# Bulletin No. 2022–18

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URL: https://www.frixlaw.com/law-library/documents/agency%3Airs%3A33ac3c171b562879

## Record

- **Collection:** Agency decision
- **Document type:** Agency decision

## Text

HIGHLIGHTS
OF THIS ISSUE




Bulletin No. 2022–18
May 2, 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
Notice 2022-16, page 1044.
This notice sets forth updates on the corporate bond
monthly yield curve, the corresponding spot segment
rates for April 2022 used under § 417(e)(3)(D), the
24-month average segment rates applicable for April
2022, and the 30-year Treasury rates, as reflected by
the application of § 430(h)(2)(C)(iv).

EXCISE TAX
Notice 2022-15, page 1043.
This notice provides relief for the third and fourth calendar quarters of 2022, and the first calendar quarter
of 2023, regarding the failure to deposit penalties imposed by section 6656 of the Internal Revenue Code
(Code) as those penalties relate to the excise taxes
imposed on certain chemicals under section 4661
of the Code and on certain imported substances under section 4671 of the Code (collectively, Superfund
chemical taxes). This notice also provides that during
the first, second, and third calendar quarters of 2023,
the Internal Revenue Service (IRS) will not withdraw a
taxpayer’s right to use the deposit safe harbor rules
of § 40.6302(c)-1(b)(2) of the Excise Tax Procedural
Regulations for failure to make required deposits of Superfund chemical taxes if certain requirements are met.

INCOME TAX
Notice 2022-17, page 1048.
This notice publishes the reference price under § 45K(d)
(2)(C) of the Internal Revenue Code for calendar year

Finding Lists begin on page ii.

2021. The reference price applies in determining the
amount of the enhanced oil recovery credit under § 43,
the marginal well production credit for qualified crude oil
production under § 45I, and the applicable percentage
under § 613A to be used in determining percentage
depletion in the case of oil and natural gas produced
from marginal properties.
Notice 2022-18, page 1048.
The notice provides the applicable reference price for
qualified natural gas production from qualified marginal
wells during taxable years beginning in calendar year
2021 for the purpose of determining the marginal well
production credit under §45I. The applicable reference
price for taxable years beginning in calendar year 2021
is $1.52 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 2021 is
$0.67 per 1,000 cubic feet.
Notice 2022-19, page 1050.
This notice announces the inflation adjustment factor
and phase-out amount for the enhanced oil recovery
credit for taxable years beginning in the 2022 calendar year. The format of the notice is identical to the
format of previously published notices on this issue.
The notice concludes that because the reference
price for the 2021 calendar year ($65.90) exceeds
$28 multiplied by the inflation adjustment factor for
the 2022 calendar year ($28 multiplied by 1.8607 =
$52.10) by $13.80, the enhanced oil recovery credit
for qualified costs paid or incurred in 2022 is phasedout completely.

Rev. Proc. 2022-23, page 1052.
This revenue procedure provides guidance allowing
a taxpayer to make late elections under §§ 168(j)(8)
and 168(l)(3)(D) of the Internal Revenue Code for the
taxpayer’s taxable year ending in 2018 or in 2019
for certain property placed in service by the taxpayer
after December 31, 2017. This revenue procedure
also provides guidance allowing a taxpayer to make
a late election under § 181(a)(1) of the Code for the
taxpayer’s taxable year ending in 2018 or in 2019

for certain film, television, or live theatrical productions commenced by the taxpayer after December
31, 2017.
Rev. Rul. 2022-9, page 1041.
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
May 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.

May 2, 2022 

Bulletin No. 2022–18

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. 2022-9
This revenue ruling provides various prescribed rates for federal income

Annual
AFR
110% AFR
120% AFR
130% AFR

1.85%
2.03%
2.22%
2.40%

AFR
110% AFR
120% AFR
130% AFR
150% AFR
175% AFR

2.51%
2.76%
3.01%
3.27%
3.77%
4.41%

AFR
110% AFR
120% AFR
130% AFR

2.66%
2.92%
3.20%
3.46%

Short-term adjusted AFR
Mid-term adjusted AFR
Long-term adjusted AFR

Bulletin No. 2022–18

tax purposes for May 2022 (the current
month). Table 1 contains the shortterm, 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 short-term, 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. 2022-9 TABLE 1
Applicable Federal Rates (AFR) for May 2022
Period for Compounding
Semiannual
Quarterly
Short-term
1.84%
1.84%
2.02%
2.01%
2.21%
2.20%
2.39%
2.38%
Mid-term
2.49%
2.48%
2.74%
2.73%
2.99%
2.98%
3.24%
3.23%
3.74%
3.72%
4.36%
4.34%
Long-term
2.64%
2.63%
2.90%
2.89%
3.17%
3.16%
3.43%
3.42%

Annual
1.40%
1.90%
2.01%

REV. RUL. 2022-9 TABLE 2
Adjusted AFR for May 2022
Period for Compounding
Semiannual
1.40%
1.89%
2.00%

1041

Quarterly
1.40%
1.89%
2.00%

Monthly
1.83%
2.01%
2.20%
2.38%
2.48%
2.72%
2.97%
3.22%
3.71%
4.32%
2.63%
2.88%
3.15%
3.41%

Monthly
1.40%
1.88%
1.99%

May 2, 2022

REV. RUL. 2022-9 TABLE 3
Rates Under Section 382 for May 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.)

2.01%
2.01%

REV. RUL. 2022-9 TABLE 4
Appropriate Percentages Under Section 42(b)(1) for May 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
7.60%
Appropriate percentage for the 30% present value low-income housing credit
3.26%

REV. RUL. 2022-9 TABLE 5
Rate Under Section 7520 for May 2022
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 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
May 2022. See Rev. Rul. 2022-9, page 1041.

Section 280G.—Golden
Parachute Payments
The applicable federal short-term, mid-term,
and long-term rates are set forth for the month of
May 2022. See Rev. Rul. 2022-9 page 1041.

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 May 2022. See Rev.
Rul. 2022-9, page 1041.

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
May 2022. See Rev. Rul. 2022-9, page 1041.

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 May 2022. See Rev. Rul.
2022-9, page 1041.

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
May 2022. See Rev. Rul. 2022-9, page 1041.

3.0%

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
May 2022. See Rev. Rul. 2022-9, page 1041.

Section 1288.—Treatment
of Original Issue Discount
on Tax-Exempt Obligations
The adjusted applicable federal short-term, midterm, and long-term rates are set forth for the month of
May 2022. See Rev. Rul. 2022-9, page 1041.

Section 7520.—Valuation
Tables
The applicable federal mid-term rates are set
forth for the month of May 2022. See Rev. Rul.
2022-9, page 1041.

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
May 2022. See Rev. Rul. 2022-9, page 1041.

