This Week's Internal Revenue Bulletin

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.

Rev. Proc. 2015-57 , page 863. Rev. Proc. 2015-57 provides that the IRS will not assert that a taxpayer who took out Federal student loans to finance attendance at a school owned by Corinthian Colleges, Inc. that are discharged under the Department of Education's (ED) Defense to Repayment discharge process must recognize gross income as a result of this discharge process. This revenue procedure also identifies the statutory basis under which taxpayers whose Federal student loans are discharged under ED's Closed School discharge process may exclude the discharged amount from gross income. In addition, this revenue procedure provides that the IRS will not assert that taxpayers within the scope of this revenue procedure must increase their taxes owed in the year of a discharge as a result of either discharge process if in a prior taxable year they received an education credit under section 25A or took a deduction under section 221 or 222.

Notice 2015-83 , page 861. This Notice modifies Notice 2012-48, 2012-31 I.R.B. 102, regarding the process for allocation of the available amount of national volume cap for tax-exempt tribal economic development bonds under § 7871(f) of the Internal Revenue Code, provides special rules for bonds issued under a "draw-down" loan structure in which the lender advances funds for the loan on different dates (Draw-down Bonds), and allows additional time to use allocated volume cap for issuance of Draw-down Bonds if an issuer meets certain requirements.