Bulletin No. 2022–40

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HIGHLIGHTS

OF THIS ISSUE

Bulletin No. 2022–40

October 3, 2022

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

INCOME TAX

Notice 2022-40, page 266.

This notice sets forth updates on the corporate bond

monthly yield curve, the corresponding spot segment

rates for September 2022 used under § 417(e)(3)(D),

the 24-month average segment rates applicable for

September 2022, and the 30-year Treasury rates, as

reflected by the application of § 430(h)(2)(C)(iv).

Rev. Proc. 2022-35, page 270.

This revenue procedure updates and supersedes Rev.

Proc. 2021-32. One country, Turkey, is added to the

list of jurisdictions with which Treasury and the IRS

have determined it is appropriate to have an automatic

exchange relationship with respect to the information

collected under Treas. Reg. §§ 1.6049-8 and 1.60494(b)(5).

EXCISE TAX

Notice 2022-39, page 264.

Notice 2022-39 provides rules that claimants must follow to make a one-time claim for the credit and payment allowable under §§ 6426(d) and 6427(e) of the

Internal Revenue Code for alternative fuels sold or used

during the first, second, and third calendar quarters of

2022. The rules are prescribed pursuant to § 13201(g)

of Public Law 117-169, 136 Stat. 1818 (August 16,

2022), commonly known as the Inflation Reduction Act.

Notice 2022-39 also provides instructions for how a

taxpayer’s liability for the excise tax imposed by § 4081

may be reduced by claiming the alternative fuel mixture

credit allowable under § 6426(e) for the first and second calendar quarters of 2022.

Finding Lists begin on page ii.

Rev. Proc. 2022-36, page 274.

Revenue Procedure 2022-36 provides domestic asset/

liability percentages and domestic investment yields

needed by foreign life insurance companies and foreign

property and liability insurance companies to compute

their minimum effectively connected net investment

income under section 842(b) of the Internal Revenue

Code for taxable years beginning after December 31,

2020.

Rev. Rul. 2022-18, page 262.

Federal rates; adjusted federal rates; adjusted federal

long-term rate, and the long-term tax exempt rate. For

purposes of sections 382, 1274, 1288, 7872 and

other sections of the Code, tables set forth the rates

for October 2022.

The IRS Mission

Provide America’s taxpayers top-quality service by helping

them understand and meet their tax responsibilities and

enforce the law with 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

Conventions, legislation, court decisions, and other items of

general interest. It is published weekly.

It is the policy of the Service to publish in the Bulletin all substantive rulings necessary to promote a uniform application

of the tax laws, including all rulings that supersede, revoke,

modify, or amend any of those previously published in the

Bulletin. All published rulings apply retroactively unless otherwise indicated. Procedures relating solely to matters of internal management 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.—1986 Code.

This part includes rulings and decisions based on provisions

of the Internal 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,

Legislation 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

Rulings. Bank Secrecy Act Administrative Rulings are issued

by the Department of the Treasury’s Office of the Assistant

Secretary (Enforcement).

Part IV.—Items of General Interest.

This part includes notices of proposed rulemakings, disbarment and 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 contents of this publication are not copyrighted and may be reprinted freely. A citation of the Internal Revenue Bulletin as the source would be appropriate.

October 3, 2022

Bulletin No. 2022–40

Part I

Section 1274.—

Determination of Issue

Price in the Case of Certain

Debt Instruments Issued for

Property

(Also Sections 42, 280G, 382, 467, 468, 482, 483,

1288, 7520, 7872.)

Rev. Rul. 2022-18

ISSUE

This revenue ruling provides various

prescribed rates for federal income tax

Annual

AFR

110% AFR

120% AFR

130% AFR

3.40%

3.74%

4.08%

4.43%

AFR

110% AFR

120% AFR

130% AFR

150% AFR

175% AFR

3.28%

3.61%

3.94%

4.27%

4.94%

5.77%

AFR

110% AFR

120% AFR

130% AFR

3.43%

3.77%

4.12%

4.47%

Short-term adjusted AFR

Mid-term adjusted AFR

Long-term adjusted AFR

October 3, 2022

purposes for October 2022 (the current

month). Table 1 contains the short-term,

mid-term, and long-term applicable federal rates (AFR) for the current month for

purposes of section 1274(d) of the Internal

Revenue Code. Table 2 contains the shortterm, mid-term, and long-term adjusted

applicable federal rates (adjusted 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 described in section

382(f). Table 4 contains the appropriate

percentages for determining the low-income housing credit described in section

42(b)(1) for buildings placed in service

during the current month. However, under

section 42(b)(2), the applicable percentage for non-federally subsidized new

buildings placed in service after July 30,

2008, shall not be less than 9%. Finally,

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.

REV. RUL. 2022-18 TABLE 1

Applicable Federal Rates (AFR) for October 2022

Period for Compounding

Semiannual

Quarterly

Short-term

3.37%

3.36%

3.71%

3.69%

4.04%

4.02%

4.38%

4.36%

Mid-term

3.25%

3.24%

3.58%

3.56%

3.90%

3.88%

4.23%

4.21%

4.88%

4.85%

5.69%

5.65%

Long-term

3.40%

3.39%

3.74%

3.72%

4.08%

4.06%

4.42%

4.40%

Annual

2.58%

2.49%

2.60%

REV. RUL. 2022-18 TABLE 2

Adjusted AFR for October 2022

Period for Compounding

Semiannual

2.56%

2.47%

2.58%

262

Monthly

3.35%

3.68%

4.01%

4.34%

3.23%

3.55%

3.87%

4.19%

4.83%

5.62%

3.38%

3.71%

4.05%

4.38%

Quarterly

2.55%

2.46%

2.57%

Monthly

2.55%

2.46%

2.57%

Bulletin No. 2022–40

REV. RUL. 2022-18 TABLE 3

Rates Under Section 382 for October 2022

Adjusted federal long-term rate for the current month

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.)

2.60%

REV. RUL. 2022-18 TABLE 4

Appropriate Percentages Under Section 42(b)(1) for October 2022

Note: Under section 42(b)(2), the applicable percentage for non-federally subsidized new buildings placed in service after July

30, 2008, shall not be less than 9%.

Appropriate percentage for the 70% present value low-income housing credit

7.78%

Appropriate percentage for the 30% present value low-income housing credit

3.33%

REV. RUL. 2022-18 TABLE 5

Rate Under Section 7520 for October 2022

Applicable federal rate for determining the present value of anannuity, an interest for life or a term of years, or a

remainder or reversionary interest

Section 42.—Low-Income

Housing Credit

The applicable federal short-term, mid-term,

and long-term rates are set forth for the month of

October 2022. See Rev. Rul. 2022-18, page 262.

