Internal Revenue Bulletin 2011-49 (PDF rendition): IRS Revenue Procedures

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Bulletin No. 201
1-49
December 5, 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.
INCOME TAX
Rev. Rul. 2011–29, page 824.
Accrual of liability to unknown payees.This ruling holds
that an employer can establish the “fact of the liability” under
section 461 of the Code for bonuses payable to a group of
employees even though the employer does not know the iden-
tity of any particular bonus recipient and the amount payable to
that recipient until after the end of the taxable year. Rev. Rul.
76–345 revoked.
Rev. Rul. 2011–30, page 826.
2011 base period T-bill rate.The “base period T-bill rate”
for the period ending September 30, 2011, is published as
required by section 995(f) of the Code.
Rev. Rul. 2011–31, page 829.
Federal rates; adjusted federal rates; adjusted federal
long-term rate and the long-term exempt rate.For pur-
poses of sections 382, 642, 1274, 1288, and other sections
of the Code, tables set forth the rates for December 2011.
ESTATE TAX
Rev. Rul. 2011–28, page 830.
Substitution of insurance policy.This ruling provides guid-
ance regarding whether a grantor’s retention of a power, ex-
ercisable in a nonfiduciary capacity, to acquire an insurance
policy held by a trust by substituting other assets of equivalent
value will cause the value of the insurance policy to be includible
in the grantor’s gross estate under section 2042 of the Code.
The ruling provides that a grantor’s retention of the power, ex-
ercisable in a nonfiduciary capacity, to acquire an insurance
policy held in trust by substituting other assets of equivalent
value will not, by itself, cause the value of the insurance pol-
icy to be includible in the grantor’s gross estate under section
2042, provided the trustee has a fiduciary obligation (under
local law or the trust instrument) to ensure the grantor’s com-
pliance with the terms of this power by satisfying itself that the
properties acquired and substituted by the grantor are in fact
of equivalent value, and further provided that the substitution
power cannot be exercised in a manner that can shift benefits
among the trust beneficiaries.
ADMINISTRATIVE
Notice 2011–94, page 834.
Application of general welfare exclusion to Indian tribal
government programs.This notice requests comments de-
scribing actual or proposed Indian tribal government programs
that provide benefits to members and the application of the
general welfare exclusion to the programs and benefits.
Rev. Proc. 2011–56, page 834.
Trusts for Indian minors.This procedure provides a revised
safe harbor for Indian tribes to establish trusts for tribal mem-
bers who are minors or legally incompetent for the distribution
of gaming revenues under the Indian Gaming Regulatory Act.
Rev. Proc. 2003–14 clarified, modified, and superseded.
Rev. Proc. 2011–57, page 836.
This procedure publishes the amounts of unused housing
credit carryovers allocated to qualified states under section
42(h)(3)(D) of the Code for calendar year 2011.
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.
December 5, 20112011–49 I.R.B.

Part I. Rulings
and Decisions Under the Internal Revenue Code
of 1986
Section 42.—L
ow-Income
Housing Credi
t
The adjusted a
pplicable federal short-term, mid-
term, and long
-term rates are set forth for the month
of December 20
11. See Rev. Rul. 2011-31, page 829.
26 CFR 1.42–14: Allocation rules for post-1989
State housing credit ceiling amounts.
Guidance is provided to state housing credit agen-
cies of qualified states that request an allocation
of unused housing credit carryover under section
42(h)(3)(D) of the Internal Revenue Code. See Rev.
Proc. 2011-57, page 836.
Section 280G.—Golden
Parachute Payments
Federal short-term, mid-term, and long-term rates
are set forth for the month of December 2011. See
Rev. Rul. 2011-31, page 829.
Section 382.—Limitation
on Net Operating Loss
Carryforwards and Certain
Built-In Losses Following
Ownership Change
The adjusted applicable federal long-term rate is
set forth for the month of December 2011. See Rev.
Rul. 2011-31, page 829.
Section 412.—Minimum
Funding Standards
The adjusted applicable federal short-term, mid-
term, and long-term rates are set forth for the month
of December 2011. See Rev. Rul. 2011-31, page 829.
Section 451.—General
Rules for Taxable Year
of Inclusion
26 CFR 1.451–1: General rule for taxable year of
inclusion.
Rules are provided under which trusts for Indian
tribal members who are minors or legally incompe-
tent for the distribution of gaming revenues under the
Indian Gaming Regulatory Act are treated as grantor
trusts and the trust beneficiary is not taxed on distri-
butions to the trust or income earned by the trust until
actually or constructively received. See Rev. Proc.
2011-56, page 834.
Section 461.—
General
Rule for Taxab
le Year
of Deduction
26 CFR 1.461–1: General rule for taxable year of
deduction.
Accrual of liability to unknown pay-
ees.This ruling holds that an employer
can establish the “fact of the liability”
under section 461 of the Code for bonuses
payable to a group of employees even
though the employer does not know the
identity of any particular bonus recipient
and the amount payable to that recipient
until after the end of the taxable year. Rev.
Rul. 76–345 revoked.
Rev. Rul. 2011–29
ISSUE
Can an employer establish the “fact of
the liability” under § 461 of the Internal
Revenue Code for bonuses payable to a
group of employees if the employer does
not know the identity of any particular
bonus recipient and the amount payable to
that recipient until after the end of the tax-
able year?
FACTS
Xuses an
accrual method of accounting
for fede
ral income tax purposes.Xpays
bonuses
to a group of employees pursuant
to a pro
gram that defines the terms and
condit
ions under which the bonuses are
paid fo
r a taxable year.Xcommunicates
the gen
eral terms of the bonus program to
employ
ees when they become eligible and
whene
ver the program is changed.
Under t
he program, bonuses are paid to
X’s em
ployees for services performed dur-
ing th
e taxable year. The minimum to-
tal am
ount of bonuses payable under the
progr
am toX’s employees as a group is
deter
minable either (a) through a formula
that i
s fixed prior to the end of the taxable
year
, taking into account financial data re-
flec
ting results as of the end of that tax-
able
year, or (b) through other corporate
acti
on, such as a resolution ofX’s board
of di
rectors or compensation committee,
mad
e before the end of the taxable year,
that fixes the
bonuses payable to the em-
ployees as a gr
oup. To be eligible for a
bonus, an empl
oyee must perform services
during the ta
xable year and be employed
onthedateth
atXpays bonuses. Under
the program,
bonuses are paid after the end
of the taxabl
e year in which the employee
performed t
he related services but before
the 15th day
of the 3rd calendar month af-
ter the clos
e of that taxable year.
Under the pr
ogram, any bonus amount
allocable t
o an employee who is not
employed on
thedateonwhichXpays
bonuses is
reallocated among other el-
igible emp
loyees. Thus, the aggregate
minimum am
ount of bonusesXpays to its
group of el
igible employees is not reduced
by the depa
rture of an employee after the
end of the
taxable year but before bonuses
are paid f
or that year.
LAW
Section 4
61(a) provides that the amount
of any ded
uction or credit must be taken
for the ta
xable year that is the proper tax-
able yea
r under the method of accounting
the taxp
ayer uses to compute taxable in-
come.
Section
1.461–1(a)(2)(i) of the Income
Tax Regu
lations provides that, under an
accrual
method of accounting, a liabil-
ity is in
curred, and is generally taken
into ac
count for federal income tax pur-
poses,
in the taxable year in which (1) all
the eve
nts have occurred that establish
the fac
t of the liability, (2) the amount
of the l
iability can be determined with
reaso
nable accuracy, and (3) economic
perfo
rmance has occurred for the liability
(coll
ectively, the “all events test”).See
also§
1.446–1(c)(1)(ii)(A). This revenue
rulin
g addresses only whether the first
prong
of the all events test is met.
The fi
rst prong of the all events test
requ
ires that all the events have occurred
that
establish the fact of the liability. Gen-
eral
ly, all events occur to establish the fact
of a l
iability when (1) the event fixing
the l
iability, whether that be the required
perf
ormance or other event, occurs, or
(2)
payment is unconditionally due. Rev.
Rul
. 2007–3, 2007–1 C.B. 350; Rev.
Rul
. 80–230, 1980–2 C.B. 169; Rev. Rul.
2011–49 I.R.B.824December 5, 2011

