Bulletin No. 2025–37
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HIGHLIGHTS
OF THIS ISSUE
Bulletin No. 2025–37
September 8, 2025
These synopses are intended only as aids to the reader in
identifying the subject matter covered. They may not be
relied upon as authoritative interpretations.
ADMINISTRATIVE
Rev. Rul. 2025-18, page 365.
Interest rates: underpayments and overpayments. The rates
for interest determined under Section 6621 of the code for
the calendar quarter beginning October 1, 2025, will be 7
percent for overpayments (6 percent in the case of a corporation), 7 percent for underpayments, and 9 percent for
large corporate underpayments. The rate of interest paid on
the portion of a corporate overpayment exceeding $10,000
will be 4.5 percent.
INCOME TAX
Notice 2025-44, page 386.
This notice announces a forthcoming withdrawal of the disregarded payment loss (“DPL”) rules under § 1.1503(d)-1(d).
The DPL rules were finalized on January 14, 2025 and would
have been applicable with respect to losses incurred in taxable years beginning on or after January 1, 2026. In addition,
this notice announces an additional extension of the transition relief initially announced in Notice 2023-80 with respect
Finding Lists begin on page ii.
to the interaction of the dual consolidated loss rules and the
model rules published by the OECD/G20 Inclusive Framework on BEPS.
Notice 2025-45, page 388.
This notice announces that the Department of the Treasury and the Internal Revenue Service intend to issue proposed regulations under sections 897(d) and (e) to modify
the rules under §§1.897-5T and 1.897-6T, Notice 89-85,
1989-2 C.B. 403, and Notice 2006-46, 2006-1 C.B. 1044,
regarding certain transactions involving the transfer of
United States real property interests. When issued, the
regulations will propose to revise the rules that apply to
certain inbound asset reorganizations under section 368(a)
(1)(F) that constitute a “covered inbound F reorganization”
as defined in section 3.02 of this notice. This notice also
announces that the Department of the Treasury and the
Internal Revenue Service intend to issue proposed regulations to revise §1.368-2(m) to clarify that qualification of a
potential F reorganization (as defined in §1.368-2(m)(1)) as
a reorganization under section 368(a)(1)(F) would not be
affected by a disposition of stock in either the transferor
corporation or the resulting corporation if that disposition
is not included in the plan of reorganization.
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.
September 8, 2025
Bulletin No. 2025–37
Part I
Section 6621.—
Determination of Rate of
Interest
26 CFR 301.6621-1: Interest rate.
Rev. Rul. 2025-18
Section 6621 of the Internal Revenue Code establishes the interest rates
on overpayments and underpayments of
tax. Under section 6621(a)(1), the overpayment rate is the sum of the federal
short-term rate plus 3 percentage points (2
percentage points in the case of a corporation), except the rate for the portion of
a corporate overpayment of tax exceeding
$10,000 for a taxable period is the sum
of the federal short-term rate plus 0.5 of
a percentage point. Under section 6621(a)
(2), the underpayment rate is the sum of
the federal short-term rate plus 3 percentage points.
Section 6621(c) provides that for purposes of interest payable under section
6601 on any large corporate underpayment, the underpayment rate under section
6621(a)(2) is determined by substituting
“5 percentage points” for “3 percentage
points.” See section 6621(c) and section
301.6621-3 of the Regulations on Procedure and Administration for the definition
of a large corporate underpayment and
for the rules for determining the applicable date. Section 6621(c) and section
301.6621-3 are generally effective for
periods after December 31, 1990.
Section 6621(b)(1) provides that the
Secretary will determine the federal short-
Bulletin No. 2025–37
term rate for the first month in each calendar quarter. Section 6621(b)(2)(A)
provides that the federal short-term rate
determined under section 6621(b)(1) for
any month applies during the first calendar quarter beginning after that month.
Section 6621(b)(3) provides that the federal short-term rate for any month is the
federal short-term rate determined during
that month by the Secretary in accordance
with section 1274(d), rounded to the nearest full percent (or, if a multiple of 1/2 of
1 percent, the rate is increased to the next
highest full percent).
Notice 88-59, 1988-1 C.B. 546,
announced that in determining the quarterly interest rates to be used for overpayments and underpayments of tax under
section 6621, the Internal Revenue Service will use the federal short-term rate
based on daily compounding because that
rate is most consistent with section 6621
which, pursuant to section 6622, is subject
to daily compounding.
The federal short-term rate determined in accordance with section
1274(d) during July 2025 is the rate published in Revenue Ruling 2025-14, 202532 IRB 300, to take effect beginning
August 1, 2025. The federal short-term
rate, rounded to the nearest full percent,
based on daily compounding determined
during the month of July 2025 is 4 percent. Accordingly, an overpayment rate
of 7 percent (6 percent in the case of a
corporation) and an underpayment rate of
7 percent are established for the calendar
quarter beginning October 1, 2025. The
overpayment rate for the portion of a corporate overpayment exceeding $10,000
365
for the calendar quarter beginning October 1, 2025, is 4.5 percent. The underpayment rate for large corporate underpayments for the calendar quarter beginning
October 1, 2025, is 9 percent. These rates
apply to amounts bearing interest during
that calendar quarter.
Sections 6654(a)(1) and 6655(a)
(1) provide that the underpayment rate
established under section 6621 applies
in determining the addition to tax under
sections 6654 and 6655 for failure to pay
estimated tax for any taxable year. Thus,
the 7 percent rate also applies to estimated
tax underpayments for the fourth calendar quarter beginning October 1, 2025.
In addition, pursuant to section 6603(d)
(4), the rate of interest on section 6603
deposits is 4 percent for the fourth calendar quarter in 2025.
Interest factors for daily compound
interest for annual rates of 4.5 percent, 6
percent, 7 percent and 9 percent are published in Tables 14, 17, 19 and 23 of Rev.
Proc. 95-17, 1995-1 C.B. 568, 571, 573,
and 577.
Annual interest rates to be compounded
daily pursuant to section 6622 that apply
for prior periods are set forth in the tables
accompanying this revenue ruling.
DRAFTING INFORMATION
The principal author of this revenue
ruling is Casey R. Conrad of the Office of
the Associate Chief Counsel (Procedure
and Administration). For further information regarding this revenue ruling, contact
Mr. Conrad at (202) 317-6844 (not a tollfree number).