Section 280G.—Golden

Parachute Payments

The applicable federal short-term, mid-term,

and long-term rates are set forth for the month of

October 2022. See Rev. Rul. 2022-18, page 262.

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 October 2022. See Rev.

Rul. 2022-18, page 262.

Section 467.—Certain

Payments for the Use of

Property or Services

The applicable federal short-term, mid-term,

and long-term rates are set forth for the month of

October 2022. See Rev. Rul. 2022-18, page 262.

Section 468.—Special

Rules for Mining and Solid

Waste Reclamation and

Closing Costs

The applicable federal short-term rates are set

forth for the month of October 2022. See Rev. Rul.

2022-18, page 262.

Section 482.—Allocation

of Income and Deductions

Among Taxpayers

The applicable federal short-term, mid-term,

and long-term rates are set forth for the month of

October 2022. See Rev. Rul. 2022-18, page 262.

4.00%

Section 483.—Interest on

Certain Deferred Payments

The applicable federal short-term, mid-term,

and long-term rates are set forth for the month of

October 2022. See Rev. Rul. 2022-18, page 262.

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 October 2022. See Rev. Rul. 2022-18,

page 262.

Section 7520.—Valuation

Tables

The applicable federal mid-term rates are set

forth for the month of October 2022. See Rev. Rul.

2022-18, page 262.

Section 7872.—Treatment

of Loans With BelowMarket Interest Rates

The applicable federal short-term, mid-term,

and long-term rates are set forth for the month of

October 2022. See Rev. Rul. 2022-18, page 262.

Bulletin No. 2022–40

263

October 3, 2022

Part III

Alternative Fuel Claims

for First, Second, and

Third Calendar Quarters

of 2022; Alternative Fuel

Mixture Claims for First

and Second Calendar

Quarters of 2022

Notice 2022-39

SECTION 1. PURPOSE

This notice provides rules that claimants must follow to make a one-time

claim for the credit and payment allowable under §§ 6426(d) and 6427(e) of the

Internal Revenue Code (Code) for alternative fuels sold or used during the first,

second, and third calendar quarters of

2022. These rules are prescribed pursuant

to § 13201(g) of Public Law 117-169, 136

Stat. 1818 (August 16, 2022), commonly

known as the Inflation Reduction Act

(IRA). This notice also provides instructions for how a taxpayer’s liability for

the excise tax imposed by § 4081 may be

reduced by claiming the alternative fuel

mixture credit allowable under § 6426(e)

for the first and second calendar quarters

of 2022.

SECTION 2. BACKGROUND

Section 6426(a) and (d) allows a person that sells or uses alternative fuel as a

fuel in a motor vehicle or motorboat or in

aviation to claim a $0.50 per gallon credit

against the person’s excise tax liability

under § 4041 (relating to the tax imposed

on diesel fuel and alternative fuel). Any

excess credit under § 6426(d) may be

claimed as a payment under § 6427(e) or

as a refundable income tax credit under

§ 34. For federal income tax purposes, a

person’s expense for the § 4041 excise tax,

whether taken as a deduction or as a component of cost of goods sold, is reduced

by the amount of the excise tax credit

allowable under § 6426(d). See Exxon

Mobil Corp. v. United States, 43 F.4th 424

(5th Cir. 2022); see also Notice 2015-56,

2015-35 I.R.B. 235.

October 3, 2022

Section 6426(a) and (e) allows a

blender of an alternative fuel mixture to

claim a $0.50 per gallon credit against its

excise tax liability under § 4081 (relating to the tax imposed on taxable fuel). A

person’s § 6426(e) alternative fuel mixture credit claim for any calendar quarter

may not exceed the person’s excise tax

liability under § 4081 (without regard to

the credit) incurred in the calendar quarter for which the credit is being claimed.

Further, § 6430 provides in part that the

alternative fuel mixture credit cannot be

applied against tax imposed at the Leaking Underground Storage Tank (LUST)

Trust Fund financing rate. For federal

income tax purposes, a person’s expense

for the § 4081 excise tax, whether taken

as a deduction or as a component of cost

of goods sold, is reduced by the amount

of the excise tax credit allowable under

§ 6426(e). See generally Exxon Mobil

Corp. v. United States, 43 F.4th 424 (5th

Cir. 2022).

No credits under § 6426(d) or (e)

and no payment under § 6427(e) for any

excess credit under § 6426(d) are authorized unless the person claiming the credit

or receiving the payment is registered

under § 4101. Prior to the enactment of

the IRA, §§ 6426(d) and (e) and 6427(e)

expired for sales and uses after December

31, 2021.

Section 13201 of the IRA reinstates

these credits and payment for sales and

uses through December 31, 2024. Under

§ 13201(g) of the IRA, the Secretary of

the Treasury or her delegate (Secretary)

is directed to issue guidance providing a

180-day period (beginning no later than

30 days after the guidance is issued) for

a one-time submission of claims under

§§ 6426(d) and 6427(e) (in such manner

as prescribed by the Secretary) for the

period beginning January 1, 2022, and

ending September 30, 2022 (2022 onetime alternative fuel claim).

Section 13202 of the IRA reinstates

the § 40(b)(6) second generation biofuel

producer credit for production before

January 1, 2025. The second generation biofuel producer credit previously

expired for production after December

31, 2021.

264

SECTION 3. SCOPE

For purposes of sections 4, 5, 6, and 7

of this notice, a “claimant” is the person

eligible to make an alternative fuel claim

under §§ 6426(d) and 6427(e), or an alternative fuel mixture claim under § 6426(e).

Pursuant to § 13201(g) of the IRA,

this notice provides the exclusive procedure for making a 2022 one-time alternative fuel claim. Claimants that previously

filed protective or anticipatory claims

covered by this notice that do not conform with the procedures provided in this

notice should refile their claims pursuant

to the procedures provided in this notice.

The Internal Revenue Service (IRS) will

not treat as perfected any such protective or anticipatory claims previously

filed with the IRS that are not timely

supplemented in accordance with these

procedures.

Except as provided by this notice, the

rules in Notice 2006-92, 2006-2 C.B. 774

(providing guidance on alternative fuel

and alternative fuel mixture taxes, credits,

and payments), apply to claims for alternative fuel credits under § 6426(d) and

payments under § 6427(e).