79–410, 1979–2 C.B. 213,amplified by
Rev. Rul. 2003–90, 2003–2 C.B. 353.
Although an expense may be deductible
before it is due and payable, liability for
the expense first must be firmly estab-
lished.United States v. General Dynamics
Corp., 481 U.S. 239, 243–4 (1987).
InWashington Post Co. v. United
States, 405 F.2d 1279 (Ct. Cl. 1969), the
United States Court of Claims held that a
taxpayer incurred a liability to pay bonuses
under a plan maintained for the benefit
of its circulation dealers as a group. Un-
der the plan, if a dealer did not meet cer-
tain specified conditions, a portion of the
dealer’s share would be forfeited and real-
located to other dealers. Thus, even though
the amount and time of actual payout to
individual recipients were, at least in part,
not determined, the court held that the total
amount of the liability was fixed at the end
of the taxable year. In Rev. Rul. 76–345,
1976–2 C.B. 134, the Internal Revenue
Service announced that it would not follow
Washington Postin similar cases.
InUnited States v. Hughes Properties,
Inc., 476 U.S. 593 (1986), the Supreme
Court allowed a casino operator to deduct
amounts guaranteed for payment of pro-
gressive slot machine jackpots that had not
yet been won by casino patrons. The Court
reasoned that the taxpayer had a fixed obli-
gation to pay the guaranteed amounts, and
that the identification of the eventual re-
cipients of the progressive jackpots was in-
consequential. The Court noted that “[t]he
obligation is there, and whether it turns out
that the winner is one patron or another
makes no conceivable difference as to ba-
sic liability.”Hughes Properties,476U.S.
at 602.
ANALYSIS
X’s liability to pay a minimum amount
of bonuses to the group of eligible employ-
ees is fixed at the end of the year in which
the services are rendered.Xis obligated
under the program to pay to the group the
minimum amount of bonuses determined
by the end of the taxable year. Any bonus
allocable to an employee who is not em-
ployed on the date on which bonuses are
paid is reallocated to other eligible em-
ployees. Thus, the fact ofX’s liability
for the minimum amount of bonuses is es-
tablished by the end of the year in which
the services are rendered.SeeRev. Rul.
55-446, 1955-2 C.B. 531, as modified by
Rev. Rul. 61-127, 1961-2 C.B. 36 (hold-
ing that bonuses payable to ascertainable
employees under an incentive compensa-
tion plan that has been communicated to
the employees, the exact amounts of which
are determinable through a formula in ef-
fect prior to the end of the taxable year, are
properly accruable for Federal income tax
purposes for the year to which they relate).
This is true even though the identity of the
ultimate recipients and the amount, if any,
each employee will receive cannot be de-
termined prior to the end of the taxable
year.See Hughes Properties, supra.Ac-
cordingly, for purposes of the first prong of
the all events test under § 1.461-1(a)(2)(i),
all the events have occurred by the end of
the taxable year that establish the fact of
X’s liability to pay the minimum amount
of bonuses.
HOLDING
An employer can establish the “fact
of the liability” under § 461 for bonuses
payable to a group of employees even
though the employer does not know the
identity of any particular bonus recipient
and the amount payable to that recipient
until after the end of the taxable year.
APPLICATION
Any change in a taxpayer’s treatment
of bonuses to conform with this revenue
ruling is a change in method of account-
ing that must be made in accordance with
§§ 446 and 481, the regulations thereun-
der, and the applicableadministrative pro-
cedures.Seesection 19.01(2) of the AP-
PENDIX of Rev. Proc. 2011–14, 2011–4
I.R.B. 330, 403.
EFFECT ON OTHER DOCUMENTS
Rev. Rul. 76–345 is revoked.
DRAFTING INFORMATION
The principal author of this revenue
ruling is Jason D. Kristall of the Office
of Associate Chief Counsel (Income Tax
and Accounting). For further information
regarding this revenue ruling, contact
Mr. Kristall at (202) 622–5020 (not a
toll-free call).
Section 467.—Certain
Payments for the Use of
Property or Se
rvices
The adjusted a
pplicable federal short-term, mid-
term, and long
-term rates are set forth for the month
of December 20
11. See Rev. Rul. 2011-31, page 829.
Section 468.—Special
Rules for Mining and Solid
Waste Reclamation and
Closing Costs
The adjusted applicable federal short-term, mid-
term, and long-term rates are set forth for the month
of December 2011. See Rev. Rul. 2011-31, page 829.
Section 482 .—Allocation
of Income and Deductions
Among Taxpayers
Federal short-term, mid-term, and long-term rates
are set forth for the month of December 2011. See
Rev. Rul. 2011-31, page 829.
Section 483.—Interest on
Certain Deferred Payments
The adjusted applicable federal short-term, mid-
term, and long-term rates are set forth for the month
of December 2011. See Rev. Rul. 2011-31, page 829.
Section 642.—Special
Rules for Credits and
Deductions
Federal short-term, mid-term, and long-term rates
are set forth for the month of December 2011. See
Rev. Rul. 2011-31, page 829.
Section 671.—Trust
Income, Deductions, and
Credits Attributable to
Grantors and Others as
Substantial Owners
26 CFR 1.671–1: Grantors and others treated as sub-
stantial owners; scope.
Rules are provided under which trusts for Indian
tribal members who are minors or legally incompe-
tent for the distribution of gaming revenues under the
Indian Gaming Regulatory Act are treated as grantor
trusts of which the tribe is the grantor and owner. See
Rev. Proc. 2011-56, page 834.
December 5, 20118252011–49 I.R.B.

Section 807.—Rules for
Certain Reserves
The adjusted applicable federal short-term, mid-
term, and long-term rates are set forth for the month
of December 2011. See Rev. Rul. 2011-31, page 829.
Section 846.—Discounted
Unpaid Losses Defined
The adjusted applicable federal short-term, mid-
term, and long-term rates are set forth for the month
of December 2011. See Rev. Rul. 2011-31, page 829.
Section 995.—Taxation
of DISC Income to
Shareholders
2011 base period T-bill rate.The
“base period T-bill rate” for the period
ending September 30, 2011, is published
as required by section 995(f) of the Code.
Rev. Rul. 2011–30
Section 995(f)(1) of the Internal Rev-
enue Code provides that a shareholder of a
DISC shall pay interest each taxable year
in an amount equal to the product of the
shareholder’s DISC-related deferred tax li-
ability for the year and the “base period
T-bill rate.” Under section 995(f)(4), the
base period T-bill rate is the annual rate
of interest determined by the Secretary to
be equivalent to the average of the 1-year
constant maturity Treasury yields, as pub-
lished by the Board of Governors of the
Federal Reserve System, for the 1-year pe-
riod ending on September 30 of the calen-
dar year ending with (or of the most recent
calendar year ending before) the close of
the taxable year of the shareholder. The
base period T-bill rate for the period end-
ing September 30, 2011, is 0.22 percent.
Pursuant to section 6222 of the Code,
interest must be compounded daily. The
table below provides factors for com-
pounding the base period T-bill rate daily
for any number of days in the share-
holder’s taxable year (including a 52–53
week accounting period) for the 2011 base
period T-bill rate. To compute the amount
of the interest charge for the shareholder’s
taxable year, multiply the amount of the
shareholder’s DISC-related deferred tax
liability (as defined in section 995(f)(2))
for that year by the base period T-bill rate
factor corresponding to the number of
days in the shareholder’s taxable year for
which the interest charge is being com-
puted. Generally, one would use the factor
for 365 days. One would use a different
factor only if the shareholder’s taxable
year for which the interest charge being
determined is a short taxable year, if the
shareholder uses the 52–53 week taxable
year, or if the shareholder’s taxable year is
a leap year.
For the base period T-bill rates for the
periods ending in prior years, see Rev. Rul.
2010–28, 2010–49 I.R.B. 804; Rev. Rul.
2009–36, 2009–47 I.R.B. 650; Rev. Rul.
2008–51, 2008–2 C.B. 1171; Rev. Rul.
2007–64, 2007–2 C.B. 953; and Rev. Rul.
2006–54, 2006–2 C.B. 834.
DRAFTING INFORMATION
The principal author of this revenue
ruling is Teresa Burridge Hughes of
the Office of Associate Chief Counsel
(International). For further information
regarding this revenue ruling, contact
Teresa B. Hughes at (202) 622–3850 (not
a toll-free call).
2011 ANNUAL RATE,
COMPOUNDED DAILY
0.22 PERCENT
DAYSFACTOR
1.000006027
2
.000012055
3.000018082
4.000024110
5
.000030137
6
.000036165
7.000042193
8.000048220
9
.000054248
10.000060276
11.000066303
12.000072331
13
.000078359
14.000084387
15.000090415
16.000096443
17.000102471
18.000108499
19
.000114527
20
.000120555
21
.000126583
22.000132611
23.000138639
24.000144668
25.000150696
2011 ANNUAL RATE,
COMPOUNDED DAILY
0.22 PERCENT
DAYSFACTOR
26
.000156724
27
.000162752
28.000168781
29.000174809
30.000180838
31.000186866
32
.000192895
33.000198923
34
.000204952
35
.000210981
36.000217009
37.000223038
38.000229067
39
.000235095
40.000241124
41
.000247153
42
.000253182
43
.000259211
44
.000265240
45
.000271269
46.000277298
47.000283327
48
.000289356
49
.000295385
50
.000301414
51
.000307444
52
.000313473
53.000319502
54.000325531
55.000331561
56.000337590
57
.000343620
58
.000349649
59.000355679
60.000361708
61.000367738
62.000373767
63.000379797
64
.000385827
65.000391856
66.000397886
67.000403916
68.000409946
69
.000415976
70.000422006
71
.000428035
72
.000434065
73
.000440095
74.000446126
75.000452156
2011–49 I.R.B.826December 5, 2011