May 2, 2022

1042

Bulletin No. 2022–18

Part III
Temporary Relief from
Penalty for Failure to
Deposit Superfund
Chemical Taxes
Notice 2022-15
SECTION 1. PURPOSE
This notice provides relief for the third
and fourth calendar quarters of 2022, and
the first calendar quarter of 2023, regarding the failure to deposit penalties imposed by section 6656 of the Internal Revenue Code (Code) as those penalties relate
to the excise taxes imposed on certain
chemicals under section 4661 of the Code
and on certain imported substances under
section 4671 of the Code (collectively, Superfund chemical taxes). This notice also
provides that during the first, second, and
third calendar quarters of 2023, the Internal Revenue Service (IRS) will not withdraw a taxpayer’s right to use the deposit
safe harbor rules of § 40.6302(c)-1(b)(2)
of the Excise Tax Procedural Regulations
for failure to make required deposits of
Superfund chemical taxes if certain requirements are met.
SECTION 2. BACKGROUND
(a) Superfund chemical taxes.
The Comprehensive Environmental
Response, Compensation, and Liability Act of 1980 (CERCLA), Public Law
96-510, 94 Stat. 2767 (1980), informally
referred to as “Superfund,” was enacted,
in part, to create a hazardous substance
cleanup program. Section 221 of CERCLA established the “Hazardous Substance
Response Trust Fund,” which was funded,
in part, by the Superfund chemical taxes.
The Superfund chemical taxes expired on
December 31, 1995.
Effective July 1, 2022, section 80201 of
the Infrastructure Investment and Jobs Act
(IIJA), Public Law 117-58, 135 Stat. 429
(November 15, 2021), reinstates the Superfund chemical taxes with certain modifications. Pursuant to section 80201(c)
(3) of the IIJA, Notice 2021-66, 2021-52

Bulletin No. 2022–18

I.R.B. 901, provided initial guidance related to the Superfund chemical taxes and requested comments on whether any issues
related to the reinstated Superfund chemical taxes require clarification or additional
guidance. To date, the Department of the
Treasury (Treasury Department) and the
IRS have received seven (7) public comments in response to Notice 2021-66. One
of these comments requested relief from
failure to deposit penalties, which is provided by this notice. The Treasury Department and the IRS continue to consider the
other comments. All comments can be accessed via the Federal Rulemaking Portal
at www.regulations.gov (type IRS-20210018 or Notice 2021-66 in the search field
on the regulations.gov homepage to find
the comments).
(b) Collection of Superfund chemical
taxes.
The Superfund chemical taxes are
codified in subtitle D, chapter 38 of the
Code (chapter 38), which pertains to environmental excise taxes. Chapter 38
taxes are reported on Form 6627, Environmental Taxes, which is required to be
attached to the tax return made on Form
720, Quarterly Federal Excise Tax Return
(Form 720 return). See §§ 40.0-1(a) and
40.6011(a)-1(a)(1) of the Excise Tax Procedural Regulations.
Section 6302 of the Code authorizes
the IRS to establish the mode and time
for collecting certain taxes, including
the taxes imposed by chapter 38. Section
40.6302(c)-1(a)(1) requires each person
that is required to file a Form 720 return
to make deposits of tax for each semimonthly period in which the tax liability
is incurred. A semimonthly period is the
first fifteen (15) days of a calendar month
or the portion of a calendar month following the 15th day of the month. See
§ 40.0-1(c) of the Excise Tax Procedural
Regulations.
The tax deposit for each semimonthly
period must not be less than ninety-five
percent (95%) of the amount of net tax
liability incurred during the semimonthly period unless a deposit safe harbor in
§ 40.6302(c)-1(b)(2)(ii) or (iii) applies
(deposit safe harbor). See § 40.6302(c)1(b)(1). Under the deposit safe harbor

1043

applicable to taxes imposed by chapter
38, any person that filed a Form 720 return for the second preceding calendar
quarter (look-back quarter) is considered
to have met the semimonthly deposit
requirement for the current quarter if:
(i) the deposit for each semimonthly period in the current calendar quarter is not
less than 1/6 of the net tax liability reported for the look-back quarter; (ii) each
deposit is made on time; (iii) the amount
of any underpayment is paid by the due
date of the Form 720 return; and (iv) the
person’s liability does not include any
tax that was not imposed during the lookback quarter. Section 40.6302(c)-1(b)(2)
(v) provides that if a person fails to make
deposits as required, the IRS may withdraw the person’s right to use the deposit
safe harbor.
Section 40.6302(c)-1(c)(1) provides
that, in general, the deposit of tax for any
semimonthly period must be made by the
14th day of the following semimonthly period unless such day is a Saturday,
Sunday, or legal holiday in the District of
Columbia, in which case the immediately preceding day which is not a Saturday,
Sunday, or legal holiday in the District of
Columbia is treated as the 14th day. Thus,
generally, the deposit of tax for the first
semimonthly period in a month is due by
the 29th day of that month and the deposit
of tax for the second semimonthly period
in a month is due fourteen (14) days after
the close of the second semimonthly period. (See § 40.6302(c)-2 for special deposit
rules for September.)
Section 6656 imposes a penalty in
the case of any failure by any person
to make timely deposits as required by
section 6302, including as required by
§§ 40.6302(c)-1 and 40.6302(c)-2. A taxpayer may avoid penalties under section
6656 for failure to make deposits of taxes if the taxpayer makes an affirmative
showing that such failure is due to reasonable cause and not due to willful neglect.
See section 6656(a).
(c) Deposit safe harbor not applicable
until first calendar quarter of 2023.
As the Superfund chemical taxes are
effective beginning July 1, 2022, the first
deposit, covering the first fifteen (15) days

May 2, 2022

of July 2022, is due by July 29, 2022.
As noted in section 2(b) of this notice,
§ 40.6302(c)-1(b)(2) provides a deposit
safe harbor for calculating the amount of
semimonthly deposits. Because the deposit safe harbor rules require a second
preceding calendar quarter (look-back
quarter) in which the same taxes are imposed to determine deposit amounts in the
current quarter, a person liable for any Superfund chemical taxes will be ineligible
to use the deposit safe harbor to calculate
semimonthly deposits of Superfund chemical taxes until the first calendar quarter
of 2023. See § 40.6302(c)-1(b)(2)(ii) and
(iii). For purposes of the deposit safe harbor, the third calendar quarter of 2022 is
the look-back quarter for the semimonthly
periods during the first calendar quarter of
2023.
The Treasury Department and the
IRS recognize the short time frame between the reinstatement of the Superfund chemical taxes and the due date of
the first deposit, the unavailability of the
§ 40.6302(c)-1(b)(2) deposit safe harbor
in 2022, the possible difficulties of computing the correct amount of tax during
the third calendar quarter of 2022 (which
is both the first calendar quarter the taxes are in effect and the look-back quarter
for the first calendar quarter of 2023),
and the number of new taxpayers owing
Superfund chemical taxes that have not
previously had to comply with the deposit requirements of section 6302. In consideration of these issues, the Treasury
Department and the IRS have determined
that it is in the interest of sound tax administration to provide relief regarding
the section 6656 penalty with respect to
deposits of Superfund chemical taxes for
the last two calendar quarters of 2022,
and the first calendar quarter of 2023,
as described in section 3 of this notice.
For the foregoing reasons, the Treasury
Department and the IRS have also determined that during the first, second,
and third calendar quarters of 2023, the
IRS will not withdraw the taxpayer’s
right to use the deposit safe harbor of
§ 40.6302(c)-1(b)(2) for failure to make
required deposits of Superfund chemical
taxes if certain requirements are met.

SECTION 3. RELIEF REGARDING
SECTION 6656 PENALTY
(a) Deemed satisfaction of reasonable
cause standard.
As noted in section 2(b) of this notice,
a taxpayer may avoid penalties under section 6656 for underpayment of deposits of
the Superfund chemical taxes if the taxpayer makes an affirmative showing that
such failure is due to reasonable cause
and not due to willful neglect (reasonable
cause standard). For semimonthly periods
in the third and fourth calendar quarters
of 2022 and the first calendar quarter of
2023, a taxpayer owing Superfund chemical taxes will be deemed to have satisfied the reasonable cause standard and no
penalty under section 6656 for failure to
deposit Superfund chemical taxes will be
imposed if (i) the taxpayer makes timely
deposits of applicable Superfund chemical taxes, even if the deposit amounts are
computed incorrectly, and (ii) the amount
of any underpayment of the applicable Superfund chemical taxes for each calendar
quarter is paid in full by the due date for
filing the Form 720 return for that quarter.
(b) Non-exercise of authority to withdraw use of deposit safe harbor.
During the first, second, and third calendar quarters of 2023, the IRS will not
exercise its authority under § 40.6302(c)1(b)(2)(v) to withdraw the taxpayer’s
right to use the deposit safe harbor of
§ 40.6302(c)-1(b)(2) due to a failure to
make deposits of Superfund chemical taxes as required, provided the taxpayer satisfies the requirements of section 3(a) of this
notice for the look-back quarter at issue.
SECTION 4. DRAFTING
INFORMATION
The principal authors of this notice are
Stephanie Bland, Amanda Dunlap, and
Natalie Payne of the Office of Associate
Chief Counsel (Passthroughs & Special
Industries). For questions regarding this
notice, contact Stephanie Bland or Amanda Dunlap at (202) 317-6855 (not a tollfree number).