This notice also prescribes the method

for submitting claims for the alternative fuel mixture credit allowable under

§ 6426(e) relating to alternative fuel mixtures sold or used during the first and second calendar quarters of 2022.

Section 8 of this notice describes the

claims not affected by this notice.

SECTION 4. HOW TO MAKE A 2022

ONE-TIME ALTERNATIVE FUEL

CLAIM

Claimants must follow the procedures

listed in this section 4 to make a 2022 onetime alternative fuel claim.

• Claimants must submit claims on

Form 8849, Claim for Refund of

Excise Taxes.

• Claimants must include Schedule

3 (Form 8849), Certain Fuel Mixtures and the Alternative Fuel Credit,

with their submission and enter any

amounts on Line 3 of Schedule 3

(Form 8849), as appropriate.

Bulletin No. 2022–40

•

Each claimant must claim the alternative fuel credits and payments for

which the claimant is eligible for the

first, second, and third calendar quarters of 2022 on a single Form 8849

and Schedule 3 (Form 8849).

Claimants must follow the instructions to Form 8849 and Schedule 3

(Form 8849) when preparing their

submission to the extent that those

instructions do not conflict with this

notice.

Claims may be submitted electronically or by mail. Electronic submission is strongly encouraged and will

result in faster processing and payment of the claim. Claims may be

submitted electronically through any

electronic return originator, transmitter, or intermediate service provider

participating in the IRS e-file program for excise taxes. Any claimant

that prefers to submit a paper claim

may mail its claim to the address

listed for Schedule 3 (Form 8849) in

the instructions to Form 8849 under

Where to File.

Claimants must be registered by the

IRS to make a 2022 one-time alternative fuel claim. Claimants that are

not already registered by the IRS

may apply to the IRS for registration

by filing Form 637, Application for

Registration (For Certain Excise Tax

Activities), in accordance with the

instructions to Form 637.

Claimants must have and maintain

adequate records to substantiate eligibility for the 2022 one-time alternative fuel claim.

SECTION 5. CLAIM PERIOD AND

DUE DATE FOR 2022 ONE-TIME

ALTERNATIVE FUEL CLAIMS

All 2022 one-time alternative fuel

claims must be submitted during the 180day claim period described in this section

5. The 180-day claim period for making

a 2022 one-time alternative fuel claim

begins on October 13, 2022, and ends on

April 11, 2023. Consequently, all 2022

one-time alternative fuel claims must be

filed by April 11, 2023. The IRS will not

process claims filed after that date. The

IRS will deem any claim that is submitted by the method prescribed in this notice

before October 13, 2022, as filed on October 13, 2022.

If the IRS does not pay a one-time 2022

alternative fuel claim that conforms with

the procedures in sections 4 and 5 of this

notice within 60 days after the claim is

received, the IRS will pay the claim with

interest from the claim filing date (or from

October 13, 2022, in the case of a claim

submitted before that date that conforms

with the procedures in section 4 of this

notice) using the overpayment rate and

method provided by § 6621.

•

SECTION 6. HOW TO MAKE AN

ALTERNATIVE FUEL MIXTURE

CREDIT CLAIM FOR THE FIRST

AND SECOND CALENDAR

QUARTERS OF 2022

Claimants must follow the procedures

listed in this section 6 to claim the alternative fuel mixture credit under § 6426(e)

for the first and second calendar quarters

of 2022.

• All alternative fuel mixture credit

claims for the first and second calendar quarters of 2022 must be made on

Form 720X, Amended Quarterly Federal Excise Tax Return.

• Claimants must enter amounts for

alternative fuel mixture credit claims

on Line 2 of Form 720X by calendar quarter. In addition, on Line 6 of

Form 720X, claimants must identify,

by calendar quarter, the type of alternative fuel(s) in the mixture(s) for

which a credit is being claimed and

the number of gallons of alternative

fuel(s) used by the claimant in producing the mixture(s). This information is the same information claimants are required to report on Line 13

of Schedule C to Form 720, Quarterly

Federal Excise Tax Return.

• Claimants must follow the instructions to Form 720X when preparing

•

their submission(s) to the extent that

those instructions do not conflict with

this notice.

Each claimant must mail its submission(s) to the address listed for Form

720X in the instructions under Where

to File.

Claimants must be registered by the

IRS in order to make alternative fuel

mixture credit claims. Claimants that

are not already registered by the IRS

may apply to the IRS for registration

by filing Form 637 in accordance

with the instructions to Form 637.

Alternative fuel mixture credit

claims for any calendar quarter may

not exceed the claimant’s § 4081

excise tax liability (without regard

to the credit) incurred in the calendar

quarter for which the credit is being

claimed. Further, § 6430 provides

in part that the alternative fuel mixture credit cannot be applied against

tax imposed at the LUST Trust Fund

financing rate.

For purposes of alternative fuel mixture claims made pursuant to this

section 6, the term “alternative fuel

mixture” means a mixture of taxable

fuel and alternative fuel1 (other than

liquefied petroleum gas, compressed

natural gas, liquefied natural gas, liquefied gas derived from biomass, and

compressed gas derived from biomass) that satisfies all of the requirements of § 6426(e)(2).

Claimants must have and maintain

adequate records to substantiate eligibility for the alternative fuel mixture

credit.

Failure to file a Form 720 and remit

the § 4081 excise tax due for the first

or second calendar quarter of 2022

before submitting an alternative fuel

mixture claim on Form 720X for that

calendar quarter will result in delayed

processing of the claim (and delayed

payment of refunds resulting from the

credit) or denial of the claim.

Failure to follow the claim procedure

in this section will result in delayed

processing or denial of claim(s).

Section 13204(d) of the IRA removes liquefied hydrogen from the list of alternative fuels in § 6426(d)(2) for fuel sold or used after December 31, 2022, and makes a conforming amendment

to § 6426(e)(2). Therefore, the alternative fuel credit is not available for liquefied hydrogen sold or used after December 31, 2022, and the alternative fuel mixture credit is not available for

mixtures of liquefied hydrogen and taxable fuel sold or used after December 31, 2022.

Bulletin No. 2022–40

265

October 3, 2022

SECTION 7. CLAIM PERIOD FOR

ALTERNATIVE FUEL MIXTURE

CREDIT CLAIMS FOR THE

FIRST AND SECOND CALENDAR

QUARTERS OF 2022

All alternative fuel mixture credit

claims for the first and second calendar

quarters of 2022 must be submitted during

the claim period described in this section

7. The claim period for claims for the alternative fuel mixture credit for the first and

second calendar quarters of 2022 begins

on October 13, 2022. Generally, claims

for the alternative fuel mixture credit must

be made within three years from the time

the return was filed or two years from the

time the excise tax under § 4081 was paid,

whichever is later.