September 8, 2025
Days
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
Factor
0.000013699
0.000027397
0.000041096
0.000054796
0.000068495
0.000082195
0.000095894
0.000109594
0.000123294
0.000136995
0.000150695
0.000164396
0.000178097
0.000191798
0.000205499
0.000219201
0.000232902
0.000246604
0.000260306
0.000274008
0.000287711
365 Day Year
0.5% Compound Rate 184 Days
Days
Factor
63
0.000863380
64
0.000877091
65
0.000890801
66
0.000904512
67
0.000918223
68
0.000931934
69
0.000945646
70
0.000959357
71
0.000973069
72
0.000986781
73
0.001000493
74
0.001014206
75
0.001027918
76
0.001041631
77
0.001055344
78
0.001069057
79
0.001082770
80
0.001096484
81
0.001110197
82
0.001123911
83
0.001137625
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
0.000301413
0.000315116
0.000328819
0.000342522
0.000356225
0.000369929
0.000383633
0.000397336
0.000411041
0.000424745
0.000438449
0.000452154
0.000465859
0.000479564
0.000493269
0.000506974
0.000520680
0.000534386
0.000548092
0.000561798
0.000575504
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
September 8, 2025
0.001151339
0.001165054
0.001178768
0.001192483
0.001206198
0.001219913
0.001233629
0.001247344
0.001261060
0.001274776
0.001288492
0.001302208
0.001315925
0.001329641
0.001343358
0.001357075
0.001370792
0.001384510
0.001398227
0.001411945
0.001425663
366
Days
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
Factor
0.001713784
0.001727506
0.001741228
0.001754951
0.001768673
0.001782396
0.001796119
0.001809843
0.001823566
0.001837290
0.001851013
0.001864737
0.001878462
0.001892186
0.001905910
0.001919635
0.001933360
0.001947085
0.001960811
0.001974536
0.001988262
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
0.002001988
0.002015714
0.002029440
0.002043166
0.002056893
0.002070620
0.002084347
0.002098074
0.002111801
0.002125529
0.002139257
0.002152985
0.002166713
0.002180441
0.002194169
0.002207898
0.002221627
0.002235356
0.002249085
0.002262815
0.002276544
Bulletin No. 2025–37
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
0.000589211
0.000602917
0.000616624
0.000630331
0.000644039
0.000657746
0.000671454
0.000685161
0.000698869
0.000712578
0.000726286
0.000739995
0.000753703
0.000767412
0.000781121
0.000794831
0.000808540
0.000822250
0.000835960
0.000849670
Bulletin No. 2025–37
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
0.001439381
0.001453100
0.001466818
0.001480537
0.001494256
0.001507975
0.001521694
0.001535414
0.001549133
0.001562853
0.001576573
0.001590293
0.001604014
0.001617734
0.001631455
0.001645176
0.001658897
0.001672619
0.001686340
0.001700062
367
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
0.002290274
0.002304004
0.002317734
0.002331465
0.002345195
0.002358926
0.002372657
0.002386388
0.002400120
0.002413851
0.002427583
0.002441315
0.002455047
0.002468779
0.002482511
0.002496244
0.002509977
0.002523710
September 8, 2025
Days
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
Factor
0.000013661
0.000027323
0.000040984
0.000054646
0.000068308
0.000081970
0.000095632
0.000109295
0.000122958
0.000136620
0.000150283
0.000163947
0.000177610
0.000191274
0.000204938
0.000218602
0.000232266
0.000245930
0.000259595
0.000273260
0.000286924
0.000300590
0.000314255
0.000327920
0.000341586
0.000355252
0.000368918
0.000382584
0.000396251
0.000409917
0.000423584
0.000437251
0.000450918
0.000464586
0.000478253
0.000491921
0.000505589
0.000519257
0.000532925
0.000546594
0.000560262
0.000573931
September 8, 2025
366 Day Year
0.5% Compound Rate 184 Days
Days
Factor
63
0.000861020
64
0.000874693
65
0.000888366
66
0.000902040
67
0.000915713
68
0.000929387
69
0.000943061
70
0.000956735
71
0.000970409
72
0.000984084
73
0.000997758
74
0.001011433
75
0.001025108
76
0.001038783
77
0.001052459
78
0.001066134
79
0.001079810
80
0.001093486
81
0.001107162
82
0.001120839
83
0.001134515
84
0.001148192
85
0.001161869
86
0.001175546
87
0.001189223
88
0.001202900
89
0.001216578
90
0.001230256
91
0.001243934
92
0.001257612
93
0.001271291
94
0.001284969
95
0.001298648
96
0.001312327
97
0.001326006
98
0.001339685
99
0.001353365
100
0.001367044
101
0.001380724
102
0.001394404
103
0.001408085
104
0.001421765
368
Days
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
Factor
0.001709097
0.001722782
0.001736467
0.001750152
0.001763837
0.001777522
0.001791208
0.001804893
0.001818579
0.001832265
0.001845951
0.001859638
0.001873324
0.001887011
0.001900698
0.001914385
0.001928073
0.001941760
0.001955448
0.001969136
0.001982824
0.001996512
0.002010201
0.002023889
0.002037578
0.002051267
0.002064957
0.002078646
0.002092336
0.002106025
0.002119715
0.002133405
0.002147096
0.002160786
0.002174477
0.002188168
0.002201859
0.002215550
0.002229242
0.002242933
0.002256625
0.002270317
Bulletin No. 2025–37
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
0.000587600
0.000601269
0.000614939
0.000628608
0.000642278
0.000655948
0.000669618
0.000683289
0.000696959
0.000710630
0.000724301
0.000737972
0.000751643
0.000765315
0.000778986
0.000792658
0.000806330
0.000820003
0.000833675
0.000847348
Bulletin No. 2025–37
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
0.001435446
0.001449127
0.001462808
0.001476489
0.001490170
0.001503852
0.001517533
0.001531215
0.001544897
0.001558580
0.001572262
0.001585945
0.001599628
0.001613311
0.001626994
0.001640678
0.001654361
0.001668045
0.001681729
0.001695413
369
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
0.002284010
0.002297702
0.002311395
0.002325087
0.002338780
0.002352473
0.002366167
0.002379860
0.002393554
0.002407248
0.002420942
0.002434636
0.002448331
0.002462025
0.002475720
0.002489415
0.002503110
0.002516806
September 8, 2025
TABLE OF INTEREST RATES
PERIODS BEFORE JUL. 1, 1975 – PERIODS ENDING DEC. 31, 1986
OVERPAYMENTS AND UNDERPAYMENTS
PERIOD
RATE
Before Jul. 1, 1975
Jul. 1, 1975–Jan. 31, 1976
Feb. 1, 1976–Jan. 31, 1978
Feb. 1, 1978–Jan. 31, 1980
Feb. 1, 1980–Jan. 31, 1982
Feb. 1, 1982–Dec. 31, 1982
Jan. 1, 1983–Jun. 30, 1983
Jul. 1, 1983–Dec. 31, 1983
Jan. 1, 1984–Jun. 30, 1984
Jul. 1, 1984–Dec. 31, 1984
Jan. 1, 1985–Dec. 31, 1985
Jul. 1, 1985–Dec. 31, 1985
Jan. 1, 1986–Jun. 30, 1986
Jul. 1, 1986–Dec. 31, 1986
6%
9%
7%
6%
12%
20%
16%
11%
11%
11%
13%
11%
10%
9%
Table
Table
Table
Table
Table
Table
Table
Table
Table
Table
Table
Table
Table
Table
In 1995-1 C.B.