Update for Weighted
Average Interest Rates,
Yield Curves, and Segment
Rates
Notice 2022-16
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 30year 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

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)).
1

May 2, 2022

1044

Bulletin No. 2022–18

yield curve derived from March 2022 data
is in Table 2022-3 at the end of this notice.
The spot first, second, and third segment
rates for the month of March 2022 are, respectively, 2.44, 3.71, and 3.94
The 24-month average segment rates
determined under § 430(h)(2)(C)(i)
through (iii) must be adjusted pursuant to

24-MONTH AVERAGE CORPORATE
BOND SEGMENT RATES
The three 24-month average corporate bond segment rates applicable for
April 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
0.87
2.67

Applicable Month
April 2022
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

For Plan Years
Beginning In

§ 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.

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

Third Segment
3.29

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 April
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
Applicable
First
Second
Month
Segment
Segment

Third
Segment

2021

April 2022

4.75

5.36

6.11

2022

April 2022

4.75

5.18

5.92

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

For Plan Years
Beginning In
2021

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 April

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
Applicable
First
Second
Month
Segment
Segment
April 2022

3.32

4.79

Third
Segment
5.47

2
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.
3
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%.
4
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. 2022–18

1045

May 2, 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 8873, 1988-2 C.B. 383, provides guidelines for determining the weighted average interest rate. The rate of interest on

30-year Treasury securities for March
2022 is 2.41 percent. The Service determined this rate as the average of the
daily determinations of yield on the 30year Treasury bond maturing in February 2052. For plan years beginning
in April 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:

For Plan Years
Beginning In

Treasury Weighted Average Rates
30-Year Treasury
Weighted Average

Permissible Range
90% to 105%

April 2022

2.09

1.88 to 2.20

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 March 2022
are as follows:

MINIMUM PRESENT VALUE
SEGMENT RATES
In general, the applicable interest rates

Month
March 2022

Minimum Present Value Segment Rates
First Segment
Second Segment
2.44
3.71

DRAFTING INFORMATION
The principal author of this notice is
Tom Morgan of the Office of the Associate

May 2, 2022

Chief Counsel (Employee Benefits, Exempt Organizations, and Employment
Taxes). However, other personnel from
the IRS participated in the development

1046

Third Segment
3.94

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 numbers).

Bulletin No. 2022–18

Table 2022-3
Monthly Yield Curve for March 2022
Derived from February 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
1.31
1.79
2.19
2.47
2.65
2.73
2.77
2.80
2.83
2.87
2.92
2.98
3.06
3.14
3.22
3.31
3.39
3.47
3.55
3.61
3.68
3.73
3.78
3.83
3.87
3.90
3.92
3.94
3.96
3.97
3.98
3.99
3.99
4.00
4.00
4.00
4.00
3.99
3.99
3.99

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. 2022–18

Yield
3.98
3.98
3.98
3.97
3.97
3.97
3.96
3.96
3.96
3.96
3.95
3.95
3.95
3.95
3.95
3.95
3.95
3.94
3.94
3.94
3.94
3.94
3.94
3.94
3.94
3.94
3.94
3.94
3.94
3.94
3.94
3.94
3.94
3.94
3.94
3.94
3.94
3.94
3.94
3.94

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
3.94
3.94
3.94
3.94
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93

1047

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
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.93
3.92
3.92
3.92
3.92

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
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92
3.92

May 2, 2022

2021 Section 45K(d)(2)(C)
Reference Price
Notice 2022-17
SECTION 1. PURPOSE
This notice publishes the reference
price under § 45K(d)(2)(C) of the Internal Revenue Code for calendar year 2021.
The credit period for the nonconventional
source production credit under § 45K ended on December 31, 2013, for facilities
producing coke or coke gas (other than
from petroleum based products). However, the reference price continues to apply
in determining the amount of the enhanced
oil recovery credit under § 43, the marginal well production credit for qualified
crude oil production under § 45I, and the
applicable percentage under § 613A to be
used in determining percentage depletion
in the case of oil and natural gas produced
from marginal properties.
SECTION 2. BACKGROUND
Section 45K(d)(2)(C) provides that the
term “reference price” means, with respect
to a calendar year, the Secretary’s estimate
of the annual average wellhead price per
barrel for all domestic crude oil the price
of which is not subject to regulation by the
United States.
Section 43(a) provides that, for purposes of § 38, the enhanced oil recovery
credit for any taxable year is an amount
equal to 15 percent of the taxpayer’s qualified enhanced oil recovery costs for such
taxable year.
Section 43(b)(1) provides that the
amount of enhanced oil recovery credit
for any taxable year shall be reduced by
an amount which bears the same ratio to
the amount of such credit (determined
without regard to this paragraph) as - (A)
the amount by which the reference price
for the calendar year preceding the calendar year in which the taxable year begins exceeds $28, bears to (B) $6. Section
43(b)(2) provides that the term “reference
price” means, with respect to any calendar
year, the reference price determined for
such calendar year under § 45K(d)(2)(C).

May 2, 2022

Section 45I(a) provides that, for purposes of § 38, the marginal well production credit for any taxable year is an
amount equal to the product of the credit
amount and the qualified crude oil production and the qualified natural gas production which is attributable to the taxpayer.
Section 45I(b)(1) provides that for
crude oil production, the amount of the
marginal well production credit is $3 per
barrel of qualified crude oil production.
Section 45I(b)(2) provides that the $3
amount under § 45I(b)(1) shall be reduced
(but not below zero) by an amount which
bears the same ratio to such amount (determined without regard to this paragraph)
as – (i) the excess (if any) of the applicable reference price over $15, bears to (ii)
$3. The applicable reference price for a
taxable year is the reference price of the
calendar year preceding the calendar year
in which the taxable year begins.
Section 45I(b)(2)(C) provides that for
qualified crude oil production the term
“reference price” means, with respect to
any calendar year, the reference price determined under § 45K(d)(2)(C).
Section 613A(c)(6)(A) provides, in
general, that the allowance for depletion
under § 611 shall be computed in accordance with § 613 with respect to - (i) so
much of the taxpayer’s average daily marginal production of domestic crude oil as
does not exceed the taxpayer’s depletable
oil quantity (determined without regard
to paragraph (3)(A)(ii)), and (ii) so much
of the taxpayer’s average daily marginal production of domestic natural gas as
does not exceed the taxpayer’s depletable
natural gas quantity (determined without
regard to paragraph (3)(A)(ii)), and the
applicable percentage shall be deemed to
be specified in subsection (b) of § 613 for
purposes of subsection (a) of that section.
Section 613A(c)(6)(C) provides that
the term “applicable percentage” means
the percentage (not greater than 25 percent) equal to the sum of - (i) 15 percent,
plus (ii) 1 percentage point for each whole
dollar by which $20 exceeds the reference price for crude oil for the calendar
year preceding the calendar year in which
the taxable year begins. For purposes of
this paragraph, the term “reference price”
means, with respect to any calendar year,
the reference price determined for such
calendar year under § 45K(d)(2)(C).

1048

SECTION 3. REFERENCE PRICE
The reference price under § 45K(d)(2)
(C) for calendar year 2021 is $65.90.
SECTION 4. DRAFTING
INFORMATION
The principal author of this notice
is Christopher F. Price of the Office of
Associate Chief Counsel (Passthroughs &
Special Industries). For further information regarding this notice, contact Mr. Price
on (202) 317-6853 (not a toll-free number).