The IRS will deem any alternative fuel

mixture claim for the first or second calendar quarter of 2022 that is submitted by

the method prescribed in section 6 of this

notice before October 13, 2022, as filed on

October 13, 2022.

SECTION 8. CLAIMS NOT

AFFECTED BY THIS NOTICE

This notice does not affect claims for

credit or payment under §§ 6426(d) and

6427(e) for the fourth calendar quarter

of 2022. In addition, this notice does not

affect claims for credit under § 6426(e)

for the third and fourth calendar quarters

of 2022.

This notice does not affect 2022 claims

for the nonrefundable income tax credit

under § 40(b)(6) for second generation

biofuel producers. Taxpayers should continue to submit these claims separately

on, and in accordance with, Form 6478,

Biofuel Producer Credit. A taxpayer must

submit Form 6478 with its income tax

return in accordance with the instructions

to its income tax return form.

Similarly, this notice does not affect

2022 claims for the refundable income

tax credit under § 34 for alternative

fuel. Taxpayers should continue to submit these claims separately on, and in

accordance with, Form 4136, Credit for

Federal Tax Paid on Fuels. A taxpayer

must submit Form 4136 with its income

tax return in accordance with the instructions to its income tax return form. Under

§ 34(b), credits are not allowed under

§ 34 for any amount properly payable

under § 6427 if a claim for such amount

is timely filed. For this purpose, the IRS

will treat as timely filed any claim submitted for amounts payable under § 6427

that conforms to the rules provided in

this notice.

SECTON 9. DRAFTING

INFORMATION

The principal author of this notice

is Camille Edwards Bennehoff of the

Office of the Associate Chief Counsel

(Passthroughs & Special Industries). For

further information regarding this notice

contact Ms. Edwards Bennehoff at (202)

317-6855 (not a toll-free number). For

further information regarding the income

tax treatment of the alternative fuel credits, please contact Dominic DiMattia of

the Office of the Associate Chief Counsel

(Income Tax & Accounting) at (202) 3174718 (not a toll-free number).

Update for Weighted

Average Interest Rates,

Yield Curves, and Segment

Rates

Notice 2022-40

This notice provides guidance on the

corporate bond monthly yield curve, the

corresponding spot segment rates used

under § 417(e)(3), and the 24-month

average segment rates under § 430(h)

(2) of the Internal Revenue Code. In

addition, this notice provides guidance as to the interest rate on 30-year

Treasury securities under § 417(e)(3)

(A)(ii)(II) as in effect for plan years

beginning before 2008 and the 30-year

Treasury weighted average rate under

§ 431(c)(6)(E)(ii)(I).

YIELD CURVE AND SEGMENT

RATES

Section 430 specifies the minimum

funding requirements that apply to single-employer plans (except for CSEC

plans under § 414(y)) pursuant to § 412.

Section 430(h)(2) specifies the interest rates that must be used to determine

a plan’s target normal cost and funding

target. Under this provision, present

value is generally determined using three

24-month average interest rates (“segment rates”), each of which applies to

cash flows during specified periods. To

the extent provided under § 430(h)(2)(C)

(iv), these segment rates are adjusted by

the applicable percentage of the 25-year

average segment rates for the period ending September 30 of the year preceding

the calendar year in which the plan year

begins.1 However, an election may be

made under § 430(h)(2)(D)(ii) to use the

monthly yield curve in place of the segment rates.

Notice 2007-81, 2007-44 I.R.B. 899,

provides guidelines for determining the

monthly corporate bond yield curve, and

the 24-month average corporate bond

segment rates used to compute the target

normal cost and the funding target. Consistent with the methodology specified in

Notice 2007-81, the monthly corporate

bond yield curve derived from August

2022 data is in Table 2022-8 at the end

of this notice. The spot first, second,

and third segment rates for the month of

August 2022 are, respectively, 3.79, 4.62,

and 4.69.

The 24-month average segment rates

determined under § 430(h)(2)(C)(i)

through (iii) must be adjusted pursuant

to § 430(h)(2)(C)(iv) to be within the

applicable minimum and maximum percentages of the corresponding 25-year

average segment rates. The 25-year average segment rates for plan years beginning in 2021 and 2022 were published

in Notice 2020-72, 2020-40 I.R.B. 789,

and Notice 2021-54, 2021-41 I.R.B. 457,

respectively. For plan years beginning in

2023, based on the segment rates applicable for October 1997 to September 2022,

Pursuant to § 433(h)(3)(A), the third segment rate determined under § 430(h)(2)(C) is used to determine the current liability of a CSEC plan (which is used to calculate the minimum amount

of the full funding limitation under § 433(c)(7)(C)).

October 3, 2022

266

Bulletin No. 2022–40

the 25-year averages for the period ending

September 30, 2022, of the first, second,

and third segment rates are 3.48, 5.26, and

6.04 percent, respectively.

Applicable Month

September 2022

24-MONTH AVERAGE CORPORATE

BOND SEGMENT RATES

The three 24-month average corporate

bond segment rates applicable for September 2022 without adjustment for the

25-year average segment rate limits are as

follows:

24-Month Average Segment Rates Without 25-Year Average Adjustment

First Segment

Second Segment

Third Segment

1.41

3.09

3.58

25-YEAR AVERAGE SEGMENT

RATES

Section 9706(a) of the American Rescue Plan Act of 2021, Pub. L. 117-2 (the

ARP), which was enacted on March 11,

2021, changed the 25-year average segment rates and the applicable minimum

and maximum percentages used under

§ 430(h)(2)(C)(iv) of the Code to adjust

the 24-month average segment rates.2

Prior to this change, the applicable minimum and maximum percentages were

85% and 115% for a plan year beginning

in 2021, and 80% and 120% for a plan

year beginning in 2022, respectively.