DAILY RATE TABLE
2,
pg.
4,
pg.
3,
pg.
2,
pg.
5,
pg.
6,
pg.
37,
pg.
27,
pg.
75,
pg.
75,
pg.
31,
pg.
27,
pg.
25,
pg.
23,
pg.
557
559
558
557
560
560
591
581
629
629
585
581
579
577
TABLE OF INTEREST RATES
FROM JAN. 1, 1987 – Dec. 31, 1998
Jan. 1, 1987–Mar. 31, 1987
Apr. 1, 1987–Jun. 30, 1987
Jul. 1, 1987–Sep. 30, 1987
Oct. 1, 1987–Dec. 31, 1987
Jan. 1, 1988–Mar. 31, 1988
Apr. 1, 1988–Jun. 30, 1988
Jul. 1, 1988–Sep. 30, 1988
Oct. 1, 1988–Dec. 31, 1988
Jan. 1, 1989–Mar. 31, 1989
Apr. 1, 1989–Jun. 30, 1989
Jul. 1, 1989–Sep. 30, 1989
Oct. 1, 1989–Dec. 31, 1989
Jan. 1, 1990–Mar. 31, 1990
Apr. 1, 1990–Jun. 30, 1990
Jul. 1, 1990–Sep. 30, 1990
Oct. 1, 1990–Dec. 31, 1990
Jan. 1, 1991–Mar. 31, 1991
Apr. 1, 1991–Jun. 30, 1991
Jul. 1, 1991–Sep. 30, 1991
Oct. 1, 1991–Dec. 31, 1991
Jan. 1, 1992–Mar. 31, 1992
September 8, 2025
RATE
8%
8%
8%
9%
10%
9%
9%
10%
10%
11%
11%
10%
10%
10%
10%
10%
10%
9%
9%
9%
8%
OVERPAYMENTS
1995-1 C.B.
TABLE
PG
21
575
21
575
21
575
23
577
73
627
71
625
71
625
73
627
25
579
27
581
27
581
25
579
25
579
25
579
25
579
25
579
25
579
23
577
23
577
23
577
69
623
370
UNDERPAYMENTS
1995-1 C.B. RATE
RATE
TABLE
PG
9%
23
577
9%
23
577
9%
23
577
10%
25
579
11%
75
629
10%
73
627
10%
73
627
11%
75
629
11%
27
581
12%
29
583
12%
29
583
11%
27
581
11%
27
581
11%
27
581
11%
27
581
11%
27
581
11%
27
581
10%
25
579
10%
25
579
10%
25
579
9%
71
625
Bulletin No. 2025–37
Apr. 1, 1992–Jun. 30, 1992
Jul. 1, 1992–Sep. 30, 1992
Oct. 1, 1992–Dec. 31, 1992
Jan. 1, 1993–Mar. 31, 1993
Apr. 1, 1993–Jun. 30, 1993
Jul. 1, 1993–Sep. 30, 1993
Oct. 1, 1993–Dec. 31, 1993
Jan. 1, 1994–Mar. 31, 1994
Apr. 1, 1994–Jun. 30, 1994
Jul. 1, 1994–Sep. 30, 1994
Oct. 1, 1994–Dec. 31, 1994
Jan. 1, 1995–Mar. 31, 1995
Apr. 1, 1995–Jun. 30, 1995
Jul. 1, 1995–Sep. 30, 1995
Oct. 1, 1995–Dec. 31, 1995
Jan. 1, 1996–Mar. 31, 1996
Apr. 1, 1996–Jun. 30, 1996
Jul. 1, 1996–Sep. 30, 1996
Oct. 1, 1996–Dec. 31, 1996
Jan. 1, 1997–Mar. 31, 1997
Apr. 1, 1997–Jun. 30, 1997
Jul. 1, 1997–Sep. 30, 1997
Oct. 1, 1997–Dec. 31, 1997
Jan. 1, 1998–Mar. 31, 1998
Apr. 1, 1998–Jun. 30, 1998
Jul. 1, 1998–Sep. 30, 1998
Oct. 1, 1998–Dec. 31, 1998
Bulletin No. 2025–37
7%
7%
6%
6%
6%
6%
6%
6%
6%
7%
8%
8%
9%
8%
8%
8%
7%
8%
8%
8%
8%
8%
8%
8%
7%
7%
7%
67
67
65
17
17
17
17
17
17
19
21
21
23
21
21
69
67
69
69
21
21
21
21
21
19
19
19
371
621
621
619
571
571
571
571
571
571
573
575
575
577
575
575
623
621
623
623
575
575
575
575
575
573
573
573
8%
8%
7%
7%
7%
7%
7%
7%
7%
8%
9%
9%
10%
9%
9%
9%
8%
9%
9%
9%
9%
9%
9%
9%
8%
8%
8%
69
69
67
19
19
19
19
19
19
21
23
23
25
23
23
71
69
71
71
23
23
23
23
23
21
21
21
623
623
621
573
573
573
573
573
573
575
577
577
579
577
577
625
623
625
625
577
577
577
577
577
575
575
575
September 8, 2025
TABLE OF INTEREST RATES
FROM JANUARY 1, 1999 – PRESENT
NONCORPORATE OVERPAYMENTS AND UNDERPAYMENTS
1995-1 C.B.