Reference Price for Section
45I Credit for Production of
Natural Gas from Marginal
Wells During Taxable Years
Beginning in Calendar Year
2021
Notice 2022-18
SECTION 1. PURPOSE
This notice provides the applicable
reference price for qualified natural gas
production from qualified marginal wells
during taxable years beginning in calendar
year 2021 for the purpose of determining
the marginal well production credit (MWC)
under §45I of the Internal Revenue Code.
The applicable reference price for taxable
years beginning in calendar year 2021 is
$1.52 per 1,000 cubic feet (Mcf).
This notice also provides the credit
amount used for the purpose of determining the MWC for taxable years beginning
in calendar year 2021. The credit amount
is determined using the 2021 inflation adjustment factor of 1.3402 and the applicable reference price of $1.52 per Mcf. The
credit amount for taxable years beginning
in calendar year 2021 is $0.67 per Mcf.
SECTION 2. BACKGROUND
Section 45I(a), as it relates to qualified natural gas production, provides that,
for purposes of § 38, the MWC for any
taxable year is an amount equal to the
product of (1) the credit amount and (2)

Bulletin No. 2022–18

the qualified natural gas production that is
attributable to the taxpayer.
Section 45I(c)(1) provides that “qualified natural gas production” means domestic natural gas produced from a qualified marginal well. Section 45I(c)(3)(A)
provides that a qualified marginal well is
a domestic well (i) the production from
which during the taxable year is treated as
marginal production under § 613A(c)(6),
or (ii) which, during the taxable year (I)
has average production of not more than
25 barrel-of-oil equivalents per day, and
(II) produces water at a rate not less than
95 percent of total well effluent.
Section 613A(c)(6)(D) and (E) provide
that “marginal production” means domestic natural gas produced during any taxable year from a property which is a stripper well property for the calendar year in
which the taxable year begins. A “stripper
well property” is, with respect to any calendar year, any property producing not
more than 15 barrel equivalents per day,
determined by dividing the average daily
production of domestic crude oil and domestic natural gas from producing wells
on the property for such calendar year by
the number of such wells.
Section 45I(c)(2)(A) provides that
generally only the first 1,095 barrels or
barrel-of-oil equivalents (as defined in
§ 45K(d)(5)) produced during the taxable
year qualify for the MWC. This limitation
is proportionately reduced in the case of a
short taxable year or in the case of a well
that is not capable of production each day
of a taxable year. See § 45I(c)(2)(B). The
number of wells on which a taxpayer may
claim the MWC is not limited.
Section 45I(d)(2) provides that to
claim the credit a taxpayer must hold an
operating interest in the qualified marginal well producing the natural gas to which
the credit relates. Under § 45I(d)(1) if a
well is owned by more than one owner
and the natural gas production exceeds the
limitation under § 45I(c)(2), the qualifying natural gas production attributable to
the taxpayer is determined on the basis of
the ratio which taxpayer’s revenue interest
in the production bears to the aggregate of
the revenue interests of all operating interest owners in the production. Finally,
§ 45I(d)(3) provides that the MWC is not
1

allowable if the taxpayer is also eligible to
claim the § 45K nonconventional sources
credit for the taxable year, unless the taxpayer elects not to claim the credit under
§ 45K for the well.
For purposes of § 45I(a)(1), the credit
amount is 50 cents (adjusted for inflation)
per Mcf of qualified natural gas production (tentative credit amount). See § 45I(b)
(1)(B) and (b)(2)(B).
Section 45I(b)(2)(A) and (B) provide
that the tentative credit amount (adjusted
for inflation) is reduced (but not below
zero) to the extent that the applicable
reference price exceeds $1.67 (adjusted
for inflation). More specifically, § 45I(b)
(2)(A) provides that the tentative credit
amount (adjusted for inflation) is reduced
by an amount which bears the same ratio
to the tentative credit amount (adjusted
for inflation) as the excess (if any) of the
applicable reference price over $1.67 (adjusted for inflation), bears to $0.33 (adjusted for inflation). As a result, the MWC
is not available if the applicable reference
price for qualified natural gas production
is $2.00 (adjusted for inflation) or more.
Section 45I(b)(2)(A) also provides that
the applicable reference price for a taxable
year is the reference price for the calendar
year preceding the calendar year in which
the taxable year begins. Section 45I(b)(2)
(C)(ii) provides that the term “reference
price” means, with respect to any calendar
year, in the case of qualified natural gas
production, the Secretary’s estimate of the
annual average wellhead price per Mcf for
all domestic natural gas.
Section 45I(b)(2)(B) provides that in
the case of any taxable year beginning in a
calendar year after 2005, each of the dollar amounts contained in § 45I(b)(2)(A)
will be increased to an amount equal to
such dollar amount multiplied by the inflation adjustment factor for such calendar
year (determined under § 43(b)(3)(B) by
substituting “2004” for “1990”).

.2 Reference Price. The Secretary’s
estimate of the calendar year 2020 annual average wellhead price per Mcf for
all domestic natural gas under § 45I(b)
(2)(C)(ii) was calculated by applying
the Producer Price Index commodity index for “Natural Gas from the Wellhead”
(WPU053101051)1 published by the Bureau of Labor Statistics (BLS) as part of its
Producer Price Index program, to the 2019
annual average wellhead price ($1.94)
published in Notice 2021-34, 2021-23
I.R.B. 1194. The annual Producer Price
Index commodity index for natural gas
published by the BLS was 60.4 in 2019
and 47.4 in 2020, which implies a ratio of
2020 to 2019 average wellhead prices of
0.785 (47.4 / 60.4). Therefore, the Secretary’s estimate of the calendar year 2020
annual average wellhead price per Mcf for
all domestic natural gas is $1.52 per Mcf
(0.785 x $1.94 per Mcf).
For years after 2020, the Secretary intends to continue calculating the reference
price by application of the Producer Price
Index commodity index for “Natural Gas
from the Wellhead” (WPU053101051)
published by the BLS to the previous
year’s reference price.

SECTION 3. INFLATION
ADJUSTMENT FACTOR AND
REFERENCE PRICE

SECTION 5. EFFECTIVE DATE

.1 Inflation Adjustment. The inflation
adjustment factor under § 45I(b)(2)(B) for
calendar year 2021 is 1.3402.

SECTION 4. CALCULATION OF
CREDIT AMOUNT
Under § 45I(b)(1)(B) and (2)(B), the
tentative credit amount used to calculate the MWC for taxable years beginning in calendar year 2021 is 67 cents
per Mcf ($0.50 x 1.3402 inflation adjustment factor). Because the applicable
reference price ($1.52) does not exceed
$2.24 ($1.67 x 1.3402 inflation adjustment factor), there is no reduction in the
tentative credit amount under § 45I(b)(2)
(A). Therefore, the credit amount used
to calculate the MWC for taxable years
beginning in calendar year 2021 is $0.67
per Mcf.

This notice is effective for qualified
natural gas production during taxable
years beginning in calendar year 2021.

https://data.bls.gov/cgi-bin/srgate. The BLS publishes indexes and not actual or average prices.

Bulletin No. 2022–18

1049

May 2, 2022

SECTION 6. DRAFTING AND
CONTACT INFORMATION
The principal author of this notice is
Charles Hyde of the Office of Associate
Chief Counsel (Passthroughs & Special
Industries). For further information regarding this notice contact Mr. Hyde at
(202) 317-6853 (not a toll-free number).