After this change, the applicable minimum and maximum percentages are 95%

and 105% for a plan year beginning in

2021 or 2022. In addition, pursuant to

this change, any 25-year average segment rate that is less than 5% is deemed

to be 5%.3

Pursuant to § 9706(c)(1) of the ARP,

these changes apply with respect to plan

years beginning on or after January 1,

2020. However, § 9706(c)(2) of the ARP

provides that a plan sponsor may elect not

to have these changes apply to any plan

year beginning before January 1, 2022.4

The adjusted 24-month average segment rates set forth in the chart below

reflect § 430(h)(2)(C)(iv) of the Code as

amended by § 9706(a) of the ARP. These

adjusted 24-month average segment rates

apply only for plan years for which an

election under § 9706(c)(2) of the ARP is

not in effect. For a plan year for which such

an election does not apply, the 24-month

averages applicable for September 2022,

adjusted to be within the applicable minimum and maximum percentages of the

corresponding 25-year average segment

rates in accordance with § 430(h)(2)(C)

(iv) of the Code, are as follows:

Adjusted 24-Month Average Segment Rates

For Plan Years

Beginning In

Applicable Month

First Segment

Second Segment

Third Segment

2021

September 2022

4.75

5.36

6.11

2022

September 2022

4.75

5.18

5.92

2023

September 2022

4.75

5.00

5.74

The adjusted 24-month average segment rates set forth in the chart below do

not reflect the changes to § 430(h)(2)(C)

(iv) of the Code made by § 9706(a) of the

ARP. These adjusted 24-month average

segment rates apply only for plan years for

which an election under § 9706(c)(2) of the

ARP is in effect. For a plan year for which

such an election applies, the 24-month

averages applicable for September 2022,

adjusted to be within the applicable minimum and maximum percentages of the

corresponding 25-year average segment

rates in accordance with § 430(h)(2)(C)

(iv) of the Code, are as follows:

Pre-ARP Adjusted 24-Month Average Segment Rates

For Plan Years

Beginning In

Applicable Month

First Segment

Second Segment

Third Segment

2021

September 2022

3.32

4.79

5.47

Section 80602 of the Infrastructure Investment and Jobs Act, Pub. L. 117-58, makes further changes to the time periods for which specified applicable minimum and maximum percentages

apply.

Pursuant to this change, the 25-year averages of the first segment rate for 2021 and 2022 are increased to 5.00% because those 25-year averages as originally published are below 5.00%.

This election may be made either for all purposes for which the amendments under § 9706 of the ARP apply or solely for purposes of determining the adjusted funding target attainment

percentage under § 436 of the Code for the plan year.

Bulletin No. 2022–40

267

October 3, 2022

30-YEAR TREASURY SECURITIES

INTEREST RATES

Section 431 specifies the minimum

funding requirements that apply to multiemployer plans pursuant to § 412. Section 431(c)(6)(B) specifies a minimum

amount for the full-funding limitation

described in § 431(c)(6)(A), based on the

plan’s current liability. Section 431(c)(6)

(E)(ii)(I) provides that the interest rate

used to calculate current liability for this

purpose must be no more than 5 percent

above and no more than 10 percent below

the weighted average of the rates of interest on 30-year Treasury securities during

the four-year period ending on the last

day before the beginning of the plan year.

Notice 88-73, 1988-2 C.B. 383, provides

guidelines for determining the weighted

average interest rate. The rate of interest

on 30-year Treasury securities for August

2022 is 3.13 percent. The Service determined this rate as the average of the daily

For Plan Years Beginning In

Treasury Weighted Average Rates

30-Year Treasury Weighted Average

Permissible Range 90% to 105%

September 2022

2.22

2.00 to 2.33

under § 417(e)(3)(D) are segment rates

computed without regard to a 24-month

average. Notice 2007-81 provides guidelines for determining the minimum

present value segment rates. Pursuant to

that notice, the minimum present value

segment rates determined for August 2022

are as follows:

MINIMUM PRESENT VALUE

SEGMENT RATES

In general, the applicable interest rates

Month

August 2022

Minimum Present Value Segment Rates

First Segment

Second Segment

3.79

4.62

DRAFTING INFORMATION

The principal author of this notice is

Tom Morgan of the Office of Associate

October 3, 2022

determinations of yield on the 30-year

Treasury bond maturing in May 2052

determined each day through August 10,

2022 and the yield on the 30-year Treasury

bond maturing in August 2052 determined

each day for the balance of the month. For

plan years beginning in September 2022,

the weighted average of the rates of interest on 30-year Treasury securities and the

permissible range of rates used to calculate current liability are as follows:

Chief Counsel (Employee Benefits,

Exempt Organizations, and Employment

Taxes). However, other personnel from

the IRS participated in the development

268

Third Segment

4.69

of this guidance. For further information

regarding this notice, contact Mr. Morgan

at 202-317-6700 or Osmundo Bernabe at

626-927-1344 (not toll-free number).

Bulletin No. 2022–40

Table 2022-8

Monthly Yield Curve for August 2022

Derived from August 2022 Data

Maturity

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

10.5

11.0

11.5

12.0

12.5

13.0

13.5

14.0

14.5

15.0

15.5

16.0

16.5

17.0

17.5

18.0

18.5

19.0

19.5

20.0

Yield

3.25

3.49

3.68

3.82

3.90

3.93

3.94

3.95

3.97

4.00

4.04

4.09

4.14

4.21

4.27

4.34

4.40

4.46

4.52

4.57

4.62

4.66

4.70

4.73

4.75

4.78

4.79

4.80

4.81

4.82

4.81

4.80

4.79

Maturity

20.5

21.0

21.5

22.0

22.5

23.0

23.5

24.0

24.5

25.0

25.5

26.0

26.5

27.0

27.5

28.0

28.5

29.0

29.5

30.0

30.5

31.0

31.5

32.0

32.5

33.0

33.5

34.0

34.5

35.0

35.5

36.0

36.5

37.0

37.5

38.0

38.5

39.0

39.5

40.0

Bulletin No. 2022–40

Yield

4.78

4.77

4.76

4.75

4.74

4.73

4.72

4.71

4.70

4.69

4.68

Maturity

40.5

41.0

41.5

42.0

42.5

43.0

43.5

44.0

44.5

45.0

45.5

46.0

46.5

47.0

47.5

48.0

48.5

49.0

49.5

50.0

50.5

51.0

51.5

52.0

52.5

53.0

53.5

54.0

54.5

55.0

55.5

56.0

56.5

57.0

57.5

58.0

58.5

59.0

59.5

60.0

Yield

4.68

4.67

4.66

4.65

269

Maturity

60.5

61.0

61.5

62.0

62.5

63.0

63.5

64.0

64.5

65.0

65.5

66.0

66.5

67.0

67.5

68.0

68.5

69.0

69.5

70.0

70.5

71.0

71.5

72.0

72.5

73.0

73.5

74.0

74.5

75.0

75.5

76.0

76.5

77.0

77.5

78.0

78.5

79.0

79.5

80.0

Yield

4.65

4.64

Maturity

80.5

81.0

81.5

82.0

82.5

83.0

83.5

84.0

84.5

85.0

85.5

86.0

86.5

87.0

87.5

88.0

88.5

89.0

89.5

90.0

90.5

91.0

91.5

92.0

92.5

93.0

93.5

94.0

94.5

95.0

95.5

96.0

96.5

97.0

97.5

98.0

98.5

99.0

99.5

100.0

Yield

4.64

4.63

October 3, 2022

26 CFR 601.601: Rules and regulations

(Also Part 1, §§ 6049; 1.6049-4, 1.6049-8)

Rev. Proc. 2022-35

SECTION 1. PURPOSE

This revenue procedure provides a list

of the jurisdictions with which the United

States has in effect a relevant information

exchange agreement such that the reporting requirement of §§ 1.6049-4(b)(5) and

1.6049-8(a) of the Income Tax Regulations may apply with respect to certain

deposit interest paid to residents of such

jurisdictions.