Jan. 1, 1999–Mar. 31, 1999
Apr. 1, 1999–Jun. 30, 1999
Jul. 1, 1999–Sep. 30, 1999
Oct. 1, 1999–Dec. 31, 1999
Jan. 1, 2000–Mar. 31, 2000
Apr. 1, 2000–Jun. 30, 2000
Jul. 1, 2000–Sep. 30, 2000
Oct. 1, 2000–Dec. 31, 2000
Jan. 1, 2001–Mar. 31, 2001
Apr. 1, 2001–Jun. 30, 2001
Jul. 1, 2001–Sep. 30, 2001
Oct. 1, 2001–Dec. 31, 2001
Jan. 1, 2002–Mar. 31, 2002
Apr. 1, 2002–Jun. 30, 2002
Jul. 1, 2002–Sep. 30, 2002
Oct. 1, 2002–Dec. 31, 2002
Jan. 1, 2003–Mar. 31, 2003
Apr. 1, 2003–Jun. 30, 2003
Jul. 1, 2003–Sep. 30, 2003
Oct. 1, 2003–Dec. 31, 2003
Jan. 1, 2004–Mar. 31, 2004
Apr. 1, 2004–Jun. 30, 2004
Jul. 1, 2004–Sep. 30, 2004
Oct. 1, 2004–Dec. 31, 2004
Jan. 1, 2005–Mar. 31, 2005
Apr. 1, 2005–Jun. 30, 2005
Jul. 1, 2005–Sep. 30, 2005
Oct. 1, 2005–Dec. 31, 2005
Jan. 1, 2006–Mar. 31, 2006
Apr. 1, 2006–Jun. 30, 2006
Jul. 1, 2006–Sep. 30, 2006
Oct. 1, 2006–Dec. 31, 2006
Jan. 1, 2007–Mar. 31, 2007
Apr. 1, 2007–Jun. 30, 2007
Jul. 1, 2007–Sep. 30, 2007
Oct. 1, 2007–Dec. 31, 2007
Jan. 1, 2008–Mar. 31, 2008
Apr. 1, 2008–Jun. 30, 2008
Jul. 1, 2008–Sep. 30, 2008
Oct. 1, 2008–Dec. 31, 2008
Jan. 1, 2009–Mar. 31, 2009
September 8, 2025
RATE
7%
8%
8%
8%
8%
9%
9%
9%
9%
8%
7%
7%
6%
6%
6%
6%
5%
5%
5%
4%
4%
5%
4%
5%
5%
6%
6%
7%
7%
7%
8%
8%
8%
8%
8%
8%
7%
6%
5%
6%
5%
372
TABLE
19
21
21
21
69
71
71
71
23
21
19
19
17
17
17
17
15
15
15
13
61
63
61
63
15
17
17
19
19
19
21
21
21
21
21
21
67
65
63
65
15
PAGE
573
575
575
575
623
625
625
625
577
575
573
573
571
571
571
571
569
569
569
567
615
617
615
617
569
571
571
573
573
573
575
575
575
575
575
575
621
619
617
619
569
Bulletin No. 2025–37
Apr. 1, 2009–Jun. 30, 2009
Jul. 1, 2009–Sep. 30, 2009
Oct. 1, 2009–Dec. 31, 2009
Jan. 1, 2010–Mar. 31, 2010
Apr. 1, 2010–Jun. 30, 2010
Jul. 1, 2010–Sep. 30, 2010
Oct. 1, 2010–Dec. 31, 2010
Jan. 1, 2011–Mar. 31, 2011
Apr. 1, 2011–Jun. 30, 2011
Jul. 1, 2011–Sep. 30, 2011
Oct. 1, 2011–Dec. 31, 2011
Jan. 1, 2012–Mar. 31, 2012
Apr. 1, 2012–Jun. 30, 2012
Jul. 1, 2012–Sep. 30, 2012
Oct. 1, 2012–Dec. 31, 2012
Jan. 1, 2013–Mar. 31, 2013
Apr. 1, 2013–Jun. 30, 2013
Jul. 1, 2013–Sep. 30, 2013
Oct. 1, 2013–Dec. 31, 2013
Jan. 1, 2014–Mar. 31, 2014
Apr. 1, 2014–Jun. 30, 2014
Jul. 1, 2014–Sep. 30, 2014
Oct. 1, 2014–Dec. 31, 2014
Jan. 1, 2015–Mar. 31, 2015
Apr. 1, 2015–Jun. 30, 2015
Jul. 1, 2015–Sep. 30, 2015
Oct. 1, 2015–Dec. 31, 2015
Jan. 1, 2016–Mar. 31, 2016
Apr. 1, 2016–Jun. 30, 2016
Jul. 1, 2016–Sep. 30, 2016
Oct. 1, 2016–Dec. 31, 2016
Jan. 1, 2017–Mar. 31, 2017
Apr. 1, 2017–Jun. 30, 2017
Jul. 1, 2017–Sep. 30, 2017
Oct. 1, 2017–Dec. 31, 2017
Jan. 1, 2018–Mar. 31, 2018
Apr. 1, 2018–Jun. 30, 2018
Jul. 1, 2018–Sep. 30, 2018
Oct. 1, 2018–Dec. 31, 2018
Jan. 1, 2019–Mar. 31, 2019
Apr. 1, 2019–Jun. 30, 2019
Jul. 1, 2019–Sep. 30, 2019
Oct. 1, 2019–Dec. 31, 2019
Jan. 1, 2020–Mar. 31, 2020
Apr. 1, 2020–Jun. 30, 2020
4%
4%
4%
4%
4%
4%
4%
3%
4%
4%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
4%
4%
4%
4%
4%
4%
4%
4%
5%
5%