2011 ANNUAL RATE,
COMPOUNDED DAILY
0.22 PERCENT
DAYSFACTOR
76
.000458186
77.000464216
78.000470246
79.000476276
80.000482307
81.000488337
82.000494367
83
.000500398
84
.000506428
85.000512458
86
.000518489
87
.000524519
88
.000530550
89
.000536581
90
.000542611
91
.000548642
92
.000554673
93
.000560703
94
.000566734
95.000572765
96
.000578796
97
.000584827
98
.000590858
99
.000596889
100.000602920
101
.000608951
102.000614982
103.000621013
104.000627044
105.000633075
106.000639106
107
.000645138
108
.000651169
109
.000657200
110.000663232
111.000669263
112
.000675294
113.000681326
114
.000687357
115
.000693389
116.000699420
117
.000705452
118.000711484
119
.000717515
120
.000723547
2011 ANNUAL RATE,
COMPOUNDED DAILY
0.22 PERCENT
DAYSFACTOR
121
.000729579
122
.000735611
123.000741643
124.000747674
125.000753706
126
.000759738
127
.000765770
128.000771802
129.000777834
130.000783866
131.000789898
132
.000795931
133.000801963
134
.000807995
135
.000814027
136.000820060
137.000826092
138.000832124
139
.000838157
140.000844189
141
.000850222
142
.000856254
143.000862287
144.000868319
145.000874352
146
.000880385
147.000886417
148
.000892450
149.000898483
150.000904516
151.000910549
152.000916581
153
.000922614
154
.000928647
155
.000934680
156
.000940713
157
.000946746
158.000952780
159.000958813
160.000964846
161.000970879
162.000976912
163.000982946
164.000988979
165.000995012
2011 ANNUAL RATE,
COMPOUNDED DAILY
0.22 PERCENT
DAYSFACTOR
166.001001046
167.001007079
168.001013113
169.001019146
170
.001025180
171.001031213
172.001037247
173.001043280
174.001049314
175.001055348
176.001061382
177
.001067415
178.001073449
179.001079483
180
.001085517
181
.001091551
182
.001097585
183.001103619
184
.001109653
185.001115687
186.001121721
187
.001127755
188.001133790
189.001139824
190
.001145858
191
.001151892
192
.001157927
193.001163961
194
.001169995
195
.001176030
196.001182064
197.001188099
198.001194133
199.001200168
200.001206203
201.001212237
202.001218272
203.001224307
204.001230342
205
.001236376
206.001242411
207.001248446
208
.001254481
209
.001260516
210
.001266551
December 5, 20118272011–49 I.R.B.

2011 ANNUAL RATE,
COMPOUNDED DAILY
0.22 PERCENT
DAYSFACTOR
211
.001272586
212.001278621
213
.001284656
214.001290691
215
.001296727
216.001302762
217.001308797
218.001314832
219.001320868
220.001326903
221.001332938
222.001338974
223
.001345009
224
.001351045
225.001357080
226.001363116
227
.001369151
228
.001375187
229.001381223
230
.001387259
231.001393294
232.001399330
233
.001405366
234.001411402
235
.001417438
236.001423474
237
.001429510
238
.001435546
239
.001441582
240.001447618
241
.001453654
242
.001459690
243
.001465726
244.001471762
245
.001477799
246
.001483835
247.001489871
248
.001495908
249
.001501944
250.001507981
251.001514017
252.001520054
253.001526090
254.001532127
255.001538163
2011 ANNUAL RATE,
COMPOUNDED DAILY
0.22 PERCENT
DAYSFACTOR
256.001544200
257.001550237
258.001556274
259.001562310
260
.001568347
261
.001574384
262
.001580421
263
.001586458
264
.001592495
265.001598532
266
.001604569
267.001610606
268.001616643
269.001622680
270.001628717
271
.001634754
272.001640792
273.001646829
274
.001652866
275.001658904
276.001664941
277.001670979
278.001677016
279
.001683054
280.001689091
281
.001695129
282.001701166
283.001707204
284.001713242
285
.001719279
286
.001725317
287
.001731355
288.001737393
289.001743431
290.001749468
291
.001755506
292
.001761544
293
.001767582
294.001773620
295.001779659
296
.001785697
297
.001791735
298.001797773
299.001803811
300
.001809850
2011 ANNUAL RATE,
COMPOUNDED DAILY
0.22 PERCENT
DAYSFACTOR
301
.001815888
302.001821926
303
.001827965
304.001834003
305
.001840041
306.001846080
307
.001852118
308
.001858157
309.001864196
310.001870234
311.001876273
312.001882312
313
.001888350
314.001894389
315
.001900428
316.001906467
317
.001912506
318
.001918545
319
.001924584
320.001930623
321.001936662
322.001942701
323.001948740
324
.001954779
325
.001960818
326
.001966857
327.001972897
328.001978936
329
.001984975
330
.001991015
331
.001997054
332.002003093
333.002009133
334
.002015172
335
.002021212
336
.002027251
337.002033291
338.002039331
339
.002045370
340
.002051410
341
.002057450
342.002063490
343
.002069530
344
.002075569
345
.002081609
2011–49 I.R.B.828December 5, 2011

2011 ANNUAL RATE,
COMPOUNDED DAILY
0.22 PERCENT
DAYSFACTOR
346.002087649
347.002093689
348.002099729
349
.002105769
350
.002111809
351.002117850
352
.002123890
353
.002129930
354.002135970
355
.002142010
356.002148051
357.002154091
358
.002160131
359
.002166172
360.002172212
361
.002178253
362.002184293
363.002190334
364.002196374
365.002202415
366
.002208456
367.002214497
368
.002220537
2011 ANNUAL RATE,
COMPOUNDED DAILY
0.22 PERCENT
DAYSFACTOR
369
.002226578
370.002232619
371.002238660
Section 1274.—Determi-
nation of Issue Price in the
Case of Certain Debt Instru-
ments Issued for Property
(Also Sections 42, 280G, 382, 412, 467, 468, 482,
483, 642, 807, 846, 1288, 7520, 7872.)
Federal rates; adjusted federal rates;
adjusted federal long-term rate and the
long-term exempt rate.For purposes of
sections 382, 642, 1274, 1288, and other
sections of the Code, tables set forth the
rates for December 2011.
Rev. Rul. 2011–31
This revenue ruling provides various
prescribed rates for federal income tax
purposes for December 2011 (the current
month). Table 1 contains the short-term,
mid-term, and long-term applicable fed-
eral rates (AFR) for the current month
for purposes of section 1274(d) of the
Internal Revenue Code. Table 2 contains
the short-term, mid-term, and long-term
adjusted applicable federal rates (ad-
justed AFR) for the current month for
purposes of section 1288(b). Table 3 sets
forth the adjusted federal long-term rate
and the long-term tax-exempt rate de-
scribed in section 382(f). Table 4 contains
the appropriate percentages for deter-
mining the low-income housing credit
described in section 42(b)(1) for build-
ings placed in service during the current
month. However, under section 42(b)(2),
the applicable percentage for non-feder-
ally subsidized new buildings placed in
service after July 30, 2008, and before
December 31, 2013, shall not be less than
9%. Table 5 contains the federal rate
for determining the present value of an
annuity, an interest for life or for a term
of years, or a remainder or a reversionary
interest for purposes of section 7520.
Finally, Table 6 contains contains the 2012
interest rate for sections 846 and 807.
REV. RUL
. 2011–31 TABLE 1
Applica
ble Federal Rates (AFR) for December 2011
Period f
or Compounding
AnnualSemiann
ual
Quarter
ly
Monthly
Short-t
erm
AFR.20%.20%.20%.20%
110% AFR.22%.22%.22%.22%
120% AFR.24%.24%.24%.24%
130% AFR.26%.26%.26%.26%
Mid-term
AFR1.27%1.27%1.27%1.27%
110% AF
R
1.40%1.40%1.40%1.40%
120% AFR
1.53%1.52%1.52%1.52%
130% AFR1.66%
1.65%1.65%
1.64%
150% AFR
1.92%1.91%1.91%1.90%
175% AFR
2.23%2.22%2.21%2.21%
Long
-term
AFR2.80
%
2.78
%
2.77
%
2.76
%
110% AFR3.08%3.06%
3.05%
3.04%
120% AFR3.37%3.34%3.33%3.32%
130
%AFR
3.6
4%
3.6
1%
3.59%3.58%
December 5, 20118292011–49 I.R.B.