2022 Section 43 Inflation
Adjustment
Notice 2022-19
Section 43(a) provides that for purposes of section 38, the enhanced oil recovery
credit for any taxable year is an amount

equal to 15 percent of the taxpayer’s qualified enhanced oil recovery costs for such
taxable year.
Section 43(b)(1) provides that the
amount of the credit determined under
subsection (a) for any taxable year shall
be reduced by an amount which bears the
same ratio to the amount of such credit (determined without regard to this paragraph)
as — (A) the amount by which the reference price for the calendar year preceding
the calendar year in which the taxable years
begins exceeds $28, bears to (B) $6.
Section 43(b)(3)(B) of the Internal
Revenue Code requires the Secretary to
publish an inflation adjustment factor. The
enhanced oil recovery credit under § 43 for
any taxable year is reduced if the “reference
price,” determined under § 45K(d)(2)(C),
for the calendar year preceding the calendar year in which the taxable year begins

is greater than $28 multiplied by the inflation adjustment factor for the current
calendar year.
The term “inflation adjustment factor”
means, with respect to any calendar year, a
fraction the numerator of which is the GNP
implicit price deflator for the preceding calendar year and the denominator of which
is the GNP implicit price deflator for 1990.
Because the reference price for the 2021
calendar year ($65.90) exceeds $28 multiplied by the inflation adjustment factor for
the 2022 calendar year ($28 multiplied by
1.8607 = $52.10) by $13.80, the enhanced
oil recovery credit for qualified costs paid or
incurred in 2022 is phased out completely.
Table 1 contains the GNP implicit price
deflator used for the 2022 calendar year,
as well as the previously published GNP
implicit price deflators used for the 1991
through 2021 calendar years.

Notice 2022-19 TABLE 1
GNP IMPLICIT PRICE DEFLATORS
Calendar Year
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021

May 2, 2022

GNP Implicit Price Deflator
112.9 (used for 1991)
117.0 (used for 1992)
120.9 (used for 1993)
124.1 (used for 1994)
126.0 (used for 1995)*
107.5 (used for 1996)
109.7 (used for 1997)**
112.35 (used for 1998)
112.64 (used for 1999)***
104.59 (used for 2000)
106.89 (used for 2001)
109.31 (used for 2002)
110.63 (used for 2003)
105.67 (used for 2004)****
108.23 (used for 2005)
112.129 (used for 2006)
116.036 (used for 2007)
119.656 (used for 2008)
122.407 (used for 2009)
109.764 (used for 2010)*****
110.654 (used for 2011)
113.347 (used for 2012)******
115.387 (used for 2013)
106.710 (used for 2014)*******
108.407 (used for 2015)********
109.868 (used for 2016)
111.528 (used for 2017)
113.500 (used for 2018)
110.308 (used for 2019)*********
112.257 (used for 2020)
113.586 (used for 2021)
118.349 (used for 2022)**********

1050

Bulletin No. 2022–18

* Beginning in 1995, the GNP implicit price deflator was rebased relative to 1992. The 1990 GNP implicit price deflator used to
compute the 1996 § 43 inflation adjustment factor is 93.6.
** Beginning in 1997, two digits follow the decimal point in the GNP implicit price deflator. The 1990 GNP price deflator used to
compute the 1998 § 43 inflation adjustment factor is 93.63.
*** Beginning in 1999, the GNP implicit price deflator was rebased relative to 1996. The 1990 GNP implicit price deflator used to
compute the 2000 § 43 inflation adjustment factor is 86.53.
**** Beginning in 2003, the GNP implicit price deflator was rebased, and the 1990 GNP implicit price deflator used to compute the
2004 § 43 inflation adjustment factor is 81.589.
***** Beginning in 2009, the GNP implicit price deflator was rebased, and the 1990 GNP implicit price deflator used to compute the
2010 § 43 inflation adjustment factor is 72.199.
****** Beginning in 2011, the 1990 GNP implicit price deflator used to compute the 2012 § 43 inflation adjustment factor is 72.260.
******* Beginning in 2013, the GNP implicit price deflator was rebased, and the 1990 GNP implicit price deflator used to compute
the 2014 § 43 inflation adjustment factor is 66.803.
******** Beginning in 2014, the 1990 GNP implicit price deflator used to compute the 2015 § 43 inflation adjustment factor is
66.732.
********* Beginning in 2018, the 1990 GNP implicit price deflator used to compute the 2019 § 43 inflation adjustment factor is
63.637.
********** Beginning in 2021, the 1990 GNP implicit price deflator used to compute the 2022 § 43 inflation adjustment factor is
63.604.
Table 2 contains the inflation adjustment factor and the phase-out amount for taxable years beginning in the 2022 calendar year as
well as the previously published inflation adjustment factors and phase-out amounts for taxable years beginning in the 1991 through
2021 calendar years.
Notice 2022-19 TABLE 2
INFLATION ADJUSTMENT FACTORS AND
PHASE-OUT AMOUNTS
Calendar
Year
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015

Bulletin No. 2022–18

Inflation
Factor
1.0000
1.0363
1.0708
1.0992
1.1160
1.1485
1.1720
1.1999
1.2030
1.2087
1.2353
1.2633
1.2785
1.2952
1.3266
1.3743
1.4222
1.4666
1.5003
1.5203
1.5326
1.5686
1.5968
1.5974
1.6245

1051

Adjustment Phase-out
Amount
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
100 percent
100 percent
100 percent
100 percent
100 percent
100 percent
100 percent
100 percent
100 percent
100 percent

May 2, 2022

2016
2017
2018
2019
2020
2021
2022
DRAFTING INFORMATION
The principal author of this notice is
John M. Deininger of the Office of Associate Chief Counsel (Passthroughs and
Special Industries). For further information regarding this notice, contact Mr.
Deininger at (202) 317-6853 (not a tollfree number).
26 CFR 1.181-2: Election to deduct production
costs.
(Also Part I, §§ 168, 181, 446; 1.181, 1.446-1)

Rev. Proc. 2022-23
SECTION 1. PURPOSE
This revenue procedure provides guidance allowing a taxpayer to make late elections under §§ 168(j)(8) and 168(l)(3)(D)
of the Internal Revenue Code (Code) for
the taxpayer’s taxable year ending in 2018
or in 2019 for certain property placed in
service by the taxpayer after December
31, 2017. This revenue procedure also
provides guidance allowing a taxpayer to
make a late election under § 181(a)(1) of
the Code for the taxpayer’s taxable year
ending in 2018 or in 2019 for certain film,
television, or live theatrical productions
commenced by the taxpayer after December 31, 2017.
SECTION 2. BACKGROUND
.01 Amendments to §§ 168(j), 168(l),
and 181.
(1) Section 168(j). Section 168(j)(1)
provides that for purposes of § 168(a), the
applicable recovery period for qualified
Indian reservation property, as defined in
§ 168(j)(4), is determined in accordance
with the table contained in § 168(j)(2), instead of the table contained in § 168(c). Prior to amendment by § 116 of the Taxpayer
Certainty and Disaster Tax Relief Act of

May 2, 2022

1.6464
1.6713
1.7008
1.7334
1.7640
1.7849
1.8607

0
0
1.069 percent
100 percent
100 percent
0
100 percent

2019 (2019 Act), enacted as Division Q of
the Further Consolidated Appropriations
Act, 2020, Pub. L. No. 116-94, 133 Stat.
2534, 3229 (December 20, 2019), § 168(j)
(9) provided that § 168(j) did not apply to
property placed in service after December 31, 2017. Section 116(a) of the 2019
Act amended § 168(j)(9) to provide that
§ 168(j) does not apply to property placed
in service after December 31, 2020, which
made § 168(j) applicable to property placed
in service after December 31, 2017, and on
or before December 31, 2020. Subsequent
legislation further amended § 168(j)(9)
to provide that § 168(j) does not apply to
property placed in service after December
31, 2021, which made § 168(j) applicable
to property placed in service after December 31, 2020, and on or before December
31, 2021. See § 138 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020
(2020 Act), enacted as Division EE of the
Consolidated Appropriations Act, 2021,
Pub. L. No. 116-260, 134 Stat. 1182, 3054
(December 27, 2020).
(2) Section 168(l). Section 168(l)(1)
allows a 50-percent additional first year
depreciation deduction (also sometimes
referred to as a “special depreciation allowance”) for qualified second generation biofuel plant property, as defined in
§ 168(l)(2) and (3), for the taxable year
in which the qualified second generation
biofuel plant property is placed in service
by the taxpayer. Prior to amendment by
§ 130 of the 2019 Act, § 168(l)(2)(D) defined qualified second generation biofuel
plant property, in part, as property placed
in service by the taxpayer before January 1, 2018. Section 130(a) of the 2019
Act amended § 168(l)(2)(D) by inserting
“January 1, 2021” in place of “January 1,
2018,” which made § 168(l)(1) applicable
to property placed in service after December 31, 2017, and before January 1, 2021.
(3) Section 181. Section 181(a)(1) allows a taxpayer to elect to treat the cost
of any qualified film, television, or live

