantors
and contribu
tors may not, after this date,
rely on previ
ous rulings or designations
in the Cumul
ative List of Organizations
(Publicati
on 78), or on the presumption
arising fro
m the filing of notices under sec-
tion 508(b)
of the Code. This listing does
notindica
te that the organizations have lost
their stat
us as organizations described in
section 50
1(c)(3), eligible to receive de-
ductible c
ontributions.
Former Pub
lic Charities. The follow-
ing organi
zations (which have been treated
as organi
zations that are not private foun-
dations d
escribed in section 509(a) of the
Code) are
now classified as private foun-
dations:
Aid for As
ian Women, West Hills, CA
America f
or Ghana, Deltona, FL
Beacon Hi
ll Community Improvement
Associat
ion, Homewood, IL
Bewear Pr
ison Ministry, Inc., Houston, TX
Crenshaw
Economic Outreach, Inc.,
Montgome
ry, AL
Cutting E
dge Empowerment, Fresno, CA
Dallas Ne
ighbors — A Non Profit
Corporat
ion, Dallas, TX
Divine Commun
ity Growth Corporation,
East Saint Lou
is, IL
Foundation fo
r Research in Ebony
Economics, In
c., Huntsville, AL
Gods House of R
ecovery, Cleveland, OH
Hamilton Healt
h Center Foundation,
Harrisburg, P
A
Hawaii Kai Edu
cational Foundation,
Honolulu, HI
Insight Found
ation, Inc., Camden, NJ
Internationa
l Institute for Trade and
Education, In
c., Allston, MA
James and Nanc
y Barber Foundation,
Dallas, TX
Kelting Found
ation, Inc., Palm City, FL
Kollel Mekor H
abrachah, Inc.,
Flushing, NY
Lebanese-Ame
rican Foundation for the
Handicapped,
Inc., Southlake, TX
Mensana Found
ation, Inc., Opa Locka, FL
New West Balle
t Association, Vista, CA
Patrick Usher
Ministries, Inc.,
Winston Salem
,NC
Project New Be
ginnings, Chicago, IL
Promise Learni
ng Initiative, Inc.,
Toledo, OH
Provenance Pr
oductions, Inc.,
New York, NY
Regency Trade
Core International of
North Carolin
a, Inc., Fayetteville, NC
Rushford-Pet
erson Scholarship Trust
Fund, Rushfor
d, MN
Sae-Mar Farmw
orker and Community
Housing Devel
opment,Seattle,WA
Shadrack, Inc
., New Rochelle, NY
St. Mark Famil
y Life Center, Inc.,
Orlando, FL
Sulufaiga O Sa
moa Coalition, Salida, CA
Tabor Holding C
ompany, Inc., Dallas, TX
TNT Family Deve
lopment Corporation,
Kenner, LA
Tulsa Senior Wo
men’s Basketball, Inc.,
Tulsa, OK
Ukraine Proje
ct, Inc., New York, NY
United Parents
Association, Denver, CO
Village Resour
ce Ministries, Chicago, IL
Visual Manna Ac
ademy Ministries,
Raymore, MO
Wildlands Fore
ver Trust Incorporated,
Tampa, FL
Weeksville Com
munity Development
Corporation, E
lizabeth City, NC
Words of Wisdom
, Inc., Fort Wayne, IN
If an organizat
ion listed above submits
information t
hat warrants the renewal of
its classific
ation as a public charity or as
a private oper
ating foundation, the Inter-
nal Revenue Se
rvicewillissuearulingor
determinatio
nletterwiththerevisedclas-
sification a
s to foundation status. Grantors
and contribu
tors may thereafter rely upon
such ruling o
r determination letter as pro-
vided in sect
ion 1.509(a)–7 of the Income
Tax Regulat
ions. It is not the practice of
the Service
to announce such revised clas-
sification
of foundation status in the Inter-
nal Revenue
Bulletin.
April 11, 20116512011–15 I.R.B.