REV. RUL. 2011–31 TABLE 2
Adjusted AFR for December 2011
Period for Compounding
AnnualSemiannualQuarterlyMonthly
Short-term adj
usted
AFR
.45%.45%.45%.45%
Mid-term adjusted AFR1.69%1.68%1.68%1.67%
Long-term adjusted
AFR
3.55%3.52%3.50%
3.49%
REV. RUL. 2011–31 TABLE 3
Rates Under Section 382 for December 2011
Adjusted federal long-term rate for the current month
3.55%
Long-term tax-exempt rate for ownership changes during the current month (the highest of the adjusted
federal long-term rates for the current month and the prior two months.)3.55%
REV. RUL. 2011–31 TABLE 4
Appropriate Percentages Under Section 42(b)(1) for December 2011
Note: Under Section 42(b)(2), the applicable percentage for non-federally subsidized new buildings placed in service
after July 30, 2008, and before December 31, 2013, shall not be less than 9%.
Appropriate percentage for the 70% present value low-income housing credit7.47%
Appropriate percentage for the 30% present value low-income housing credit3.20%
REV. RUL. 2011–31 TABLE 5
Rate Under Section 7520 for December 2011
Applicable federal rate for determining the present value of an annuity, an interest for life or a term of years,
or a remainder or reversionary interest1.6%
REV. RUL. 2011–31 TABLE 6
Rates Under Sections 846 and 807
Applicable rate of interest for 2012 for purposes of sections 846 and 8072.89%
Section 1288.—Treatment
of Original Issue Discount
on Tax-Exempt Obligations
The adjusted applicable federal short-term, mid-
term, and long-term rates are set forth for the month
of December 2011. See Rev. Rul. 2011-31, page 829.
Section 2042.—Proceeds
of Life Insurance
26 CFR 20.2042–1: Proceeds of life insurance.
Substitution of insurance policy.
This ruling provides guidance regarding
whether a grantor’s retention of a power,
exercisable in a nonfiduciary capacity, to
acquire an insurance policy held by a trust
by substituting other assets of equivalent
value will cause the value of the insurance
policy to be includible in the grantor’s
gross estate under section 2042 of the
Code. The ruling provides that a grantor’s
retention of the power, exercisable in a
nonfiduciary capacity, to acquire an insur-
ance policy held in trust by substituting
other assets of equivalent value will not,
by itself, cause the value of the insurance
policy to be includible in the grantor’s
gross estate under section 2042, provided
the trustee has a fiduciary obligation (un-
der local law or the trust instrument) to
ensure the grantor’s compliance with the
terms of this power by satisfying itself that
the properties acquired and substituted by
2011–49 I.R.B.830December 5, 2011

the grantor are in fact of equivalent value,
and further provided that the substitution
power cannot be exercised in a manner
that can shift benefits among the trust ben-
eficiaries.
Rev. Rul. 2011–28
ISSUE
Whether a grantor’s retention of the
power, exercisable in a nonfiduciary ca-
pacity, to acquire an insurance policy held
by a trust by substituting other assets of
equivalent value will cause the value of
the insurance policy to be includible in the
grantor’s gross estate under § 2042 of the
Internal Revenue Code.
FACTS
D, a United States citizen, established
and funded Trust with cash. Thereafter,
Trust purchased a life insurance policy on
D’s life. Trust is an irrevocable trust for the
benefit ofD’s descendants.Tis the trustee
of Trust, and the terms of Trust prohibitD
from serving as trustee of Trust.Dmakes
gifts every year to Trust, and Trust pays
the premium on the insurance policy. The
proceeds of the policy are payable to Trust
uponD’s death.
Dcannot revoke, alter, amend, or termi-
nate the trust. The governing instrument
of Trust, however, providesDwith the
power, exercisable at any time, to acquire
any property held in Trust by substituting
other property of equivalent value. The
trust instrument provides that the power is
exercisable byDin a nonfiduciary capac-
ity, without the approval or consent of any
person acting in a fiduciary capacity. To
exercise the power of substitution,Dmust
certify in writing that the substituted prop-
erty and the Trust property for which it
is substituted are of equivalent value. In
addition, under local law,Thas a fidu-
ciary obligation to ensure that the prop-
erty thatDseeks to substitute is equiva-
lent in value to the property distributed to
D. Moreover, if a trust has two or more
beneficiaries, local law requires the trustee
to act impartially in investing and manag-
ing the trust assets, taking into account any
differing interests of the beneficiaries. Fi-
nally, under local law and without restric-
tion in the trust instrument,Thas the dis-
cretionary power to acquire, invest, rein-
vest, exchange, sell, convey, control, di-
vide, partition, and manage the trust prop-
erty in accordance with the standards pro-
videdbylaw.
D has no incidents of ownership in the
insurance policy unless D’s right of substi-
tution is considered an incident of owner-
ship.Ddies without having exercised the
power to substitute with respect to the life
insurance policy.
LAW AND ANALYSIS
Section 2042(2) provides that the value
of the gross estate includes the value of
all property to the extent of the amount re-
ceivable as insurance under policies on the
life of the decedent by beneficiaries (other
than the executor), with respect to which
the decedent possessed at decedent’s date
of death any of the incidents of ownership
in the policies, exercisable either alone or
in conjunction with any other person.
Section 20.2042–1(c)(2) of the Estate
Tax Regulations provides that the meaning
of the term “incidents of ownership” is not
confined to ownership of the policy in the
technical legal sense. Generally speaking,
the term refers to the right of the insured or
the insured’s estate to the economic bene-
fits of the policy. Thus, the term includes
without limitation the power to change the
beneficiary, to surrender or cancel the pol-
icy, to assign the policy, to revoke an as-
signment, to pledge the policy for a loan,
or to obtain from the insurer a loan against
the surrender value of the policy.
Section 20.2042–1(c)(4) provides that a
decedent is considered to have an incident
of ownership in a policy held in trust if, un-
der the terms of the policy, the decedent
(either alone or in conjunction with an-
other person) has the power (as trustee or
otherwise) to change the beneficial own-
ership in the policy or its proceeds, or the
time or manner of enjoyment thereof, even
though the decedent hasno beneficial in-
terest in the trust. Moreover, assuming the
decedent created the trust, such a power
may result in the inclusion in the dece-
dent’s gross estate under § 2036 or 2038 of
other property transferred by the decedent
to the trust if, for example, the decedent
has the power to surrender the insurance
policy and if the income otherwise used
to pay premiums on the policy would be-
come currently payable to a beneficiary of
the trust in the event that the policy were
surrendered.
In Rev. Rul. 84–179, 1984–2 C.B. 195,
the decedent purchased an insurance pol-
icy on his life and transferred all incidents
of ownership to his spouse. His spouse
designated their adult child as the policy
beneficiary. Subsequently, the spouse died
and her will established a residuary trust
for the benefit of the child. The decedent
was designated the trustee of this trust.
The insurance policy on the decedent’s
life, which was part of the residuary es-
tate, passed to the testamentary trust. As
trustee, the decedent had broad discre-
tionary powers in the management of the
trust property and the power to distribute
or accumulate income. Under the terms of
the policy, the owner could elect to have
the proceeds made payable according to
various plans, use the loan value to pay the
premiums, borrow on the policy, assign
or pledge the policy, and elect to receive
annual dividends. The will did not pre-
clude the decedent from exercising these
powers, although the decedent could not
do so for his own benefit. The decedent
paid the premiums on the policy out of
other trust property and was still serving
as trustee when he died.
Citing the legislative history of
§ 2042(2), the ruling states that Congress
intended § 2042 to parallel the statu-
tory scheme governing those powers that
would cause other types of property to
be included in a decedent’s estate under
§§ 2036 and 2038. Section 2036 applies
to the transfer of property where rights
or powers are retained incident to the
transfer, and § 2038 pertains to situations
where property is transferred and power
over the property subsequently returns to
the transferor-decedent.
Under the facts in Rev. Rul. 84–179,
the decedent transferred the policy to his
wife and subsequently, in an unrelated
transaction, reacquired incidents of owner-
ship over the policy in a fiduciary capacity.
The ruling holds that the decedent will
not be considered to possess incidents of
ownership in the policy for purposes of
§ 2042(2), provided the decedent could not
exercise the powers for the decedent’s per-
sonal benefit, the decedent did not transfer
the policy or any of the consideration for
purchasing or maintaining the policy to
the trust from personal assets, and the de-
volution of the powers to the decedent was
not part of a prearranged plan involving
the participation of decedent.
December 5, 20118312011–49 I.R.B.

