This Week's Internal Revenue Bulletin
2020-21 IRB 1
- Institutional AuthorsInternal Revenue Service
- Subject Area/Tax Topics
- Jurisdictions
- Tax Analysts Document Number2020-18761
- Tax Analysts Electronic Citation2020 TNTG 96-362020 TNTF 96-28
HIGHLIGHTS OF THIS ISSUE
These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.
ADMINISTRATIVE
Rev. Proc. 2020-29, page 859. This procedure modifies Rev. Proc. 2020-1 temporarily to allow for the electronic submission of requests for letter rulings, closing agreements, determination letters, and information letters issued by the Associate Chief Counsel (Corporate), Associate Chief Counsel (Financial Institutions and Products), Associate Chief Counsel (Income Tax and Accounting), Associate Chief Counsel (International), Associate Chief Counsel (Passthroughs and Special Industries), Associate Chief Counsel (Procedure and Administration), and Associate Chief Counsel (Employee Benefits, Exempt Organizations, and Employment Taxes). This procedure also contains revised procedures for determination letters issued by the IRS Large Business and International Division.
EXEMPT ORGANIZATIONS
Notice 2020-36, page 840. This notice contains a proposed revenue procedure that sets forth updated procedures under which recognition of exemption from federal income tax for organizations described in § 501(c) of the Internal Revenue Code may be obtained on a group basis for subordinate organizations affiliated with and under the general supervision or control of a central organization.
INCOME TAX
Notice 2020-32, page 837. This notice provides guidance regarding the nondeductibility of costs that are the subject of loan forgiveness under section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Public Law 116-136, 134 Stat. 281 (March 27, 2020).
Notice 2020-34, page 838. This notice provides the applicable reference price for qualified natural gas production from qualified marginal wells during taxable years beginning in calendar year 2019 for the purpose of determining the marginal well production credit under §45I. The applicable reference price for taxable years beginning in calendar year 2019 is $2.55 per 1,000 cubic feet. The notice also provides the credit amount used for the purpose of determining the marginal well production credit. The credit amount for taxable years beginning in calendar year 2019 is $0.08 per 1,000 cubic feet.
- Institutional AuthorsInternal Revenue Service
- Subject Area/Tax Topics
- Jurisdictions
- Tax Analysts Document Number2020-18761
- Tax Analysts Electronic Citation2020 TNTG 96-362020 TNTF 96-28