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 ef-
fect:
Amplifieddescribes a situation where
no change is being made in a prior pub-
lished position, but the prior position is be-
ingextendedtoapplytoavariationofthe
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 withmodi-
fied,below).
Clarifiedis 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
ruling is being changed.
Distinguisheddescribes a situation
where a ruling mentions a previously pub-
lished ruling and points out an essential
difference between them.
Modifiedis 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
withamplifiedandclarified, above).
Obsoleteddescribes a previously pub-
lished ruling that is not considered deter-
minative with respect to future transac-
tions. This term is most commonly used in
a ruling that lists previously published rul-
ings 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.
Revokeddescribes situations where the
position in the previously published ruling
is not correct and the correct position is
beingstatedinanewruling.
Supersededdescribes a situation where
the new ruling does nothing more than re-
state the substance and situation of a previ-
ously published ruling (or rulings). Thus,
the term is used to republish under the
1986 Code and regulations the same po-
sition published under the 1939 Code and
regulations. The term is also used when
it is desired to republish in a single rul-
ing a series of situations, names, etc., that
were previously published over a period of
time in separate rulings. If the new rul-
ing does more than restate the substance
of a prior ruling, a combination of terms
is used. For example,modifiedandsu-
persededdescribes 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 previously
published ruling in a new ruling that is self
contained. In this case, the previously pub-
lished ruling is first modified and then, as
modified, is superseded.
Supplementedis 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 rul-
ing has been supplemented several times, a
new ruling may be published that includes
the list in the original ruling and the ad-
ditions, and supersedes all prior rulings in
the series.
Suspendedis 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 cases
in litigation, or the outcome of a Service
study.
Abbreviations
The fol
lowing abbreviations in current use
and for
merly used will appear in material
publis
hedintheBulletin.
A—Individual.
Acq.—A
cquiescence.
B—Individual.
BE—Beneficiary.
BK—Bank
.
B.T.A.—Board of Tax Appeals.
C—Individual.
C.B.—Cu
mulative Bulletin.
CFR—Code of Federal Regulations.
CI—City.
COOP—Coo
perative.
Ct.D.—Court Decision.
CY—County.
D—Decede
nt.
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—Emp
loyer.
ERISA—Employee Retirement Income Security Act.
EX—Executor.
F—Fiduc
iary.
FC—Foreign Country.
FICA—Federal Insurance Contributions Act.
FISC—Fo
reign International Sales Company.
FPH—Foreign Personal Holding Company.
F.R.—Federal Register.
FUTA—Fed
eral Unemployment Tax Act.
FX—Foreign corporation.
G.C.M.—Chief Counsel’s Memorandum.
GE—Grante
e.
GP—General Partner.
GR—Grantor.
IC—Insura
nce Company.
I.R.B.—Internal Revenue Bulletin.
LE—Lessee.
LP—Limited
Partner.
LR—Lessor.
M—Minor.
Nonacq.—No
nacquiescence.
O—Organization.
P—Parent Corporation.
PHC—Persona
l Holding Company.
PO—Possession of the U.S.
PR—Partner.
PRS—Pa
rtnership.
PTE—Prohibited Transaction Exemption.
Pub. L.—Public Law.
REIT—Re
al Estate Investment Trust.
Rev. Proc.—Revenue Procedure.
Rev. Rul.—Revenue Ruling.
S—Subsi
diary.
S.P.R.—Statement of Procedural Rules.
Stat.—Statutes at Large.
T—Target
Corporation.
T.C.—Tax Court.
T.D.—Treasury Decision.
TFE—Trans
feree.
TFR—Transferor.
T.I.R.—Technical Information Release.
TP—Taxpay
er.
TR—Trust.
TT—Trustee.
U.S.C.—Uni
ted States Code.
X—Corporation.
Y—Corporation.
Z—Corporat
ion.
2011–15 I.R.B.iApril 11, 2011