1052

theatrical production, subject to the dollar
limitations in § 181(a)(2), as an expense
that is not chargeable to capital account
(§ 181 election). Prior to amendment by
§ 117 of the 2019 Act, § 181(g) provided
that § 181 did not apply to qualified film,
television, or live theatrical productions
commencing after December 31, 2017.
Section 117(a) of the 2019 Act amended
§ 181(g) to provide that § 181 does not
apply to qualified film, television, or live
theatrical productions commencing after
December 31, 2020, which made § 181
applicable to qualified film, television,
or live theatrical productions commencing after December 31, 2017, and on or
before December 31, 2020. Subsequent
legislation further amended § 181(g) to
provide that § 181 does not apply to qualified film, television, or live theatrical
productions commencing after December
31, 2025, which made § 181 applicable to
qualified film, television, or live theatrical
productions commencing after December
31, 2020, and on or before December 31,
2025. See § 116 of the 2020 Act.
(4) In sum, the 2019 Act retroactively
extended the application of §§ 168(j) and
168(l) to certain property placed in service
by the taxpayer after December 31, 2017,
and before January 1, 2021, and § 181 to
a qualified film, television, or live theatrical production commencing after December 31, 2017, and before January 1, 2021.
Unless otherwise provided, all references
hereinafter in this revenue procedure to
§§ 168(j), 168(l), and 181 are references
to §§ 168(j), 168(l), and 181 as in effect
on the day before the enactment date of
the 2020 Act.
.02 Elections.
(1) Section 168(j)(8) election. Section 168(j)(8) allows a taxpayer to make
an election not to apply § 168(j) for all
property that is in the same class of property and placed in service by the taxpayer
in the same taxable year (§ 168(j)(8) election). For purposes of § 168(j), the term

Bulletin No. 2022–18

“class of property” means each class of
property described in the table contained
in § 168(j)(2) (for example, 3-year property). As set forth in Rev. Proc. 2017-33,
2017-19 I.R.B. 1236, the § 168(j)(8) election generally must be made by the due
date, including extensions, of the Federal
tax return for the taxable year in which the
taxpayer places in service the qualified Indian reservation property. Rev. Proc. 201733 further provides that the § 168(j)(8)
election generally must be made in the
manner prescribed in the instructions for
Form 4562, Depreciation and Amortization. The instructions for Form 4562 for
the 2018 taxable year and the 2019 taxable year provide that the § 168(j)(8) election is made by attaching a statement to
the taxpayer’s timely filed tax return, including extensions, indicating the class of
property for which the taxpayer is making
the § 168(j)(8) election and, for such class,
that the taxpayer is electing not to apply
§ 168(j).
(2) Section 168(l)(3)(D) election. Section 168(l)(3)(D) allows a taxpayer to
elect not to apply § 168(l) for all property
that is in the same class of property and
placed in service in the same taxable year
(§ 168(l)(3)(D) election). The procedures
for making the § 168(l)(3)(D) election
are provided in the instructions for Form
4562. The instructions for Form 4562 for
the 2018 taxable year and the 2019 taxable
year provide that any election not to deduct the additional first year depreciation
for any class of property, which includes
the § 168(l)(3)(D) election, is made by attaching a statement to the taxpayer’s timely filed tax return, including extensions,
indicating the class of property for which
the taxpayer is making the § 168(l)(3)(D)
election and, for such class, that the taxpayer is not claiming the additional first
year depreciation.
(3) Section 181 election. Section 181(c)(1)
provides that the § 181 election for any
qualified film, television, or live theatrical
production is made in such manner as prescribed by the Secretary of the Treasury or
her delegate and by the due date, including extensions, for filing the taxpayer’s
return of tax under chapter 1 of the Code
for the taxable year in which costs of the
production are first incurred.
(a) Last updated in 2012, the rules and
procedures concerning a § 181 election for

Bulletin No. 2022–18

qualified film and television productions
are set forth in § 1.181-0 through § 1.1816 (§ 181 regulations). Congress added
“qualified live theatrical production” to
§ 181 of the Code in 2015. As of the date
of issuance of this revenue procedure, the
§ 181 regulations have not been updated
to incorporate rules and procedures for
qualified live theatrical productions.
(b) Section 1.181-2(a) provides that an
owner, as defined in § 1.181-1(a)(2), generally makes the § 181 election to deduct
production costs, as defined in § 1.1811(a)(3), of a production only if that owner has not deducted in a previous taxable
year any production costs for that production under any provision of the Code other
than § 181. Pursuant to § 1.181-2(b)(1),
the § 181 election generally must be made
by the due date, including any extension,
for filing the owner’s Federal income tax
return for the first taxable year in which
(i) any aggregate production costs, as defined in § 1.181-1(a)(4), have been paid or
incurred, and (ii) the owner reasonably expects, based on all of the facts and circumstances, that the production will be set for
production and will, upon completion, be a
qualified production. Pursuant to § 1.1812(c)(1), an owner must make the § 181
election separately for each production.
Further, for each production to which the
§ 181 election applies, § 1.181-2(c)(2)(i)
provides that the owner must attach a
statement to the owner’s Federal income
tax return for the taxable year of the § 181
election stating that the owner is making
the § 181 election and providing the information specified in § 1.181-2(c)(2)(i)(A)
through (H). If the owner pays or incurs
additional production costs in any taxable
year subsequent to the taxable year for
which production costs are first deducted
under § 181, § 1.181-2(c)(2)(ii) provides
that the owner must attach a statement to the
owner’s Federal income tax return for that
subsequent taxable year providing the information specified in § 1.181-2(c)(2)(ii)(A)
through (H).
.03 Method of accounting.
(1) Section 446(e) of the Code and
§ 1.446-1(e)(2) of the Income Tax Regulations require a taxpayer to secure the consent of the Commissioner of Internal Revenue (Commissioner) before changing a
method of accounting for Federal income
tax purposes. Section 1.446-1(e)(3)(ii)

1053

authorizes the Commissioner to prescribe
administrative procedures setting forth the
limitations, terms, and conditions necessary to permit a taxpayer to obtain consent
to change a method of accounting.
(2) Section 1.446-1(e)(2)(ii)(d)(3)(iii)
provides that the making of a late depreciation election or the revocation of a timely
valid depreciation election is not a change
in method of accounting, except as otherwise expressly provided by the Code,
the regulations under the Code, or other
guidance published in the Internal Revenue Bulletin. Section 1.446-1(e)(2)(ii)(d)
(5)(iii) provides that except as otherwise
expressly provided by the Code, the regulations under the Code, or other guidance
published in the Internal Revenue Bulletin, no § 481 adjustment is required or
permitted for a change from one permissible method of computing depreciation to
another permissible method of computing
depreciation.
(3) Because of the retroactive extension of the application of §§ 168(j),
168(l), and 181, guidance is needed for
taxpayers that want to make late elections under §§ 168(j)(8), 168(l)(3)(D),
and 181(a)(1). The Department of the
Treasury (Treasury Department) and the
Internal Revenue Service (IRS) have determined it appropriate to treat the making of late elections under §§ 168(j)(8),
168(l)(3)(D), and 181(a)(1) for certain
property and certain film, television, or
live theatrical productions as a change
in method of accounting with a § 481(a)
adjustment for a limited period of time.
Accordingly, this revenue procedure permits taxpayers to make these late elections by filing an amended return or an
administrative adjustment request under
§ 6227 of the Code (AAR), as applicable,
or a Form 3115, Application for Change
in Accounting Method. See sections 4
and 6 of this revenue procedure for the
procedures to make these late elections.
SECTION 3. SCOPE
.01 This revenue procedure applies to a
taxpayer that:
(1) Placed in service (a) qualified Indian reservation property after December
31, 2017, during the taxpayer’s taxable
year ending in 2018 (2018 taxable year)
or in 2019 (2019 taxable year), or (b)