5%
6%
6%
5%
5%
5%
5%
Bulletin No. 2025–37
373
13
13
13
13
13
13
13
11
13
13
11
59
59
59
59
11
11
11
11
11
11
11
11
11
11
11
11
59
61
61
61
13
13
13
13
13
15
15
15
17
17
15
15
63
63
567
567
567
567
567
567
567
565
567
567
565
613
613
613
613
565
565
565
565
565
565
565
565
565
565
565
565
613
615
615
615
567
567
567
567
567
569
569
569
571
571
569
569
617
617
September 8, 2025
Jul. 1, 2020–Sep. 30, 2020
Oct. 1, 2020–Dec. 31, 2020
Jan. 1, 2021–Mar. 31, 2021
Apr. 1, 2021–Jun. 30, 2021
Jul. 1, 2021–Sep. 30, 2021
Oct. 1, 2021–Dec. 31, 2021
Jan. 1, 2022–Mar. 31, 2022
Apr. 1, 2022–Jun. 30, 2022
Jul. 1, 2022–Sep. 30, 2022
Oct. 1, 2022–Dec. 31, 2022
Jan. 1, 2023–Mar. 31, 2023
Apr. 1, 2023–Jun. 30, 2023
Jul. 1, 2023–Sep. 30, 2023
Oct. 1, 2023–Dec. 31, 2023
Jan. 1, 2024–Mar. 31, 2024
Apr. 1, 2024–Jun. 30, 2024
Jul. 1, 2024–Sep. 30, 2024
Oct. 1, 2024–Dec. 31, 2024
Jan. 1, 2025–Mar. 31, 2025
Apr. 1, 2025–Jun. 30, 2025
Jul. 1, 2025–Sep. 30, 2025
Oct. 1, 2025–Dec. 31, 2025
3%
3%
3%
3%
3%
3%
3%
4%
5%
6%
7%
7%
7%
8%
8%
8%
8%
8%
7%
7%
7%
7%
September 8, 2025
374
59
59
11
11
11
11
11
13
15
17
19
19
19
21
69
69
69
69
19
19
19
19
613
613
565
565
565
565
565
567
569
571
573
573
573
575
623
623
623
623
573
573
573
573
Bulletin No. 2025–37
TABLE OF INTEREST RATES
FROM JANUARY 1, 1999 – PRESENT
CORPORATE OVERPAYMENTS AND UNDERPAYMENTS
Jan. 1, 1999–Mar. 31, 1999
Apr. 1, 1999–Jun. 30, 1999
Jul. 1, 1999–Sep. 30, 1999
Oct. 1, 1999–Dec. 31, 1999
Jan. 1, 2000–Mar. 30, 2000
Apr. 1, 2000–Jun. 30, 2000
Jul. 1, 2000–Sep. 30, 2000
Oct. 1, 2000–Dec. 31, 2000
Jan. 1, 2001–Mar. 31, 2001
Apr. 1, 2001–Jun. 30, 2001
Jul. 1, 2001–Sep. 30, 2001
Oct. 1, 2001–Dec. 31, 2001
Jan. 1, 2002–Mar. 31, 2002
Apr. 1, 2002–Jun. 30, 2002
Jul. 1, 2002–Sep. 30, 2002
Oct. 1, 2002–Dec. 31, 2002
Jan. 1, 2003–Mar. 31, 2003
Apr. 1, 2003–Jun. 30, 2003
Jul. 1, 2003–Sep. 30, 2003
Oct. 1, 2003–Dec. 31, 2003
Jan. 1, 2004–Mar. 31, 2004
Apr. 1, 2004–Jun. 30, 2004
Jul. 1, 2004–Sep. 30, 2004
Oct. 1, 2004–Dec. 31, 2004
Jan. 1, 2005–Mar. 31, 2005
Apr. 1, 2005–Jun. 30, 2005
Jul. 1, 2005–Sep. 30, 2005
Oct. 1, 2005–Dec. 31, 2005
Jan. 1, 2006–Mar. 31, 2006
Apr. 1, 2006–Jun. 30, 2006
Jul. 1, 2006–Sep. 30, 2006
Oct. 1, 2006–Dec. 31, 2006
Jan. 1, 2007–Mar. 31, 2007
Apr. 1, 2007–Jun. 30, 2007
Jul. 1, 2007–Sep. 30, 2007
Oct. 1, 2007–Dec. 31, 2007
Jan. 1, 2008–Mar. 31, 2008
Apr. 1, 2008–Jun. 30, 2008
Jul. 1, 2008–Sep. 30, 2008
Oct. 1, 2008–Dec. 31, 2008
Bulletin No. 2025–37
OVERPAYMENTS
1995-1 C.B.
RATE
TABLE
6%
17
7%
19
7%
19
7%
19
7%
67
8%
69
8%
69
8%
69
8%
21
7%
19
6%
17
6%
17
5%
15
5%
15
5%
15
5%
15
4%
13
4%
13
4%
13
3%
11
3%
59
4%
61
3%
59
4%
61
4%
13
5%
15
5%
15
6%
17
6%
17
6%
17
7%
19
7%
19
7%
19
7%
19
7%
19
7%
19
6%
65
5%
63
4%
61
5%
63
375
PG
571
573
573
573
621
623
623
623
575
573
571
571
569
569
569
569
567
567
567
565
613
615
613
615
567
569
569
571
571
571
573
573
573
573
573
573
619
617
615
617
UNDERPAYMENTS
1995-1 C.B.