Numerical Finding List
1
Bulletin 2011–1 through 2011–15
Announcements:
2011-1, 2011-2 I.R.B.304
2011-2, 2011-3 I.R.B.324
2011-3, 2011-3 I.R.B.324
2011-4, 2011-4 I.R.B.424
2011-5, 2011-4 I.R.B.430
2011-6, 2011-4 I.R.B.433
2011-7, 2011-5 I.R.B.446
2011-8, 2011-5 I.R.B.446
2011-9, 2011-7 I.R.B.499
2011-10, 2011-7 I.R.B.499
2011-11, 2011-7 I.R.B.500
2011-12, 2011-9 I.R.B.532
2011-13, 2011-8 I.R.B.525
2011-14, 2011-9 I.R.B.532
2011-15, 2011-8 I.R.B.526
2011-16, 2011-7 I.R.B.500
2011-17, 2011-9 I.R.B.532
2011-18, 2011-12 I.R.B.567
2011-19, 2011-11 I.R.B.553
2011-20, 2011-10 I.R.B.542
2011-21, 2011-12 I.R.B.567
2011-23, 2011-12 I.R.B.568
2011-24, 2011-12 I.R.B.569
2011-25, 2011-14 I.R.B.608
2011-26, 2011-14 I.R.B.608
2011-27, 2011-15 I.R.B.651
Notices:
2011-1, 2011-2 I.R.B.259
2011-2, 2011-2 I.R.B.260
2011-3, 2011-2 I.R.B.263
2011-4, 2011-2 I.R.B.282
2011-5, 2011-3 I.R.B.314
2011-6, 2011-3 I.R.B.315
2011-7, 2011-5 I.R.B.437
2011-8, 2011-8 I.R.B.503
2011-9, 2011-6 I.R.B.459
2011-10, 2011-6 I.R.B.463
2011-11, 2011-7 I.R.B.497
2011-12, 2011-8 I.R.B.514
2011-13, 2011-9 I.R.B.529
2011-14, 2011-11 I.R.B.544
2011-15, 2011-10 I.R.B.539
2011-17, 2011-10 I.R.B.540
2011-18, 2011-11 I.R.B.549
2011-19, 2011-11 I.R.B.550
2011-22, 2011-12 I.R.B.557
2011-23, 2011-13 I.R.B.588
2011-24, 2011-14 I.R.B.603
2011-25, 2011-14 I.R.B.604
Proposed Regulations:
REG-140108-08, 2011-13 I.R.B.591
REG-149335-08, 2011-6 I.R.B.468
REG-146097-09, 2011-8 I.R.B.516
REG-153338-09, 2011-14 I.R.B.606
REG-124018-10, 2011-2 I.R.B.301
REG-131151-10, 2011-8 I.R.B.519
REG-131947-10, 2011-8 I.R.B.521
REG-132724-10, 2011-7 I.R.B.498
Revenue Procedures:
2011-1, 2011-1 I.R.B.1
2011-2, 2011-1 I.R.B.90
2011-3, 2011-1 I.R.B.111
2011-4, 2011-1 I.R.B.123
2011-5, 2011-1 I.R.B.167
2011-6, 2011-1 I.R.B.195
2011-7, 2011-1 I.R.B.233
2011-8, 2011-1 I.R.B.237
2011-9, 2011-2 I.R.B.283
2011-10, 2011-2 I.R.B.294
2011-11, 2011-4 I.R.B.329
2011-12, 2011-2 I.R.B.297
2011-13, 2011-3 I.R.B.318
2011-14, 2011-4 I.R.B.330
2011-15, 2011-3 I.R.B.322
2011-16, 2011-5 I.R.B.440
2011-17, 2011-5 I.R.B.441
2011-18, 2011-5 I.R.B.443
2011-19, 2011-6 I.R.B.465
2011-20, 2011-11 I.R.B.551
2011-21, 2011-12 I.R.B.560
2011-23, 2011-15 I.R.B.626
Revenue Rulings:
2011-1, 2011-2 I.R.B.251
2011-2, 2011-2 I.R.B.256
2011-3, 2011-4 I.R.B.326
2011-4, 2011-6 I.R.B.448
2011-5, 2011-13 I.R.B.577
2011-6, 2011-10 I.R.B.537
2011-7, 2011-10 I.R.B.534
2011-8, 2011-12 I.R.B.554
2011-9, 2011-12 I.R.B.554
2011-10, 2011-14 I.R.B.597
Treasury Decisions:
9507, 2011-3 I.R.B.305
9508, 2011-7 I.R.B.495
9509, 2011-6 I.R.B.450
9510, 2011-6 I.R.B.453
9511, 2011-6 I.R.B.455
9512, 2011-7 I.R.B.473
9513, 2011-8 I.R.B.501
9514, 2011-9 I.R.B.527
Treasury Decisions— Continued:
9515, 2011-14 I.R.B.599
9516, 2011-13 I.R.B.575
9517, 2011-15 I.R.B.610
1
A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2010–27 through 2010–52 is in Internal Revenue Bulletin
2010–52, dated December 27, 2010.
April 11, 2011ii2011–15 I.R.B.