The ruling further states, however, that
the decedent will be deemed to have inci-
dents of ownership over an insurance pol-
icy on the decedent’s life where decedent’s
powers are held in a fiduciary capacity
and the decedent has transferred the pol-
icy or any of the consideration for purchas-
ing and maintaining the policy to the trust.
Also, where the decedent’s powers could
have been exercised fordecedent’s benefit,
they will constitute incidents of ownership
in the policy, without regard to how those
powers were acquired and without consid-
eration of whether the decedent transferred
property to the trust. Thus, in such a sit-
uation, if the decedent reacquires powers
over insurance policies in an individual ca-
pacity, the powers will constitute incidents
of ownership even though the decedent is a
transferee.See Estate of Fruehauf v. Com-
missioner, 427 F.2d 80 (6th Cir. 1970);
Estate of Skifter v. Commissioner,468
F. 2d 699 (2d Cir. 1972).
InEstate of Jordahl v. Commissioner,
65 T.C. 92 (1975),acq. in result, 1977–2
C.B. 1, the decedent created aninter vivos
trust. Thecorpusof the trust included in-
surance policies on the decedent’s life and
other income producing assets. Under the
terms of the trust, the decedent reserved
the power to substitute other securities or
property for those held in trust, provided
the substituted property was equal in value
to the property replaced. After the dece-
dent’s death, the Service argued that the
trust assets were includible in the dece-
dent’s gross estate under § 2038 because
the decedent’s power to substitute assets of
equal value could be exercised to alter the
beneficial interests in the trust. The Ser-
vice also argued that the proceeds from the
insurance policies should also be included
under § 2042(2) because the power to sub-
stitute the insurance policies allowed the
decedent to reacquire full ownership of the
policies in the trust.
The Tax Court determined that, because
the decedent was bound by fiduciary stan-
dards and was therefore accountable in eq-
uity to the succeeding income beneficiary
and remaindermen, the decedent could not
exercise the power to deplete the trust or
to shift trust benefits among the beneficia-
ries. Accordingly, the Court held that the
substitution power was not a power to al-
ter, amend, or revoke the trust within the
meaning of § 2038. The court further con-
cluded that the decedent’s power to sub-
stitute an insurance policy was merely a
power to exchange at arm’s length. The
Court held that such a power was in effect
a right to purchase the policy and that such
a right could not be considered an incident
of ownership.
In Rev. Rul. 2008–22, 2008–16 I.R.B.
796, the grantor created an irrevocable
inter vivostrust for the benefit of the
grantor’s descendants. The grantor re-
tained the power, exercisable in a nonfidu-
ciary capacity, to acquire any property held
in the trust by substituting other property
of equivalent value. The ruling concludes
that the grantor’s retained power to sub-
stitute assets of equivalent value will not,
by itself, cause the value of the trust cor-
pus to be includible in the grantor’s gross
estate under § 2036 or 2038, provided the
trustee has a fiduciary obligation (under
local law or the trust instrument) to ensure
the grantor’s compliance with the terms
of this power by satisfying itself that the
properties acquired and substituted by the
grantor are in fact of equivalent value.
The ruling further provides that the sub-
stitution power cannot be exercised in a
manner that would cause the shifting of
benefits among the trust beneficiaries.
In the instant case, like the situation pre-
sented in Rev. Rul. 2008–22, the trust in-
strument expressly prohibitsDfrom serv-
ing as trustee and states thatD’s power to
substitute assets of equivalent value is held
in a nonfiduciary capacity. However, un-
der the terms of Trust, the assets thatD
may transfer into Trust must be equiva-
lent in value to the insurance policies that
Dwill receive. In addition,Thas a fidu-
ciary obligation to ensure that the assets
substituted are of equivalent value. Thus,
Dcannot exercise the power to substitute
assets in a manner that will reduce the
value of the trust corpus or increaseD’s
net worth. Further, in view ofT’s abil-
ity to reinvest the assets andT’s duty of
impartiality to the trust beneficiaries, there
will be no shifting of benefits between or
among the beneficiaries that could other-
wise result from a substitution of property
byD. Under these circumstances,D’s re-
tained power to substitute assets of equiv-
alent value for a life insurance policy held
by Trust is not, by itself, an incident of
ownership under § 2042(2).
HOLDING
A grantor’s retention of the power, ex-
ercisable in a nonfiduciary capacity, to
acquire an insurance policy held in trust
by substituting other assets of equivalent
value will not, by itself, cause the value of
the insurance policy to be includible in the
grantor’s gross estate under § 2042, pro-
vided the trustee has a fiduciary obligation
(under local law or the trust instrument) to
ensure the grantor’s compliance with the
terms of this power by satisfying itself that
the properties acquired and substituted
by the grantor are in fact of equivalent
value, and further provided that the sub-
stitution power cannot be exercised in a
manner that can shift benefits among the
trust beneficiaries. A substitution power
cannot be exercised in a manner that can
shift benefits if: (a) the trustee has both
the power (under local law or the trust
instrument) to reinvest the trust corpus
and a duty of impartiality with respect to
the trust beneficiaries; or (b) the nature of
the trust’s investments or the level of in-
come produced by any or all of the trust’s
investments does not impact the respec-
tive interests of the beneficiaries, such as
when the trust is administered as a unitrust
(under local law or the trust instrument)
or when distributions from the trust are
limited to discretionary distributions of
principal and income.
DRAFTING INFORMATION
The principal author of this revenue rul-
ing is Mayer Samuels of the Office of the
Associate Chief Counsel (Passthroughs
and Special Industries). For further in-
formation regarding this revenue ruling,
contact Mr. Samuels at (202) 622–3090
(not a toll-free call).
Section 7520.—Valuation
Tables
The adjusted applicable federal short-term, mid-
term, and long-term rates are set forth for the month
of December 2011. See Rev. Rul. 2011-31, page 829.
2011–49 I.R.B.832December 5, 2011

Section 7872.—Treatment
of Loans With Below-Market
Interest Rates
The adjusted applicable federal short-term, mid-
term, and long-term rates are set forth for the month
of December 2011. See Rev. Rul. 2011-31, page 829.
December 5, 20118332011–49 I.R.B.

Part III. Administrative, Procedural, and Miscellaneous
Application of General
Welfare Exclusion to Benefits
Provided Under Indian Tribal
Government Programs
Notice 2011–94
PURPOSE
This notice invites comments concern-
ing the application of the general welfare
exclusion to Indian tribal government pro-
grams that provide benefits to tribal mem-
bers.
BACKGROUND
Section 61(a) of the Internal Revenue
Code provides that, except as otherwise
provided by law, gross income means all
income from whatever source derived.
The Internal Revenue Service has con-
sistently held, however, under a limited
general welfare exclusion (the exclusion),
that payments under governmental so-
cial benefit programs for the promotion
of the general welfare are not includi-
ble in a recipient’s gross income. Rev.
Rul. 2009–19, 2009–28 I.R.B. 111; Rev.
Rul. 98–19, 1998–1 C.B. 840; Rev. Rul.
74–205, 1974–1 C.B. 20. To qualify under
the exclusion, the payments must (1) be
made to an individual under a govern-
mental program, (2) be for the promotion
of the general welfare (that is, based on
need), and (3) not represent compensation
for services. Rev. Rul. 2003–12, 2003–1
C.B. 283; Rev. Rul. 2005–46, 2005–2
C.B. 120.
E.O. 13175 (November 6, 2000) re-
quires Federal agencies to consult with
tribal officials before formulating and im-
plementing policies that have tribal impli-
cations.
REQUEST FOR COMMENTS
The Service has received inquiries from
Indian tribal governments about the ap-
plication of the exclusion to tribal gov-
ernment programs that provide benefits to
tribal members. These programs may in-
clude, but are not limited to:
•Housing (for example, programs pro-
viding housing on and off the reserva-
tion, with income limits different from
those of the United States Department
of Housing and Urban Development);
•Cultural (for example, programs in-
volving tours of sites that are histor-
ically significant to a tribe; language
preservation programs; community
recreational programs; cultural and
social events);
•Education (for example, programs pro-
viding tutors or supplies to primary and
secondary school students; job retrain-
ing programs for adults);
•Elder programs (for example, pro-
grams providing heating assistance or
meals).
In response to these inquiries, and to
provide clarity and certainty to Indian
tribal governments and consistency in
applying the exclusion, the Service and
the Treasury Department are considering
issuing guidance. Pursuant to E.O. 13175,
comments are invited describing actual or
proposed Indian tribal government pro-
grams that provide benefits to members
and the application of the exclusion to
these programs and benefits.
Comments may be submitted in writ-
ing on or before February 13, 2012.
Comments should be submitted to In-
ternal Revenue Service, CC:PA:LPD:PR
(Notice 2011–94), Room 5203, P.O.
Box 7604, Ben Franklin Station, Wash-
ington, DC 20044, or electronically to
Notice.Comments@irscounsel.treas.gov.
Please include “Notice 2011–94” in
the subject line of any electronic
communications.Alternatively,
comments may be hand delivered
between the hours of 8:00 a.m. and
4:00 p.m.Monday to Friday to
CC:PA:LPD:PR (Notice 2011–94),
Courier’s Desk, Internal Revenue
Service, 1111 Constitution Avenue NW,
Washington, D.C. All comments will
be available for public inspection and
copying.
DRAFTING INFORMATION
The principal author of this notice is
Sheldon Iskow of the Office of Associate
Chief Counsel (Income Tax & Account-
ing). For further information, please con-
tact Mr. Iskow at (202) 622–4920 (not a
toll-free call).
26 CFR 601.601: Rules and regulations.
(Also Part I, §§ 61, 451, 671; 1.61–1; 1.451–1;
1.671–1.)
Rev. Proc. 2011–56
SECTION 1. PURPOSE AND
CHANGES
.01Purpose.
(1) This revenue procedure clarifies,
modifies, and supersedes Rev. Proc.
2003–14, 2003–1 C.B. 319, which pro-
vides a safe harbor under which the In-
ternal Revenue Service treats an Indian
tribe as the grantor and owner of a trust for
the receipt of gaming revenues under the
Indian Gaming Regulatory Act (25 U.S.C.
§§ 2701–2721) (IGRA) for the benefit of
minors or legal incompetents. Under the
safe harbor, beneficiaries of an IGRA trust
are not required to include amounts in
gross income under the economic benefit
doctrine when transferred to, or earned
by, the IGRA trust, but must include trust
distributions in income when actually or
constructively received.
(2) Rev. Proc. 2003–14 requested
public comments. In response to those
comments, this revenue procedure re-
vises sections 5.02(5), 5.02(6), 5.02(8)(a),
5.02(8)(b), and 5.02(8)(e) of Rev. Proc.
2003–14, and adds a new section 5.02(9).
.02Changes.
(1) Section 6 of Rev. Proc. 2003–14
added to Rev. Proc. 2003–3, 2003–1
C.B. 113, certain areas under § 451 and
§§ 671–679 of the Internal Revenue Code
in which the Service will not issue ruling
or determination letters concerning IGRA
trusts. Guidance superseding Rev. Proc.
2003–3 incorporates these no-rule areas.
Seesections 4.01(34), 4.01(41), 5.08, and
5.10 of Rev. Proc. 2011–3, 2011–1 I.R.B.
111, and its successors. Therefore, section
6 of Rev. Proc. 2003–14 is obsolete.
(2) Section 5.02(5) removes the refer-
ences to federal and local trust law because
the validity of trusts is governed by state or
tribal law.
2011–49 I.R.B.834December 5, 2011