This revenue procedure also provides

a list of the jurisdictions with which the

Department of the Treasury (Treasury

Department) and the Internal Revenue

Service (IRS) have determined that it is

appropriate to have an automatic exchange

relationship with respect to the information collected under §§ 1.6049-4(b)(5)

and 1.6049-8(a).

These lists are updated and restated versions of those set forth in Rev. Proc. 202132, 2021-42 I.R.B. 465. Turkey has been

added in Section 4 of this revenue procedure to the list of jurisdictions with which

the Treasury Department and the IRS have

determined that it is appropriate to have an

automatic exchange relationship.

SECTION 2. BACKGROUND

Sections 1.6049-4(b)(5) and 1.60498(a), as revised by TD 9584, 2012-20

I.R.B. 900, require the reporting of certain

deposit interest paid to nonresident alien

individuals on or after January 1, 2013.

Section 1.6049-4(b)(5) provides that in

the case of interest aggregating $10 or

more paid to a nonresident alien individual (as defined in section 7701(b)(1)(B))

that is reportable under § 1.6049-8(a), the

payor is required to make an information

return on Form 1042-S, Foreign Person’s

U.S. Source Income Subject to Withholding, for the calendar year in which the

interest is paid.

Interest that is reportable under

§ 1.6049-8(a) is interest described in section 871(i)(2)(A) that relates to a deposit

maintained at an office within the United

States. The regulations also provide that

such deposit interest is reportable only

if paid to a resident of a jurisdiction that

is identified as a jurisdiction with which

the United States has in effect an income

tax or other convention or bilateral agreement relating to the exchange of tax information within the meaning of section

6103(k)(4), under which the competent

authority is the Secretary of the Treasury or the Secretary’s delegate and the

United States agrees to provide, as well

as receive, information. Finally, the regulations provide that jurisdictions are so

identified in an applicable revenue procedure (see § 601.601(d)(2)) as of December

31 before the calendar year in which the

interest is paid. The preamble to the regulations (at 2012-20 I.R.B. 901-02) notes

that the IRS will not exchange information

with another jurisdiction, even if an information exchange agreement is in effect, if

there are concerns about confidentiality,

Jurisdiction

SECTION 3. JURISDICTIONS OF

RESIDENCE WITH RESPECT TO

WHICH THE DEPOSIT INTEREST

REPORTING REQUIREMENT

APPLIES

The following are the jurisdictions

with which the United States has in effect

an income tax or other convention or bilateral agreement relating to the exchange

of tax information within the meaning of

section 6103(k)(4) pursuant to which the

United States agrees to provide, as well as

receive, information and under which the

competent authority is the Secretary of the

Treasury or the Secretary’s delegate:

Rev. Proc. First Identifying

Jurisdiction

2012-24

2018-36

2012-24

Antigua & Barbuda

Argentina

Aruba

Australia

Austria

Azerbaijan

Bangladesh

Barbados

Belgium

October 3, 2022

safeguarding of data exchanged, the use

of the information, or other factors that

would make the exchange of information

inappropriate.

Rev. Proc. 2012-24, 2012-20 I.R.B. 913,

was published contemporaneously with

the publication of TD 9584 to provide a

list of those jurisdictions with which the

United States has in effect an information

exchange agreement, such that interest paid

to residents of such jurisdictions must be

reported by payors to the extent required

under §§ 1.6049-4(b)(5) and 1.6049-8(a),

and to provide a separate list identifying

those jurisdictions with which the automatic exchange of the information collected under the regulations has been determined by the Treasury Department and the

IRS to be appropriate. Before issuance of

this Rev. Proc. 2022-35, the most current

versions of those lists were set forth in Rev.

Proc. 2021-32.