May 2, 2022

qualified second generation biofuel plant
property after December 31, 2017, during
the taxpayer’s 2018 taxable year or 2019
taxable year;
(2) Timely filed the taxpayer’s Federal income tax return or Form 1065, U.S.
Return of Partnership, for the placed-inservice year of such property; and
(3) Wants to make a (a) late § 168(j)(8)
election to not apply § 168(j) for the
placed-in-service year for one or more
classes of qualified Indian reservation
property, or (b) late § 168(l)(3)(D) election not to apply § 168(l) for the placedin-service year for one or more classes of
qualified second generation biofuel plant
property.
.02 This revenue procedure also applies to a taxpayer that:
(1) Is the owner, as defined in § 1.1811(a)(2), of a qualified film, television, or
live theatrical production commencing after December 31, 2017;
(2) Wants to make a late § 181 election
for the production costs of such qualified
film, television, or live theatrical production for the taxpayer’s 2018 taxable year
or 2019 taxable year, as applicable; and
(3) Timely filed the taxpayer’s Federal income tax return or Form 1065 for the
taxpayer’s 2018 taxable year or 2019 taxable year, as applicable.
SECTION 4. AUTOMATIC
EXTENSION OF TIME TO FILE
ELECTIONS UNDER SECTIONS
168(j)(8), 168(l)(3)(D), and 181(a)(1)
.01 Time and manner of making a late
§ 168(j)(8) election or late § 168(l)(3)(D)
election. A taxpayer within the scope of
section 3.01 of this revenue procedure may
make a late § 168(j)(8) election or late
§ 168(l)(3)(D) election by filing either:
(1) An amended Federal income tax
return or amended Form 1065 for the
placed-in-service year of the property on
or before December 31, 2022, but in no
event later than the applicable period of
limitations on assessment for the taxable
year for which the amended return is being filed. A partnership subject to the centralized partnership audit regime enacted
as part of the Bipartisan Budget Act of
2015 (BBA partnership) may file an AAR
for the placed-in-service year of the property on or before December 31, 2022, but

May 2, 2022

in no event later than the applicable period
of limitations on making adjustments under § 6235 of the Code for the reviewed
year as defined in § 301.6241-1(a)(8) of
the Procedure and Administration Regulations. This amended return or AAR must
include the adjustment to taxable income
for the late election and any collateral
adjustments to taxable income or to tax
liability. Such collateral adjustments also
must be made on original or amended Federal returns or AARs for any affected succeeding taxable years; or
(2) A Form 3115 with the taxpayer’s
first or second timely filed original Federal income tax return or Form 1065 that is
filed after April 19, 2022. A late § 168(j)(8)
election or late § 168(l)(3)(D) election
made pursuant to this section 4.01(2)
will be treated as a change in method of
accounting with a § 481(a) adjustment.
The procedures for making this change in
method of accounting are described in section 6 of this revenue procedure.
.02 Time and manner of making a late
§ 181 election. A taxpayer within the scope
of section 3.02 of this revenue procedure
may make the late § 181 election by filing
either:
(1) An amended Federal income tax
return or amended Form 1065 for the taxpayer’s 2018 taxable year or 2019 taxable
year, as applicable, on or before December 31, 2022, but in no event later than
the applicable period of limitations on
assessment for the taxable year for which
the amended return is being filed. A BBA
partnership may file an AAR for the taxpayer’s 2018 taxable year or 2019 taxable
year, as applicable, on or before December
31, 2022, but in no event later than the applicable period of limitations on making
adjustments under § 6235 for the reviewed
year as defined in § 301.6241-1(a)(8). This
amended return or AAR must include the
adjustment to taxable income for the late
election, any collateral adjustments to taxable income or to tax liability, and the statement required under § 1.181-2(c)(2)(i).
Such collateral adjustments also must be
made on, and the statement required under
§ 1.181-2(c)(2)(ii) must be included with,
original or amended Federal returns or
AARs for any affected succeeding taxable
years; or
(2) A Form 3115 with the taxpayer’s
first or second timely filed original Federal

1054

income tax return or Form 1065 that is
filed after April 19, 2022. A late § 181 election made pursuant to this section 4.02(2)
will be treated as a change in method of
accounting with a § 481(a) adjustment.
The procedures for making this change in
method of accounting are described in section 6 of this revenue procedure.
SECTION 5. APPLICATION OF
THE § 181 REGULATIONS TO
QUALIFIED LIVE THEATRICAL
PRODUCTIONS FOR 2018 AND 2019
A taxpayer within the scope of this
revenue procedure may treat the § 181
regulations (as described in section
2.02(3) of this revenue procedure) as if
such regulations were amended to apply to the production costs of qualified
live theatrical productions for purposes
of making the late § 181 election under
section 4.02 of this revenue procedure for
the taxpayer’s 2018 taxable year or 2019
taxable year.
SECTION 6. CHANGE IN METHOD
OF ACCOUNTING
.01 In general. The making of a late
election under section 4.01(2) or 4.02(2)
of this revenue procedure is treated as a
change in method of accounting to which
§§ 446(e) and 481, and the corresponding regulations, apply. A taxpayer that
wants to make a late election under section 4.01(2) or 4.02(2) of this revenue
procedure must use the automatic change
procedures in Rev. Proc. 2015-13, 2015-5
I.R.B. 419, or its successor.
.02 New automatic change. Rev. Proc.
2022-14, 2022-7 I.R.B. 502, is modified
to add new section 6.23 to read as follows:
6.23 Late elections under § 168(j)(8),
§ 168(l)(3)(D), and § 181(a)(1).
(1) Description of Change.
(a) Applicability. This change applies
to:
(i) A taxpayer within the scope of section 3.01 of Rev. Proc. 2022-23, 2022-18
I.R.B. XXX, that wants to make the late
election provided in section 4.01(2) of
Rev. Proc. 2022-23 under § 168(j)(8) or
§ 168(l)(3)(D); or
(ii) A taxpayer within the scope of
section 3.02 of Rev. Proc. 2022-23 that
wants to make the late election provided

Bulletin No. 2022–18

in section 4.02(2) of Rev. Proc. 2022-23
under § 181(a)(1).
(b) Inapplicability. The IRS will treat
the making of a late election provided in
section 4 of Rev. Proc. 2022-23 under
§§ 168(j)(8), 168(l)(3)(D), and 181(a)(1)
as a change in method of accounting
with a § 481(a) adjustment only for
the taxable years specified in section
6.23(2) of this revenue procedure. This
treatment does not apply to a taxpayer
that makes these late elections before
or after the time specified in section
6.23(2) of this revenue procedure, and
any such late election is not a change in
method of accounting.
(2) Time for making the change. The
change under section 6.23(1)(a)(i) or (ii)
of this revenue procedure must be made
with the taxpayer’s first or second timely
filed original Federal income tax return or
Form 1065, as applicable, that is filed after
April 19, 2022.
(3) Certain eligibility rules inapplicable.
The eligibility rules in section 5.01(1)(d)
and (f) of Rev. Proc. 2015-13, 2015-5
I.R.B. 419, do not apply to a change under
section 6.23(1)(a)(i) or (ii) of this revenue
procedure.
(4) Certain audit protection exception temporarily inapplicable. Sections
8.02(1) and (7) of Rev. Proc. 2015-13 do
not apply to a change in method of accounting made under section 6.23(1)(a)(i)
or (ii) of this revenue procedure. However, sections 8.02(1) and (7) of Rev. Proc.
2015-13 continue to apply for purposes
of determining the § 481(a) adjustment