(3) Section 5.02(6) clarifies that an
IGRA trust must be an ordinary trust for
purposes of the federal tax laws.
(4) Section 5.02(8)(a) expressly allows
a trust instrument to provide that the dis-
tributions to or for the benefit of minors
or legal incompetents at the discretion
of the trustee must comply with the re-
quirements of 25 U.S.C. § 2710(b)(3) and
25 CFR § 290.12(b)(3).
(5) Section 5.02(8)(b) removes the term
“contractual” because the rights created
under an IGRA trust instrument are not
contractual.
(6) Section 5.02(8)(e) expands the class
of persons who may receive a deceased
beneficiary’s share of the trust to include
persons who receive property or interests
under the beneficiary’s will or trust, or in
accordance with state or tribal intestacy
law.
(7) Section 5.02(9) expressly allows a
trust instrument to provide for trust distri-
butions at a specified age or ages or upon
the occurrence or nonoccurrence of a spec-
ified event or events.
SECTION 2. BACKGROUND
.01 Indian tribes and their members
have requested guidance on determining
the taxable years in which beneficiaries
must include in gross income amounts
transferred to, or earned by, an IGRA trust,
and under what circumstances a tribe will
be considered the grantor and owner of an
IGRA trust.
.02 Under § 451 and §§ 1.451–1(a)
and 1.451–2 of the Income Tax Regula-
tions, a taxpayer using the cash receipts
and disbursements method of accounting
must include gains, profits, and income in
gross income for the taxable year in which
those items are actually or constructively
received. In addition, under the economic
benefit doctrine, a taxpayer using the cash
receipts and disbursements method of ac-
counting must include in gross income
currently any financial or economic ben-
efit derived from the absolute right to
receive property in the future that has been
irrevocably and unconditionally set aside
for the taxpayer in a trust or fund.Sproull
v. Commissioner,16 T.C. 244 (1951),
aff’d per curiam,194 F.2d 541 (6
th
Cir.
1952);Pulsifer v. Commissioner,64 T.C.
245 (1975).
.03 Section 671 provides that, when
specified under subpart E, part 1, subchap-
ter J, chapter 1, subtitle A (subpart E) that a
grantor or another person is treated as the
owner of any portion of a trust, then the
taxable income and credits of the grantor
or other person includes the items of in-
come, deductions, and credits of the trust
attributable to that portion of the trust to
the extent that these items are included in
computing an individual’s taxable income
or credits.
.04 IGRA provides rules regarding the
conduct of class II and class III gaming on
Indian lands within an Indian tribe’s juris-
diction and an Indian tribe’s use of rev-
enues from that gaming. Under IGRA,
an Indian tribe may use net revenues from
any class II and class III gaming activi-
ties it conducts or licenses to makeper
capitapayments to members of the Indian
tribe only if: (1) the Indian tribe has pre-
pared a plan to allocate revenues to au-
thorized uses; (2) the Secretary of the In-
terior approves the plan as adequate; (3)
the interests of minors and other legally
incompetent persons who are entitled to
receive any of theper capitapayments
are protected and preserved and theper
capitapayments are disbursed to the par-
ents or legal guardians of the minors or le-
gal incompetents in such amounts as may
be necessary for the health, education, or
welfare of the minors or other legally in-
competent persons under a plan approved
by the Secretary of the Interior and the
governing body of the Indian tribe; and
(4) theper capitapayments are subject to
federal taxation and the Indian tribe no-
tifies members of that tax liability when
payments are made. Section 11(b)(3) and
(d)(1)(A) of IGRA, 25 U.S.C. § 2710(b)(3)
and (d)(1)(A).
SECTION 3. SCOPE
This revenue procedure applies to In-
dian tribes, IGRA trusts, and beneficiaries
of IGRA trusts.
SECTION 4. DEFINITIONS
For purposes of this revenue procedure:
.01Indian tribe. The term “In-
dian tribe” has the same meaning as in
25 U.S.C. § 2703(5).
.02IGRA trust. An “IGRA trust” is a
trust that an Indian tribe establishes under
IGRA to receive and investper capitapay-
ments for its members who are minors or
legal incompetents pending distribution of
the trust assets to those members after they
attain the age of majority or cease to be le-
gal incompetents.
.03Minor and legal incompetent.The
terms “minor” and “legal incompetent”
havethesamemeaningasin25CFR
§290.2(relatingtoreviewofIndiantribal
revenue allocation plans adopted under
IGRA).
.04Per capita payment.Theterm“per
capitapayment” has the same meaning as
in 25 CFR § 290.2, but does not include
compensation for services.
SECTION 5. APPLICATION
.01In general.Foranyperiodinwhich
each of the requirements of section 5.02 of
this revenue procedure is met:
(1) The Service will treat an Indian
tribe that establishes (or has established)
an IGRA trust as the grantor and owner of
the trust under subpart E, and
(2) The Service will not require bene-
ficiaries of an IGRA trust to includeper
capitapayments received by the trust, and
any earnings on theper capitapayments,
in gross income until the taxable year that
the beneficiaries actually or constructively
receive the amounts under § 451 and the
regulations thereunder.
.02Requirements and Options for IGRA
trusts.
(1) The Indian tribe has complied with
the requirements of § 11(b)(3) of IGRA,
25 U.S.C. § 2710(b)(3), regarding the dis-
bursementof per capitapayments to mem-
bers of the Indian tribe.
(2) All contributions to the trust areper
capitapayments disbursed under a rev-
enue allocation plan that complies with
the requirements of § 11(b)(3) of IGRA,
25 U.S.C. § 2710(b)(3).
(3) Each trust beneficiary is a member
of the Indian tribe that establishes the trust.
(4) Each trust beneficiary is a minor or
legal incompetent at the time of the estab-
lishment of a trust interest for the benefi-
ciary, and all contributions to the trust for
that beneficiary are made for the period
that the beneficiary is a minor or legal in-
competent.
(5) The trust is a valid trust under appli-
cable state or tribal law and all of the ma-
December 5, 20118352011–49 I.R.B.