270

Bulletin No. 2022–40

Jurisdiction

Rev. Proc. First Identifying

Jurisdiction

2012-24

2014-64

2012-24

2014-64

2021-32

2012-24

2014-64

2012-24

2014-64

2012-24

2017-46

2012-24

2019-23

2012-24

2017-46

2012-24

2014-64

2012-24

Bermuda

Brazil

British Virgin Islands

Bulgaria

Canada

Cayman Islands

Chile

China

Colombia

Costa Rica

Croatia

Curaçao

Cyprus

Czech Republic

Denmark

Dominica

Dominican Republic

Egypt

Estonia

Faroe Islands

Finland

France

Georgia

Germany

Gibraltar

Greece

Greenland

Grenada

Guernsey

Guyana

Honduras

Hong Kong

Hungary

Iceland

India

Indonesia

Ireland

Isle of Man

Israel

Italy

Jamaica

Japan

Jersey

Bulletin No. 2022–40

271

October 3, 2022

Jurisdiction

Kazakhstan

Korea, Republic of

Latvia

Liechtenstein

Lithuania

Luxembourg

Malta

Marshall Islands

Mauritius

Mexico

Moldova

Monaco

Morocco

Netherlands

Netherlands special municipalities: Bonaire, Sint

Eustatius, and Saba

New Zealand

Norway

Pakistan

Panama

Peru

Philippines

Poland

Portugal

Romania

Russian Federation

Saint Lucia

Singapore

Sint Maarten

Slovak Republic

Slovenia

South Africa

Spain

Sri Lanka

Sweden

Switzerland

Thailand

Trinidad and Tobago

Tunisia

Turkey

Ukraine

United Kingdom

Venezuela

October 3, 2022

272

Rev. Proc. First Identifying

Jurisdiction

2012-24

2014-64

2012-64

2018-36

2012-24

2016-56

2020-15

2014-64

2012-24

Bulletin No. 2022–40

SECTION 4. JURISDICTIONS

WITH WHICH THE TREASURY

DEPARTMENT AND THE IRS HAVE

DETERMINED THAT AUTOMATIC

EXCHANGE OF DEPOSIT

Jurisdiction

Australia

Azerbaijan

Belgium

Brazil

Canada

Colombia

Croatia

Curaçao

Cyprus

Czech Republic

Denmark

Dominican Republic

Estonia

Finland

France

Germany

Gibraltar

Greece

Guernsey

Hungary

Iceland

India

Ireland

Isle of Man

Israel

Italy

Jamaica

Jersey

Korea, Republic of

Latvia

Liechtenstein

Lithuania

Luxembourg

Malta

Mauritius

Mexico

Netherlands

Bulletin No. 2022–40

INTEREST INFORMATION IS

APPROPRIATE

The following list identifies the

jurisdictions with which the automatic

exchange of the information collected

under §§ 1.6049-4(b)(5) and 1.6049-8 has

been determined by the Treasury Department and the IRS to be appropriate:

Rev. Proc. First Memorializing Determination on

Automatic Exchange with Jurisdiction

2014-64

2016-18

2017-31

2015-50

2012-24

2017-31

2017-46

2019-23

2015-50

2014-64

2021-32

2015-50

2014-64

2015-50

2018-36

2014-64

2015-50

2014-64

2016-56

2014-64

2016-18

2014-64

2016-56

2015-50

2014-64

273

October 3, 2022

Jurisdiction

New Zealand

Norway

Panama

Poland

Portugal

Saint Lucia

Singapore

Slovak Republic

Slovenia

South Africa

Spain

Sweden

Turkey

United Kingdom

SECTION 5. EFFECT ON OTHER

DOCUMENTS

Rev. Proc. 2021-32 is superseded.

SECTION 6. EFFECTIVE DATES

For purposes of the reporting requirement of § 1.6049-4(b)(5), the list of jurisdictions in Section 3 of this revenue procedure is effective for interest paid on or

after January 1 of the calendar year following the issuance of the revenue procedure (as cited in Section 3) first identifying the jurisdiction as having in effect

an agreement with the United States as

described in § 1.6049-8(a).

The list of jurisdictions in Section 4

of this revenue procedure is effective

from the date of issuance of this revenue procedure with respect to information reported to the IRS pursuant to

§§ 1.6049-4(b)(5) and 1.6049-8(a) for

any tax year for which the jurisdiction

was included in the list in Section 3.

The revenue procedure citations in the

Section 4 list are included for historical

reference.

SECTION 7. DRAFTING

INFORMATION

The principal author of this revenue

procedure is Michelle R. Phillips of the

October 3, 2022

Rev. Proc. First Memorializing Determination on

Automatic Exchange with Jurisdiction

2015-50

2014-64

2017-46

2015-50

2017-31

2016-56

2021-32

2016-18

2015-50

2014-64

2015-50

2022-35

2014-64

Office of Associate Chief Counsel (International). For further information regarding this revenue procedure, contact Ms.

Phillips at (202) 317-4382 (not a toll-free

number).

26 CFR 601.105: Examination of returns and claims

for refund, credit or abatement; determination of tax

liability (Also: 842(b))

Rev. Proc. 2022-36

SECTION 1. PURPOSE

This revenue procedure provides the

domestic asset/liability percentages and

domestic investment yields needed by

foreign life insurance companies and

foreign property and liability insurance

companies to compute their minimum

effectively connected net investment

income under section 842(b) of the

Internal Revenue Code for taxable years

beginning after December 31, 2020.

Instructions are provided for computing

foreign insurance companies’ liabilities

for the estimated tax and installment

payments of estimated tax for taxable

years beginning after December 31,

2020. For more specific guidance regarding the computation of the amount of net

investment income to be included by a

foreign insurance company on its U.S.

274

income tax return, see Notice 89-96,

1989-2 C.B. 417. For the domestic asset/

liability percentage and domestic investment yield, as well as instructions for

computing foreign insurance companies’

liabilities for estimated tax and installment payments of estimated tax for taxable years beginning after December 31,

2019, see Rev. Proc. 2021-41, 2020-39

I.R.B. 443.

SECTION 2. PERCENTAGES AND

YIELDS

.01 DOMESTIC ASSET/LIABILITY

PERCENTAGES FOR 2021. The Secretary determines the domestic asset/liability percentage separately for life insurance companies and property and liability

insurance companies. For the first taxable

year beginning after December 31, 2020,

the relevant domestic asset/liability percentages are:

125.8 percent for foreign life insurance

companies, and

209.0 percent for foreign property and

liability insurance companies.

.02 DOMESTIC INVESTMENT

YIELDS FOR 2021. The Secretary prescribes separate domestic investment

yields for foreign life insurance companies and for foreign property and liability

insurance companies. For the first taxable

year beginning after December 31, 2020,

Bulletin No. 2022–40

the relevant domestic investment yields

are:

3.2 percent for foreign life insurance

companies, and

2.5 percent for foreign property and

liability insurance companies.

.03 SOURCE OF DATA FOR 2021.

The section 842(b) percentages to be used

for the 2021 taxable year are based on tax

return data from the 2019 taxable year.

SECTION 3. ESTIMATED TAXES

To compute estimated tax and the

installment payments of estimated tax

due for taxable years beginning after

December 31, 2020, a foreign insurance

company must compute its estimated

tax payments by adding to its income

other than net investment income the

greater of (i) its net investment income

as determined under section 842(b)(5)

Bulletin No. 2022–40

that is actually effectively connected

with the conduct of a trade or business

within the United States for the relevant period, or (ii) the minimum effectively connected net investment income

under section 842(b) that would result

from using the most recently available

domestic asset/liability percentage and

domestic investment yield. Thus, for

installment payments due after the publication of this revenue procedure, the

domestic asset/liability percentages and

the domestic investment yields provided

in this revenue procedure must be used

to compute the minimum effectively

connected net investment income. However, if the due date of an installment is

less than 20 days after the date this revenue procedure is published in the Internal Revenue Bulletin, the asset/liability

percentages and domestic investment

yields provided in Rev. Proc. 2021-41

275

may be used to compute the minimum

effectively connected net investment

income for such installment. For further

guidance in computing estimated tax,

see Notice 89-96.

SECTION 4. EFFECTIVE DATE

This revenue procedure is effective for

taxable years beginning after December

31, 2020.