RATE
TABLE
PG
7%
19
573
8%
21
575
8%
21
575
8%
21
575
8%
69
623
9%
71
625
9%
71
625
9%
71
625
9%
23
577
8%
21
575
7%
19
573
7%
19
573
6%
17
571
6%
17
571
6%
17
571
6%
17
571
5%
15
569
5%
15
569
5%
15
569
4%
13
567
4%
61
615
5%
63
617
4%
61
615
5%
63
617
5%
15
569
6%
17
571
6%
17
571
7%
19
573
7%
19
573
7%
19
573
8%
21
575
8%
21
575
8%
21
575
8%
21
575
8%
21
575
8%
21
575
7%
67
621
6%
65
619
5%
63
617
6%
65
619
September 8, 2025
Jan. 1, 2009–Mar. 31, 2009
Apr. 1, 2009–Jun. 30, 2009
Jul. 1, 2009–Sep. 30, 2009
Oct. 1, 2009–Dec. 31, 2009
Jan. 1, 2010–Mar. 31, 2010
Apr. 1, 2010–Jun. 30, 2010
Jul. 1, 2010–Sep. 30, 2010
Oct. 1, 2010–Dec. 31, 2010
Jan. 1, 2011–Mar. 31, 2011
Apr. 1, 2011–Jun. 30, 2011
Jul. 1, 2011–Sep. 30, 2011
Oct. 1, 2011–Dec. 31, 2011
Jan. 1, 2012–Mar. 31, 2012
Apr. 1, 2012–Jun. 30, 2012
Jul. 1, 2012–Sep. 30, 2012
Oct. 1, 2012–Dec. 31, 2012
Jan. 1, 2013–Mar. 31, 2013
Apr. 1, 2013–Jun. 30, 2013
Jul. 1, 2013–Sep. 30, 2013
Oct. 1, 2013–Dec. 31, 2013
Jan. 1, 2014–Mar. 31, 2014
Apr. 1, 2014–Jun. 30, 2014
Jul. 1, 2014–Sep. 30, 2014
Oct. 1, 2014–Dec. 31, 2014
Jan. 1, 2015–Mar. 31, 2015
Apr. 1, 2015–Jun. 30, 2015
Jul. 1, 2015–Sep. 30, 2015
Oct. 1, 2015–Dec. 31, 2015
Jan. 1, 2016–Mar. 31, 2016
Apr. 1, 2016–Jun. 30, 2016
Jul. 1, 2016–Sep. 30, 2016
Oct. 1, 2016–Dec. 31, 2016
Jan. 1, 2017–Mar. 31, 2017
Apr. 1, 2017–Jun. 30, 2017
Jul. 1, 2017–Sep. 30, 2017
Oct. 1, 2017–Dec. 31, 2017
Jan. 1, 2018–Mar. 31, 2018
Apr. 1, 2018–Jun. 30, 2018
Jul. 1, 2018–Sep. 30, 2018
Oct. 1, 2018–Dec. 31, 2018
Jan. 1, 2019–Mar. 31, 2019
Apr. 1, 2019–Jun. 30, 2019
Jul. 1, 2019–Sep. 30, 2019
Oct. 1, 2019–Dec. 31, 2019
Jan. 1, 2020–Mar. 31, 2020
September 8, 2025
4%
3%
3%
3%
3%
3%
3%
3%
2%
3%
3%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
3%
3%
3%
3%
3%
3%
3%
3%
4%
4%
4%
5%
5%
4%
4%
4%
13
11
11
11
11
11
11
11
9
11
11
9
57
57
57
57
9
9
9
9
9
9
9
9
9
9
9
9
57
59
59
59
11
11
11
11
11
13
13
13
15
15
13
13
61
376
567
565
565
565
565
565
565
565
563
565
565
563
611
611
611
611
563
563
563
563
563
563
563
563
563
563
563
563
611
613
613
613
565
565
565
565
565
567
567
567
569
569
567
567
615
5%
4%
4%
4%
4%
4%
4%
4%
3%
4%
4%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
4%
4%
4%
4%
4%
4%
4%
4%
5%
5%
5%
6%
6%
5%
5%
5%
15
13
13
13
13
13
13
13
11
13
13
11
59
59
59
59
11
11
11
11
11
11
11
11
11
11
11
11
59
61
61
61
13
13
13
13
13
15
15
15
17
17
15
15
63
569
567
567
567
567
567
567
567
565
567
567
565
613
613
613
613
565
565
565
565
565
565
565
565
565
565
565
565
613
615
615
615
567
567
567
567
567
569
569
569
571
571
569
569
617
Bulletin No. 2025–37
Apr. 1, 2020–Jun. 30, 2020
Jul. 1, 2020–Sep. 30, 2020
Oct. 1, 2020–Dec. 31, 2020
Jan. 1, 2021–Mar. 31, 2021
Apr. 1, 2021–Jun. 30, 2021
Jul. 1, 2021–Sep. 30, 2021
Oct. 1, 2021–Dec. 31, 2021
Jan. 1, 2022–Mar. 31, 2022
Apr. 1, 2022–Jun. 30, 2022
Jul. 1, 2022–Sep. 30, 2022
Oct. 1, 2022–Dec. 31, 2022
Jan. 1, 2023–Mar. 31, 2023
Apr. 1, 2023–Jun. 30, 2023
Jul. 1, 2023–Sep. 30, 2023
Oct. 1, 2023–Dec. 31, 2023
Jan. 1, 2024–Mar. 31, 2024
Apr. 1, 2024–Jun. 30, 2024
Jul. 1, 2024–Sep. 30, 2024
Oct. 1, 2024–Dec. 31, 2024
Jan. 1, 2025–Mar. 31, 2025
Apr. 1, 2025–Jun. 30, 2025
Jul. 1, 2025–Sep. 30, 2025
Oct. 1, 2025–Dec. 31, 2025
Bulletin No. 2025–37
4%
2%
2%
2%
2%
2%
2%
2%
3%
4%
5%
6%
6%
6%
7%
7%
7%
7%
7%
6%
6%
6%
6%
61
57
57
9
9
9
9
9
11
13
15
17
17
17
19
67
67
67
67
17
17
17
17
377
615
611
611
563
563
563
563
563
565
567
569
571
571
571
573
621
621
621
621
571
571
571
571
5%
3%
3%
3%
3%
3%
3%
3%
4%
5%
6%
7%
7%
7%
8%
8%
8%
8%
8%
7%
7%
7%
7%
63
59
59
11
11
11
11
11
13
15
17
19
19
19
21
69
69
69
69
19
19
19
19
617
613
613
565
565
565
565
565
567
569
571
573
573
573
575
623
623
623
623
573
573
573
573
September 8, 2025
TABLE OF INTEREST RATES
FOR LARGE CORPORATE UNDERPAYMENTS
FROM JANUARY 1, 1991 – PRESENT
PERIOD
Jan. 1, 1991–Mar. 31, 1991
Apr. 1, 1991–Jun. 30, 1991
Jul. 1, 1991–Sep. 30, 1991
Oct. 1, 1991–Dec. 31, 1991
Jan. 1, 1992–Mar. 31, 1992
Apr. 1, 1992–Jun. 30, 1992
Jul. 1, 1992–Sep. 30, 1992
Oct. 1, 1992–Dec. 31, 1992
Jan. 1, 1993–Mar. 31, 1993
Apr. 1, 1993–Jun. 30, 1993
Jul. 1, 1993–Sep. 30, 1993
Oct. 1, 1993–Dec. 31, 1993
Jan. 1, 1994–Mar. 31, 1994
Apr. 1, 1994–Jun. 30, 1994
Jul. 1, 1994–Sep. 30, 1994
Oct. 1, 1994–Dec. 31, 1994
Jan. 1, 1995–Jun. 30, 1995
Apr. 1, 1995–Jun. 30, 1995
Jul. 1, 1995–Sep. 30, 1995
Oct. 1, 1995–Dec. 31, 1995
Jan. 1, 1996–Mar. 31, 1996
Apr. 1, 1996–Jun. 30, 1996
Jul. 1, 1996–Sep. 30, 1996
Oct. 1, 1996–Dec. 31, 1996
Jan. 1, 1997–Mar. 31, 1997
Apr. 1, 1997–Jun. 30, 1997
Jul. 1, 1997–Sep. 30, 1997
Oct. 1, 1997–Dec. 31, 1997
Jan. 1, 1998–Mar. 31, 1998
Apr. 1, 1998–Jun. 30, 1998
Jul. 1, 1998–Sep. 30, 1998
Oct. 1, 1998–Dec. 31, 1998
Jan. 1, 1999–Mar. 31, 1999
Apr. 1, 1999–Jun. 30, 1999
Jul. 1, 1999–Sep. 30, 1999
Oct. 1, 1999–Dec. 31, 1999
Jan. 1, 2000–Mar. 31, 2000
Apr. 1, 2000–Jun. 30, 2000
Jul. 1, 2000–Sep. 30, 2000
Oct. 1, 2000–Dec. 31, 2000
Jan. 1, 2001–Mar. 31, 2001
September 8, 2025
RATE
13%
12%
12%
12%
11%
10%
10%
9%
9%
9%
9%
9%
9%
9%
10%
11%
11%
12%
11%
11%
11%
10%
11%
11%
11%
11%
11%
11%
11%
10%
10%
10%
9%
10%
10%
10%
10%
11%
11%
11%
11%
378
1995-1 C.B.