terial terms and provisions of the trust are
enforceable under that law.
(6) The trust satisfies the definition of
an ordinary trust in § 301.7701–4(a) of the
Procedure and Administration Regulations
and the governing trust instrument states
that the trust is intended to be a grantor
trust, that the Indian tribe is the grantor of
the trust (within the meaning of subpart E),
and that the trust will be construed accord-
ingly.
(7) The governing trust instrument
grants to the Indian tribe a power, an inter-
est, or a combination thereof, described in
§§ 673 through 677, that would cause the
Indian tribe to be treated as owner of the
trust under subpart E.
(8) The governing trust instrument in-
cludes the following provisions.
(a) Trust assets are not available to or
for the benefit of a beneficiary until the
beneficiary ceases to be a minor or legal
incompetent, except for distributions for
the health, education, or welfare of the
beneficiary made at the discretion of the
trustee pursuant to the governing trust in-
strument. The trust instrument may pro-
vide that these discretionary distributions
are made under a plan approved by the
governing body of the Indian tribe meeting
the requirements of 25 CFR § 290.12(b)(3)
(requiring criteria for distributions and a
dispute resolution process).
(b) Beneficiaries have no preferred
claim on, or any beneficial ownership in-
terest in, any assets of the trust; any rights
created under the trust instrument are mere
unsecured rights of beneficiaries against
the Indian tribe; and at all times during the
continuance of the trust, the principal and
income of the trust are subject to claims of
general creditors of the Indian tribe under
applicable federal, state, local, and tribal
law.
(c) The trustee shall cease payments to
or for the benefit of beneficiaries and shall
hold the assets of the trust for the bene-
fit of the Indian tribe’s general creditors
throughout any period during which the
trustee believes or has reason to believe
that the Indian tribe is unable to pay its
debts as they become due, or is subject to
a pending insolvency or bankruptcy pro-
ceeding.
(d) Amounts payable to or for the ben-
efit of beneficiaries under the governing
trust instrument may not be anticipated, as-
signed (either at law or in equity), alien-
ated, pledged, encumbered or subjected to
attachment, garnishment, levy, execution,
or other legal or equitable process.
(e) The beneficiary’s share will be paid
to the Indian tribe if the beneficiary dies
while a minor, legal incompetent, or be-
fore the conditions for full distribution pro-
vided in the governing trust instrument oc-
cur. However, the governing trust instru-
ment may provide that the beneficiary’s
share may be paid pursuant to a valid will
or trust of the beneficiary, or to persons
who may inherit from the beneficiary un-
der applicable state or tribal intestacy laws.
(9) The trust instrument may provide
that after the beneficiary ceases to be a
minor or legal incompetent, the trust may
make distributions to or for the benefit of
the beneficiary at a specified age or ages or
upon the occurrence ornonoccurrence of a
specified event or events.
SECTION 6. EFFECTIVE DATE
This revenue procedure is effective for
IGRA trusts established or amended on or
after November 14, 2011. Taxpayers may
apply this revenue procedure to IGRA
trusts established before November 14,
2011, for taxable years for which the pe-
riod of limitation on refund or credit under
§6511hasnotexpired.
SECTION 7. TRANSITION RELIEF
The Service will not treat as a tax-
able event under § 1001 a modification
or amendment of an IGRA trust made to
come within this revenue procedure.
SECTION 8. EFFECT ON OTHER
DOCUMENTS
Rev. Proc. 2003–14 is clarified, modi-
fied, and superseded.
DRAFTING INFORMATION
The principal author of this revenue
procedure is Christina Glendening of the
Office of the Associate Chief Counsel
(Income Tax and Accounting). For further
information regarding this revenue pro-
cedure, contact Ms. Glendening at (202)
622–4920 (not a toll-free call).
26 CFR 601.105: Examination of returns and claims
for refund, credit, or abatement; determination of
correct tax liability.
(Also Part I, § 42; 1.42–14.)
Rev. Proc. 2011–57
SECTION 1. PURPOSE
This revenue procedure publishes the
amounts of unused housing credit carry-
overs allocated to qualified states under
§ 42(h)(3)(D) of the Internal Revenue
Code for calendar year 2011.
SECTION 2. BACKGROUND
Rev. Proc. 92–31, 1992–1 C.B. 775,
provides guidance tostate housing credit
agencies of qualified states on the pro-
cedure for requesting an allocation of
unused housing credit carryovers under
§ 42(h)(3)(D). Section 4.06 of Rev. Proc.
92–31 provides that the Internal Rev-
enue Service will publish in the Internal
Revenue Bulletin the amount of unused
housing credit carryovers allocated to
qualified states for a calendar year from
a national pool of unused credit authority
(the National Pool). This revenue proce-
dure publishes these amounts for calendar
year 2011.
SECTION 3. PROCEDURE
The unused housing credit carryover
amount allocated from the National Pool
by the Secretary to each qualified state for
calendar year 2011 is as follows:
2011–49 I.R.B.836December 5, 2011

Qualified StateAmount Allocated
California
570,425
Delaware13,749
District of Columbia9,213
Florida287,882
Georgia
148,335
Illinois196,460
Kansas43,686
Kentucky66,444
Louisiana69,414
Maine20,340
Maryland88,404
Massachusetts
100,256
Michigan
151,336
Minnesota81,213
Nebraska
27,965
Nevada
41,350
New Jersey134,620
New York296,714
North Carolina
146,051
Ohio
176,645
Oregon
58,661
Pennsylvania194,496
South Carolina70,823
Texas
385,024
Utah42,320
Vermont
9,581
Virginia
122,510
Washington
102,965
EFFECTIVE DATE
This revenue procedure is effective
for allocations of housing credit dollar
amounts attributable to the National Pool
component of a qualified state’s housing
credit ceiling for calendar year 2011.
DRAFTING INFORMATION
The principal author of this revenue
procedure is Christopher J. Wilson of
the Office of Associate Chief Counsel
(Passthroughs and Special Industries). For
further information regarding this revenue
procedure, contact Mr. Wilson at (202)
622–3040 (not a toll-free call).
December 5, 20118372011–49 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.
2011–49 I.R.B.iDecember 5, 2011