Bulletin No. 2022–18

period provided in section 7.03(3)(b) of
Rev. Proc. 2015-13.
(5) Short Form 3115.
(a) A taxpayer making a change under
section 6.23(1)(a)(i) of this revenue procedure is required to complete only the following information on Form 3115 (Rev.
December 2018):
(i) The identification section of page 1
(above Part I);
(ii) The signature section at the bottom
of page 1;
(iii) Part I;
(iv) Part II, lines 6, 7, 8, 9, 14, and 18;
(v) Part IV, all lines except line 25; and
(vi) Schedule E, all lines except lines 1,
4b, 5, and 6.
(b) A taxpayer making the change under
section 6.23(1)(a)(ii) of this revenue procedure is required to attach to the taxpayer’s
Form 3115 the statement required under
§ 1.181-2(c)(2)(i) and, if applicable, the
statement required under § 1.181-2(c)(2)(ii),
and to complete only the following information on Form 3115 (Rev. December 2018):
(i) The identification section of page 1
(above Part I);
(ii) The signature section at the bottom
of page 1;
(iii) Part I;
(iv) Part II, lines 6, 7, 8, 9, 14, and 18;
and
(v) Part IV, all lines except line 25.
(6) Concurrent automatic change. A
taxpayer making one or more late elections under section 4.01(2) or 4.02(2) of
Rev. Proc. 2022-23 for the same year of
change should file a single Form 3115 for

1055

all such changes. The single Form 3115
must provide a single net § 481(a) adjustment for all such changes. See section
6.03(1)(b) of Rev. Proc. 2015-13 for information on making concurrent changes.
(7) Designated automatic accounting
method change number. The designated automatic accounting method change
number for a change to the method of accounting under this section 6.23 is “264.”
(8) Contact information. For further
information regarding a change under this
section 6.23, contact James Liechty at
(202) 317-7005 (not a toll-free number).
SECTION 7. EFFECT ON OTHER
DOCUMENTS
Section 6 of Rev. Proc. 2022-14 is
modified to include the accounting method change provided in section 6.02 of this
revenue procedure.
SECTION 8. EFFECTIVE DATE
This revenue procedure is effective
April 19, 2022.
SECTION 9. DRAFTING
INFORMATION
The principal authors of this revenue
procedure are Kathleen Reed and James
Liechty of the Office of Associate Chief
Counsel (Income Tax & Accounting). For
further information regarding this revenue
procedure, contact Mr. Liechty at (202)
317-7005 (not a toll-free number).

May 2, 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. 2022–18

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.

i

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.

May 2, 2022

Numerical Finding List1

Revenue Procedures:—Continued

2022-3, 2022-8 I.R.B. 788
2022-4, 2022-9 I.R.B. 789
2022-5, 2022-11 I.R.B. 825
2022-6, 2022-13 I.R.B. 934
2022-7, 2022-15 I.R.B. 946

2022-13, 2022-06 I.R.B. 477
2022-12, 2022-07 I.R.B. 494
2022-14, 2022-07 I.R.B. 502
2022-15, 2022-13 I.R.B. 908
2022-17, 2022-13 I.R.B. 930
2022-17, 2022-13 I.R.B. 933
2022-20, 2022-14 I.R.B. 945
2022-21, 2022-16 I.R.B. 1015
2022-23, 2022-18 I.R.B. 1052

AOD:

Revenue Rulings:

2022-1, 2022-06 I.R.B. 466
2022-2, 2022-12 I.R.B. 903

2022-1, 2022-02 I.R.B. 301
2022-2, 2022-04 I.R.B. 451
2022-3, 2022-06 I.R.B. 467
2022-4, 2022-10 I.R.B. 790
2022-5, 2022-10 I.R.B. 792
2022-6, 2022-12 I.R.B. 904
2022-7, 2022-14 I.R.B. 935
2022-8, 2022-14 I.R.B. 936
2022-9, 2022-18 I.R.B. 1041

Bulletin 2022–18

Announcements:

Notices:
2022-1, 2022-02 I.R.B. 304
2022-2, 2022-02 I.R.B. 304
2022-3, 2022-02 I.R.B. 308
2022-4, 2022-02 I.R.B. 309
2022-5, 2022-05 I.R.B. 457
2022-6, 2022-05 I.R.B. 460
2022-7, 2022-06 I.R.B. 469
2022-8, 2022-07 I.R.B. 491
2022-9, 2022-10 I.R.B. 811
2022-10, 2022-10 I.R.B. 815
2022-12, 2022-12 I.R.B. 906
2022-11, 2022-14 I.R.B. 939
2022-13, 2022-14 I.R.B. 940
2022-14, 2022-14 I.R.B. 941
2022-15, 2022-18 I.R.B. 1043
2022-16, 2022-18 I.R.B. 1044
2022-17, 2022-18 I.R.B. 1048
2022-18, 2022-18 I.R.B. 1048
2022-19, 2022-18 I.R.B. 1050

Treasury Decisions:
9959, 2022-03 I.R.B. 328
9961, 2022-03 I.R.B. 430
9960, 2022-07 I.R.B. 481
9962, 2022-11 I.R.B. 823

Proposed Regulations:
REG-118250-20, 2022-07 I.R.B. 753
REG-105954-20, 2022-11 I.R.B. 828
REG-114209-21, 2022-11 I.R.B. 898
REG-114209-21, 2022-11 I.R.B. 898
REG-121508-18, 2022-15 I.R.B. 996
REG-114339-21, 2022-17 I.R.B. 1030

Revenue Procedures:
2022-1, 2022-01 I.R.B. 1
2022-2, 2022-01 I.R.B. 120
2022-3, 2022-01 I.R.B. 144
2022-4, 2022-01 I.R.B. 161
2022-5, 2022-01 I.R.B. 256
2022-7, 2022-01 I.R.B. 297
2022-9, 2022-02 I.R.B. 310
2022-11, 2022-03 I.R.B. 449
2022-8, 2022-04 I.R.B. 451
2022-10, 2022-06 I.R.B. 473

A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2020–27 through 2020–52 is in Internal Revenue Bulletin
2020–52, dated December 27, 2021.
1

May 2, 2022

ii

Bulletin No. 2022–18

Finding List of Current Actions on
Previously Published Items1
Bulletin 2022–18

A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2020–27 through 2020–52 is in Internal Revenue Bulletin
2020–52, dated December 27, 2021.
1

Bulletin No. 2022–18

iii

May 2, 2022

Internal Revenue Service
Washington, DC 20224
Official Business
Penalty for Private Use, $300

INTERNAL REVENUE BULLETIN

The Introduction at the beginning of this issue describes the purpose and content of this publication. The weekly Internal Revenue
Bulletins are available at www.irs.gov/irb/.

We Welcome Comments About the Internal Revenue Bulletin

If you have comments concerning the format or production of the Internal Revenue Bulletin or suggestions for improving it,
we would be pleased to hear from you. You can email us your suggestions or comments through the IRS Internet Home Page
www.irs.gov) or write to the Internal Revenue Service, Publishing Division, IRB Publishing Program Desk, 1111 Constitution Ave.
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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Airs%3A33ac3c171b562879. Public record. Not legal advice.