TABLE
31
29
29
29
75
73
73
71
23
23
23
23
23
23
25
27
27
29
27
27
75
73
75
75
27
27
27
27
27
25
25
25
23
25
25
25
73
75
75
75
27
PG
585
583
583
583
629
627
627
625
577
577
577
577
577
577
579
581
581
583
581
581
629
627
629
629
581
581
581
581
581
579
579
579
577
579
579
579
627
629
629
629
581
Bulletin No. 2025–37
Apr. 1, 2001–Jun. 30, 2001
Jul. 1, 2001–Sep. 30, 2001
Oct. 1, 2001–Dec. 31, 2001
Jan. 1, 2002–Mar. 31, 2002
Apr. 1, 2002–Sep. 30, 2002
Jul. 1, 2002–Sep. 30, 2002
Oct. 1, 2002–Dec. 31, 2002
Jan. 1, 2003–Mar. 31, 2003
Apr. 1, 2003–Jun. 30, 2003
Jul. 1, 2003–Sep. 30, 2003
Oct. 1, 2003–Dec. 31, 2003
Jan. 1, 2004–Mar. 31, 2004
Apr. 1, 2004–Jun. 30, 2004
Jul. 1, 2004–Sep. 30, 2004
Oct. 1, 2004–Dec. 31, 2004
Jan. 1, 2005–Mar. 31, 2005
Apr. 1, 2005–Jun. 30, 2005
Jul. 1, 2005–Sep. 30, 2005
Oct. 1, 2005–Dec. 31, 2005
Jan. 1, 2006–Mar. 31, 2006
Apr. 1, 2006–Jun. 30, 2006
Jul. 1, 2006–Sep. 30, 2006
Oct. 1, 2006–Dec. 31, 2006
Jan. 1, 2007–Mar. 31, 2007
Apr. 1, 2007–Jun. 30, 2007
Jul. 1, 2007–Sep. 30, 2007
Oct. 1, 2007–Dec. 31, 2007
Jan. 1, 2008–Mar. 31, 2008
Apr. 1, 2008–Sep. 30, 2008
Jul. 1, 2008–Sep. 30, 2008
Oct. 1, 2008–Dec. 31, 2008
Jan. 1, 2009–Mar. 31, 2009
Apr. 1, 2009–Jun. 30, 2009
Jul. 1, 2009–Sep. 30, 2009
Oct. 1, 2009–Dec. 31, 2009
Jan. 1, 2010–Mar. 31, 2010
Apr. 1, 2010–Jun. 30, 2010
Jul. 1, 2010–Sep. 30, 2010
Oct. 1, 2010–Dec. 31, 2010
Jan. 1, 2011-Mar. 31, 2011
Apr. 1, 2011–Jun. 30, 2011
Jul. 1, 2011–Sep. 30, 2011
Oct. 1, 2011–Dec. 31, 2011
Jan. 1, 2012–Mar. 31, 2012
Apr. 1, 2012-Jun. 30, 2012
Bulletin No. 2025–37
10%
9%
9%
8%
8%
8%
8%
7%
7%
7%
6%
6%
7%
6%
7%
7%
8%
8%
9%
9%
9%
10%
10%
10%
10%
10%
10%
9%
8%
7%
8%
7%
6%
6%
6%
6%
6%
6%
6%
5%
6%
6%
5%
5%
5%
379
25
23
23
21
21
21
21
19
19
19
17
65
67
65
67
19
21
21
23
23
23
25
25
25
25
25
25
71
69
67
69
19
17
17
17
17
17
17
17
15
17
17
15
63
63
579
577
577
575
575
575
575
573
573
573
571
619
621
619
621
573
575
575
577
577
577
579
579
579
579
579
579
625
623
621
623
573
571
571
571
571
571
571
571
569
571
571
569
617
617
September 8, 2025
Jul. 1, 2012–Sep. 30, 2012
Oct. 1, 2012–Dec. 31, 2012
Jan. 1, 2013–Mar. 31, 2013
Apr. 1, 2013–Jun. 30, 2013
Jul. 1, 2013–Sep. 30, 2013
Oct. 1, 2013–Dec. 31, 2013
Jan. 1, 2014–Mar. 31, 2014
Apr. 1, 2014–Jun. 30, 2014
Jul. 1, 2014–Sep. 30, 2014
Oct. 1, 2014–Dec. 31, 2014
Jan. 1, 2015–Mar. 31, 2015
Apr. 1, 2015–Jun. 30, 2015
Jul. 1, 2015–Sep. 30, 2015
Oct. 1, 2015–Dec. 31, 2015
Jan. 1, 2016–Mar. 31, 2016
Apr. 1, 2016–Jun. 30, 2016
Jul. 1, 2016–Sep. 30, 2016
Oct. 1, 2016–Dec. 31, 2016
Jan. 1, 2017–Mar. 31, 2017
Apr. 1, 2017–Jun. 30, 2017
Jul. 1, 2017–Sep. 30, 2017
Oct. 1, 2017–Dec. 31, 2017
Jan. 1, 2018–Mar. 31, 2018
Apr. 1, 2018–Jun. 30, 2018
Jul. 1, 2018–Sep. 30, 2018
Oct. 1, 2018–Dec. 31, 2018
Jan. 1, 2019–Mar. 31, 2019
Apr. 1, 2019–Jun. 30, 2019
Jul. 1, 2019–Sep. 30, 2019
Oct. 1, 2019–Dec. 31, 2019
Jan. 1, 2020–Mar. 31, 2020
Apr. 1, 2020–Jun. 30, 2020
Jul. 1, 2020–Sep. 30, 2020
Oct. 1, 2020–Dec. 31, 2020
Jan. 1, 2021–Mar. 31, 2021
Apr. 1, 2021–Jun. 30, 2021