Numerical Finding List
1
Bulletins 2011–27 through 2011–49
Announcements:
2011-37, 2011-27 I.R.B.37
2011-38, 2011-28 I.R.B.45
2011-39, 2011-28 I.R.B.46
2011-40, 2011-29 I.R.B.56
2011-41, 2011-28 I.R.B.47
2011-42, 2011-32 I.R.B.138
2011-43, 2011-35 I.R.B.198
2011-44, 2011-33 I.R.B.164
2011-45, 2011-34 I.R.B.178
2011-46, 2011-34 I.R.B.178
2011-47, 2011-34 I.R.B.178
2011-48, 2011-36 I.R.B.227
2011-49, 2011-36 I.R.B.228
2011-50, 2011-38 I.R.B.409
2011-51, 2011-38 I.R.B.409
2011-52, 2011-38 I.R.B.409
2011-53, 2011-38 I.R.B.409
2011-54, 2011-38 I.R.B.409
2011-55, 2011-38 I.R.B.409
2011-56, 2011-38 I.R.B.409
2011-57, 2011-38 I.R.B.409
2011-58, 2011-38 I.R.B.410
2011-59, 2011-37 I.R.B.335
2011-61, 2011-39 I.R.B.453
2011-62, 2011-40 I.R.B.483
2011-63, 2011-41 I.R.B.503
2011-64, 2011-41 I.R.B.503
2011-65, 2011-44 I.R.B.691
2011-66, 2011-44 I.R.B.691
2011-67, 2011-44 I.R.B.691
2011-68, 2011-44 I.R.B.691
2011-69, 2011-44 I.R.B.691
2011-70, 2011-45 I.R.B.715
2011-71, 2011-46 I.R.B.770
2011-72, 2011-47 I.R.B.796
2011-73, 2011-48 I.R.B.822
2011-74, 2011-47 I.R.B.796
2011-75, 2011-48 I.R.B.823
Notices:
2011-47, 2011-27 I.R.B.34
2011-50, 2011-27 I.R.B.35
2011-51, 2011-27 I.R.B.36
2011-52, 2011-30 I.R.B.60
2011-53, 2011-32 I.R.B.124
2011-54, 2011-29 I.R.B.53
2011-55, 2011-29 I.R.B.53
2011-56, 2011-29 I.R.B.54
2011-57, 2011-31 I.R.B.84
2011-58, 2011-31 I.R.B.85
2011-59, 2011-31 I.R.B.86
Notices— Continued:
2011-60, 2011-31 I.R.B.90
2011-61, 2011-31 I.R.B.91
2011-62, 2011-32 I.R.B.126
2011-63, 2011-34 I.R.B.172
2011-64, 2011-37 I.R.B.231
2011-65, 2011-34 I.R.B.173
2011-66, 2011-35 I.R.B.184
2011-67, 2011-34 I.R.B.174
2011-68, 2011-36 I.R.B.205
2011-69, 2011-39 I.R.B.445
2011-70, 2011-32 I.R.B.135
2011-71, 2011-37 I.R.B.233
2011-72, 2011-38 I.R.B.407
2011-73, 2011-40 I.R.B.474
2011-74, 2011-41 I.R.B.496
2011-75, 2011-40 I.R.B.475
2011-76, 2011-40 I.R.B.479
2011-78, 2011-41 I.R.B.497
2011-79, 2011-41 I.R.B.498
2011-80, 2011-43 I.R.B.591
2011-81, 2011-42 I.R.B.513
2011-82, 2011-42 I.R.B.516
2011-83, 2011-43 I.R.B.593
2011-84, 2011-43 I.R.B.595
2011-85, 2011-44 I.R.B.605
2011-86, 2011-45 I.R.B.698
2011-87, 2011-45 I.R.B.699
2011-88, 2011-46 I.R.B.748
2011-89, 2011-46 I.R.B.748
2011-90, 2011-47 I.R.B.791
2011-91, 2011-47 I.R.B.792
2011-92, 2011-48 I.R.B.809
2011-93, 2011-48 I.R.B.810
2011-94, 2011-49 I.R.B.834
Proposed Regulations:
REG-128224-06, 2011-42 I.R.B.533
REG-146537-06, 2011-48 I.R.B.813
REG-137128-08, 2011-28 I.R.B.43
REG-140280-09, 2011-45 I.R.B.709
REG-114749-09, 2011-48 I.R.B.819
REG-146297-09, 2011-47 I.R.B.795
REG-112805-10, 2011-40 I.R.B.482
REG-120391-10, 2011-39 I.R.B.451
REG-125592-10, 2011-32 I.R.B.137
REG-125949-10, 2011-45 I.R.B.712
REG-131491-10, 2011-36 I.R.B.208
REG-133002-10, 2011-46 I.R.B.766
REG-140038-10, 2011-42 I.R.B.537
REG-109006-11, 2011-37 I.R.B.334
REG-101352-11, 2011-30 I.R.B.75
REG-111283-11, 2011-42 I.R.B.573
REG-116284-11, 2011-43 I.R.B.598
REG-118809-11, 2011-33 I.R.B.162
REG-122813-11, 2011-35 I.R.B.197
Proposed Regulations— Continued:
REG-126519-11, 2011-39 I.R.B.452
Revenue Procedures:
2011-38, 2011-30 I.R.B.66
2011-39, 2011-30 I.R.B.68
2011-40, 2011-37 I.R.B.235
2011-41, 2011-35 I.R.B.188
2011-42, 2011-37 I.R.B.318
2011-43, 2011-37 I.R.B.326
2011-44, 2011-39 I.R.B.446
2011-45, 2011-39 I.R.B.449
2011-46, 2011-42 I.R.B.518
2011-47, 2011-42 I.R.B.520
2011-48, 2011-42 I.R.B.527
2011-49, 2011-44 I.R.B.608
2011-50, 2011-44 I.R.B.628
2011-51, 2011-44 I.R.B.669
2011-52, 2011-45 I.R.B.701
2011-53, 2011-46 I.R.B.749
2011-54, 2011-46 I.R.B.759
2011-55, 2011-47 I.R.B.793
2011-56, 2011-49 I.R.B.834
2011-57, 2011-49 I.R.B.836
Revenue Rulings:
2011-14, 2011-27 I.R.B.31
2011-15, 2011-30 I.R.B.57
2011-16, 2011-32 I.R.B.93
2011-17, 2011-33 I.R.B.160
2011-18, 2011-39 I.R.B.428
2011-19, 2011-36 I.R.B.199
2011-20, 2011-36 I.R.B.202
2011-21, 2011-40 I.R.B.458
2011-22, 2011-41 I.R.B.489
2011-23, 2011-43 I.R.B.585
2011-24, 2011-41 I.R.B.485
2011-25, 2011-45 I.R.B.695
2011-26, 2011-48 I.R.B.803
2011-27, 2011-48 I.R.B.805
2011-28, 2011-49 I.R.B.830
2011-29, 2011-49 I.R.B.824
2011-30, 2011-49 I.R.B.826
2011-31, 2011-49 I.R.B.829
Treasury Decisions:
9527, 2011-27 I.R.B.1
9528, 2011-28 I.R.B.38
9529, 2011-30 I.R.B.57
9530, 2011-31 I.R.B.77
9531, 2011-31 I.R.B.79
9532, 2011-32 I.R.B.95
9533, 2011-33 I.R.B.139
9534, 2011-33 I.R.B.144
9535, 2011-39 I.R.B.415
9536, 2011-39 I.R.B.426
1
A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2011–1 through 2011–26 is in Internal Revenue Bulletin
2011–26, dated June 27, 2011.
December 5, 2011ii2011–49 I.R.B.

Treasury Decisions— Continued:
9537, 2011-35 I.R.B.181
9538, 2011-37 I.R.B.229
9539, 2011-35 I.R.B.179
9540, 2011-38 I.R.B.341
9541, 2011-39 I.R.B.438
9542, 2011-39 I.R.B.411
9543, 2011-40 I.R.B.470
9544, 2011-40 I.R.B.458
9545, 2011-41 I.R.B.490
9546, 2011-42 I.R.B.505
9547, 2011-43 I.R.B.580
9548, 2011-46 I.R.B.716
9549, 2011-46 I.R.B.718
9550, 2011-47 I.R.B.785
9551, 2011-47 I.R.B.774
9552, 2011-47 I.R.B.783
9553, 2011-48 I.R.B.806
2011–49 I.R.B.iiiDecember 5, 2011

Finding List of Current Actions on
Previously Published Items
1
Bulletins 2011–27 through 2011–49
Announcements:
2007-47
Updated and superseded by
Ann. 2011-59, 2011-37 I.R.B.335
Notices:
2002-1
Amplified by
Notice 2011-86, 2011-45 I.R.B.698
2006-101
Amplified and superseded by
Notice 2011-64, 2011-37 I.R.B.231
2007-93
Obsoleted by
T.D. 9545, 2011-41 I.R.B.490
2010-23
Modified and supplemented by
Notice 2011-54, 2011-29 I.R.B.53
2010-77
Modified by
Notice 2011-85, 2011-44 I.R.B.605
2010-81
Amended and supplemented by
Notice 2011-63, 2011-34 I.R.B.172
2010-88
Modified by
Ann. 2011-40, 2011-29 I.R.B.56
2010-90
Modified by
Notice 2011-85, 2011-44 I.R.B.605
Proposed Regulations:
REG-158677-05
Withdrawn by
Ann. 2011-75, 2011-48 I.R.B.823
REG-118761-09
Hearing scheduled by
Ann. 2011-38, 2011-28 I.R.B.45
REG-151687-10
Hearing scheduled by
Ann. 2011-48, 2011-36 I.R.B.227
Revenue Procedures:
72-36
Amplified and modified by
Rev. Proc. 2011-42, 2011-37 I.R.B.318
2003-14
Clarified, modified, and superseded by
Rev. Proc. 2011-56, 2011-49 I.R.B.834
Revenue Procedures— Continued:
2004-29
Amplified and modified by
Rev. Proc. 2011-42, 2011-37 I.R.B.318
2005-16
Modified and superseded by
Rev. Proc. 2011-49, 2011-44 I.R.B.608
2006-56
Modified and amplified by
Rev. Proc. 2011-46, 2011-42 I.R.B.518
2007-35
Amplified and modified by
Rev. Proc. 2011-42, 2011-37 I.R.B.318
2008-24
Modified and superseded by
Rev. Proc. 2011-38, 2011-30 I.R.B.66
2008-32
Superseded by
Rev. Proc. 2011-39, 2011-30 I.R.B.68
2010-33
Superseded by
Rev. Proc. 2011-50, 2011-44 I.R.B.628
2010-37
Superseded by
Rev. Proc. 2011-51, 2011-44 I.R.B.669
2010-39
Amplified, modified, and superseded by
Rev. Proc. 2011-47, 2011-42 I.R.B.520
2011-4
Modified by
Rev. Proc. 2011-44, 2011-39 I.R.B.446
2011-6
Modified by
Rev. Proc. 2011-49, 2011-44 I.R.B.608
2011-8
Modified by
Rev. Proc. 2011-49, 2011-44 I.R.B.608
2011-14
Modified by
Rev. Proc. 2011-43, 2011-37 I.R.B.326
2011-24
Obsoleted by
Notice 2011-92, 2011-48 I.R.B.809
2011-35
Amplified and modified by
Rev. Proc. 2011-42, 2011-37 I.R.B.318
Revenue Rulings:
58-225
Obsoleted by
Rev. Rul. 2011-15, 2011-30 I.R.B.57
Revenue Rulings— Continued:
76-345
Revoked by
Rev. Rul. 2011-29, 2011-49 I.R.B.824
92-19
Supplemented in part by
Rev. Rul. 2011-23, 2011-43 I.R.B.585
2007-28
Superseded by
Rev. Rul. 2011-26, 2011-48 I.R.B.803
2010-30
Supplemented and superseded by
Rev. Rul. 2011-27, 2011-48 I.R.B.805
Treasury Decisions:
9527
Corrected by
Ann. 2011-49, 2011-36 I.R.B.228
1
A cumulative list of current actions on previously published items in Internal Revenue Bulletins 2011–1 through 2011–26 is in Internal Revenue Bulletin 2011–26, dated June 27, 2011.
December 5, 2011iv2011–49 I.R.B.

2011–49 I.R.B.December 5, 2011

December 5, 20112011–49 I.R.B.

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