Finding List of Current Actions on
Previously Published Items
1
Bulletin 2011–1 through 2011–15
Announcements:
85-88
Obsoleted by
Rev. Proc. 2011-10, 2011-2 I.R.B.294
2008-11
Modified by
Ann. 2011-6, 2011-4 I.R.B.433
2009-62
Obsoleted by
Rev. Proc. 2011-10, 2011-2 I.R.B.294
Notices:
2006-87
Superseded by
Notice 2011-8, 2011-8 I.R.B.503
2007-25
Superseded by
Notice 2011-8, 2011-8 I.R.B.503
2007-77
Superseded by
Notice 2011-8, 2011-8 I.R.B.503
2008-107
Superseded by
Notice 2011-8, 2011-8 I.R.B.503
2009-23
Modified by
Notice 2011-24, 2011-14 I.R.B.603
2009-24
Modified by
Notice 2011-24, 2011-14 I.R.B.603
2009-83
Modified by
Notice 2011-25, 2011-14 I.R.B.604
2010-27
Superseded by
Notice 2011-8, 2011-8 I.R.B.503
2010-59
Modified by
Notice 2011-5, 2011-3 I.R.B.314
2010-71
Modified and superseded by
Notice 2011-9, 2011-6 I.R.B.459
2010-79
Clarified and modified by
Notice 2011-4, 2011-2 I.R.B.282
Proposed Regulations:
REG-132554-08
Corrected by
Ann. 2011-11, 2011-7 I.R.B.500
REG-149335-08
Hearing scheduled by
Ann. 2011-26, 2011-14 I.R.B.608
Revenue Procedures:
72-50
Modified and superseded by
Rev. Proc. 2011-10, 2011-2 I.R.B.294
76-34
Modified and supersed by
Rev. Proc. 2011-10, 2011-2 I.R.B.294
83-23
Modified and superseded by
Rev. Proc. 2011-15, 2011-3 I.R.B.322
94-17
Modified and superseded by
Rev. Proc. 2011-15, 2011-3 I.R.B.322
97-27
Clarified and modified by
Rev. Proc. 2011-14, 2011-4 I.R.B.330
2001-10
Modified by
Rev. Proc. 2011-14, 2011-4 I.R.B.330
2002-28
Modified by
Rev. Proc. 2011-14, 2011-4 I.R.B.330
2003-21
Modified and superseded by
Rev. Proc. 2011-15, 2011-3 I.R.B.322
2004-34
Modified by
Rev. Proc. 2011-14, 2011-4 I.R.B.330
Modified and clarified by
Rev. Proc. 2011-18, 2011-5 I.R.B.443
2006-44
Modified by
Ann. 2011-6, 2011-4 I.R.B.433
2006-56
Modified by
Rev. Proc. 2011-14, 2011-4 I.R.B.330
2008-52
Modified by
Notice 2011-4, 2011-2 I.R.B.282
Rev. Proc. 2011-17, 2011-5 I.R.B.441
Superseded in part by
Rev. Proc. 2011-14, 2011-4 I.R.B.330
Revenue Procedures— Continued:
2009-39
Superseded in part by
Rev. Proc. 2011-14, 2011-4 I.R.B.330
2009-44
Modified by
Ann. 2011-6, 2011-4 I.R.B.433
2010-1
Superseded by
Rev. Proc. 2011-1, 2011-1 I.R.B.1
2010-2
Superseded by
Rev. Proc. 2011-2, 2011-1 I.R.B.90
2010-3
Superseded by
Rev. Proc. 2011-3, 2011-1 I.R.B.111
2010-4
Superseded by
Rev. Proc. 2011-4, 2011-1 I.R.B.123
2010-5
Superseded by
Rev. Proc. 2011-5, 2011-1 I.R.B.167
2010-6
Superseded by
Rev. Proc. 2011-6, 2011-1 I.R.B.195
2010-7
Superseded by
Rev. Proc. 2011-7, 2011-1 I.R.B.233
2010-8
Superseded by
Rev. Proc. 2011-8, 2011-1 I.R.B.237
2010-9
Superseded by
Rev. Proc. 2011-9, 2011-2 I.R.B.283
2010-15
Updated by
Rev. Proc. 2011-13, 2011-3 I.R.B.318
2010-18
Amplified and modified by
Rev. Proc. 2011-21, 2011-12 I.R.B.560
2010-25
Obsoleted in part by
Rev. Proc. 2011-23, 2011-15 I.R.B.626
2011-1
Corrected by
Ann. 2011-7, 2011-5 I.R.B.446
2011-8
Corrected by
Ann. 2011-8, 2011-5 I.R.B.446
1
A cumulative list of current actions on previously published items in Internal Revenue Bulletins 2010–27 through 2010–52 is in Internal Revenue Bulletin 2010–52, dated December 27,
2010.
2011–15 I.R.B.iiiApril 11, 2011

Revenue Procedures— Continued:
2011-11
Corrected by
Ann. 2011-9, 2011-7 I.R.B.499
Revenue Rulings:
81-100
Modified by
Rev. Rul. 2011-1, 2011-2 I.R.B.251
2004-67
Modified by
Rev. Rul. 2011-1, 2011-2 I.R.B.251
2008-40
Modified by
Rev. Rul. 2011-1, 2011-2 I.R.B.251
2011-3
Corrected by
Ann. 2011-16, 2011-7 I.R.B.500
Treasury Decisions:
9391
Corrected by
Ann. 2011-12, 2011-9 I.R.B.532
9505
Corrected by
Ann. 2011-10, 2011-7 I.R.B.499
April 11, 2011iv2011–15 I.R.B.

2011–15 I.R.B.April 11, 2011

April 11, 20112011–15 I.R.B.

INTERNAL REVENUE BULLETIN
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