SECTION 5. DRAFTING

INFORMATION

The principal author of this revenue

procedure is Sheila Ramaswamy of the

Office of Associate Chief Counsel (International). For further information regarding this revenue procedure contact Sheila

Ramaswamy at (202) 317-6938 (not a

toll-free number).

October 3, 2022

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

effect:

Amplified describes a situation where

no change is being made in a prior published position, but the prior position is

being extended to apply to a variation of

the fact situation set forth therein. Thus,

if an earlier ruling held that a principle

applied to A, and the new ruling holds that

the same principle also applies to B, the

earlier ruling is amplified. (Compare with

modified, below).

Clarified is used in those instances

where the language in a prior ruling is

being 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.

Distinguished describes a situation

where a ruling mentions a previously published ruling and points out an essential

difference between them.

Modified is 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

with amplified and clarified, above).

Obsoleted describes a previously published ruling that is not considered determinative with respect to future transactions.

This term is most commonly used in a ruling

that lists previously published rulings 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.

Revoked describes situations where the

position in the previously published ruling

is not correct and the correct position is

being stated in a new ruling.

Superseded describes a situation where

the new ruling does nothing more than

restate the substance and situation of a

previously published ruling (or rulings).

Thus, the term is used to republish under

the 1986 Code and regulations the same

position published under the 1939 Code

and regulations. The term is also used

when it is desired to republish in a single

ruling a series of situations, names, etc.,

that were previously published over a

period of time in separate rulings. If the

new ruling does more than restate the substance of a prior ruling, a combination of

terms is used. For example, modified and

superseded describes 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

published ruling is first modified and then,

as modified, is superseded.

Supplemented is 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

ruling has been supplemented several

times, a new ruling may be published that

includes the list in the original ruling and

the additions, and supersedes all prior rulings in the series.

Suspended is 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 following abbreviations in current

use and formerly used will appear in

material published in the Bulletin.

A—Individual.

Acq.—Acquiescence.

B—Individual.

BE—Beneficiary.

BK—Bank.

B.T.A.—Board of Tax Appeals.

C—Individual.

C.B.—Cumulative Bulletin.

CFR—Code of Federal Regulations.

CI—City.

COOP—Cooperative.

Ct.D.—Court Decision.

CY—County.

D—Decedent.

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—Employer.

Bulletin No. 2022–40

ERISA—Employee Retirement Income Security Act.

EX—Executor.

F—Fiduciary.

FC—Foreign Country.

FICA—Federal Insurance Contributions Act.

FISC—Foreign International Sales Company.

FPH—Foreign Personal Holding Company.

F.R.—Federal Register.

FUTA—Federal Unemployment Tax Act.

FX—Foreign corporation.

G.C.M.—Chief Counsel’s Memorandum.

GE—Grantee.

GP—General Partner.

GR—Grantor.

IC—Insurance Company.

I.R.B.—Internal Revenue Bulletin.

LE—Lessee.

LP—Limited Partner.

LR—Lessor.

M—Minor.

Nonacq.—Nonacquiescence.

O—Organization.

P—Parent Corporation.

PHC—Personal Holding Company.

PO—Possession of the U.S.

PR—Partner.

PRS—Partnership.

PTE—Prohibited Transaction Exemption.

Pub. L.—Public Law.

REIT—Real Estate Investment Trust.

Rev. Proc.—Revenue Procedure.

Rev. Rul.—Revenue Ruling.

S—Subsidiary.

S.P.R.—Statement of Procedural Rules.

Stat.—Statutes at Large.

T—Target Corporation.

T.C.—Tax Court.

T.D.—Treasury Decision.

TFE—Transferee.

TFR—Transferor.

T.I.R.—Technical Information Release.

TP—Taxpayer.

TR—Trust.

TT—Trustee.

U.S.C.—United States Code.

X—Corporation.

Y—Corporation.

Z—Corporation.

October 3, 2022

Numerical Finding List1

Bulletin 2022–40

Announcements:

2022-14, 2022-31 I.R.B. 136

2022-15, 2022-31 I.R.B. 136

2022-16, 2022-33 I.R.B. 144

2022-17, 2022-35 I.R.B. 179

2022-18, 2022-36 I.R.B. 190

2022-19, 2022-36 I.R.B. 191

2022-20, 2022-38 I.R.B. 238

Notices:

2022-29, 2022-28 I.R.B. 66

2022-30, 2022-28 I.R.B. 70

2022-31, 2022-29 I.R.B. 85

2022-32, 2022-32 I.R.B. 137

2022-33, 2022-34 I.R.B. 147

2022-34, 2022-34 I.R.B. 150

2022-35, 2022-36 I.R.B. 184

2022-36, 2022-36 I.R.B. 188

2022-37, 2022-37 I.R.B. 234

2022-38, 2022-39 I.R.B. 239

2022-39, 2022-40 I.R.B. 264

2022-40, 2022-40 I.R.B. 266

Proposed Regulations:

REG-130975-08, 2022-28 I.R.B. 71

REG 130675-17, 2022-30 I.R.B. 104

REG-125693-19, 2022-39 I.R.B. 241

Revenue Procedures:

2022-25, 2022-27 I.R.B. 3

2022-28, 2022-27 I.R.B. 65

2022-26, 2022-29 I.R.B. 90

2022-32, 2022-30 I.R.B. 101

2022-30, 2022-31 I.R.B. 112

2022-29, 2022-33 I.R.B. 141

2022-34, 2022-33 I.R.B. 143

2022-35, 2022-40 I.R.B. 270

2022-36, 2022-40 I.R.B. 274

Revenue Rulings:

2022-12, 2022-27 I.R.B. 1

2022-13, 2022-30 I.R.B. 99

2022-14, 2022-31 I.R.B. 110

2022-15, 2022-35 I.R.B. 152

2022-17, 2022-36 I.R.B. 182

2022-18, 2022-40 I.R.B. 262

Treasury Decisions:

9963, 2022-34 I.R.B. 145

9964, 2022-35 I.R.B. 172

9965, 2022-37 I.R.B. 192

A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2021–27 through 2021–52 is in Internal Revenue Bulletin

2021–52, dated December 27, 2021.

October 3, 2022

Bulletin No. 2022–40

Finding List of Current Actions on

Previously Published Items1

Bulletin 2022–40

A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2021–27 through 2021–52 is in Internal Revenue Bulletin

2021–52, dated December 27, 2021.

Bulletin No. 2022–40

iii

October 3, 2022

Internal Revenue Service

Washington, DC 20224

Official Business

Penalty for Private Use, $300

INTERNAL REVENUE BULLETIN

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