This Week's Internal Revenue Bulletin

[1] T.D. 8895, PAGE 304. Final regulations implement section 6071(b) of the Code and extend the due date for filing information returns from February 28 or the last day of February to March 31 if the information returns are filed electronically by payors required to file after December 31, 1999. Final regulations under sections 6651(a)(2) and 6651(a)(3) of the Code provide that the failure to pay penalties will be reduced from 0.5 percent per month to 0.25 percent per month during the period an installment agreement under section 6159 of the Code is in effect. The penalty reduction applies to installment agreements beginning after December 31, 1999. [Full text: see 2000 TNT 167-60 .]

[2] REG-112502-00, PAGE 316. Proposed regulations provide guidance on the treatment under subpart F of income earned by a controlled foreign corporation (CFC) through a partnership. A public hearing is scheduled for December 5, 2000. [Full text: see 2000 TNT 186-81 .]

[3] REV. PROC. 2000-37, PAGE 308. LIKE-KIND EXCHANGES; REPLACEMENT PROPERTY; "PARKING" ARRANGEMENTS. This procedure provides a safe harbor under which the Service will not challenge (a) the qualification of property as either "replacement property" or "relinquished property" for purposes of section 1031 of the Code or (b) the treatment of the "exchange accommodation titleholder" as the beneficial owner of such property for federal income tax purposes, if the property is held in a "qualified exchange accommodation arrangement" (QEAA). [Full text: see 2000 TNT 181-13 .]

ADMINISTRATIVE

[4] REV. PROC. 2000-38, PAGE 310. DISTRIBUTOR COMMISSIONS. This revenue procedure provides three permissible methods of accounting for distributor commissions. It also provides instructions for a taxpayer to obtain consent from the Commissioner of Internal Revenue to change to any of the three permissible methods of accounting, including rules relating to the limitations, terms, and conditions the Commissioner deems necessary to make the change. Rev. Proc. 99-49 modified and amplified. [Full text: see 2000 TNT 180-10 .]

[5] ANNOUNCEMENT 2000-80, PAGE 320. This announcement informs the public of the new toll-free number for contacting an Appeals Officer (Customer Service/Outreach.) [Full text: see 2000 TNT 182-7 .]