Jul. 1, 2021–Sep. 30, 2021
Oct. 1, 2021–Dec. 31, 2021
Jan. 1, 2022–Mar. 31, 2022
Apr. 1, 2022–Jun. 30, 2022
Jul. 1, 2022–Sep. 30, 2022
Oct. 1, 2022–Dec. 31, 2022
Jan. 1, 2023–Mar. 31, 2023
Apr. 1, 2023-Jun. 30, 2023
Jul. 1, 2023–Sep. 30, 2023
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
6%
6%
6%
6%
6%
6%
6%
6%
7%
7%
7%
8%
8%
7%
7%
7%
7%
5%
5%
5%
5%
5%
5%
5%
6%
7%
8%
9%
9%
9%
September 8, 2025
380
63
63
15
15
15
15
15
15
15
15
15
15
15
15
63
65
65
65
17
17
17
17
17
19
19
19
21
21
19
19
67
67
63
63
15
15
15
15
15
17
19
21
23
23
23
617
617
569
569
569
569
569
569
569
569
569
569
569
569
617
619
619
619
571
571
571
571
571
573
573
573
575
575
573
573
621
621
617
617
569
569
569
569
569
571
573
575
577
577
577
Bulletin No. 2025–37
Oct. 1, 2023–Dec. 31, 2023
Jan. 1, 2024–Mar. 31, 2024
Apr. 1, 2024–Jun. 30, 2024
Jul. 1, 2024–Sep. 30, 2024
Oct. 1, 2024–Dec. 31, 2024
Jan. 1, 2025–Mar. 31, 2025
Apr. 1, 2025–Jun. 30, 2025
Jul. 1, 2025–Sep. 30, 2025
Oct. 1, 2025–Dec. 31, 2025
Bulletin No. 2025–37
10%
10%
10%
10%
10%
9%
9%
9%
9%
381
25
73
73
73
73
23
23
23
23
579
627
627
627
627
577
577
577
577
September 8, 2025
TABLE OF INTEREST RATES FOR CORPORATE
OVERPAYMENTS EXCEEDING $10,000
FROM JANUARY 1, 1995 – PRESENT
1995-1 C.B.
PERIOD
RATE
TABLE
PG
Jan. 1, 1995–Mar. 31, 1995
6.5%
18
572
Apr. 1, 1995–Jun. 30, 1995
7.5%
20
574
Jul. 1, 1995–Sep. 30, 1995
6.5%
18
572
Oct. 1, 1995–Dec. 31, 1995
6.5%
18
572
Jan. 1, 1996–Mar. 31, 1996
6.5%
66
620
Apr. 1, 1996–Jun. 30, 1996
5.5%
64
618
Jul. 1, 1996–Sep. 30, 1996
6.5%
66
620
Oct. 1, 1996–Dec. 31, 1996
6.5%
66
620
Jan. 1, 1997–Mar. 31, 1997
6.5%
18
572
Apr. 1, 1997–Jun. 30, 1997
6.5%
18
572
Jul. 1, 1997–Sep. 30, 1997
6.5%
18
572
Oct. 1, 1997–Dec. 31, 1997
6.5%
18
572
Jan. 1, 1998–Mar. 31, 1998
6.5%
18
572
Apr. 1, 1998–Jun. 30, 1998
5.5%
16
570
Jul. 1, 1998–Sep. 30, 1998
5.5%
16
570
Oct. 1, 1998–Dec. 31, 1998
5.5%
16
570
Jan. 1, 1999–Mar. 31, 1999
4.5%
14
568
Apr. 1, 1999–Sep. 30, 1999
5.5%
16
570
Jul. 1, 1999–Sep. 30, 1999
5.5%
16
570
Oct. 1, 1999–Dec. 31, 1999
5.5%
16
570
Jan. 1, 2000–Mar. 31, 2000
5.5%
64
618
Apr. 1, 2000–Jun. 30, 2000
6.5%
66
620
Jul. 1, 2000–Sep. 30, 2000
6.5%
66
620
Oct. 1, 2000–Dec. 31, 2000
6.5%
66
620
Jan. 1, 2001–Mar. 31, 2001
6.5%
18
572
Apr. 1, 2001–Jun. 30, 2001
5.5%
16
570
Jul. 1, 2001–Sep. 30, 2001
4.5%
14
568
Oct. 1, 2001–Dec. 31, 2001
4.5%
14
568
Jan. 1, 2002–Mar. 31, 2002
3.5%
12
566
Apr. 1, 2002–Jun. 30, 2002
3.5%
12
566
Jul. 1, 2002–Sep. 30, 2002
3.5%
12
566
Oct. 1, 2002–Dec. 31, 2002
3.5%
12
566
Jan. 1, 2003–Mar. 31, 2003
2.5%
10
564
Apr. 1, 2003–Jun. 30, 2003
2.5%
10
564
Jul. 1, 2003–Sep. 30, 2003
2.5%
10
564
Oct. 1, 2003–Dec. 31, 2003
1.5%
8
562
Jan. 1, 2004–Mar. 31, 2004
1.5%
56
610
Apr. 1, 2004–Jun. 30, 2004
2.5%
58
612
September 8, 2025
382
Bulletin No. 2025–37
Jul. 1, 2004–Sep. 30, 2004
1.5%
56
610
Oct. 1, 2004–Dec. 31, 2004
2.5%
58
612
Jan. 1, 2005–Mar. 31, 2005
2.5%
10
564
Apr. 1, 2005–Jun. 30, 2005
3.5%
12
566
Jul. 1, 2005–Sep. 30, 2005
3.5%
12
566
Oct. 1, 2005–Dec. 31, 2005
4.5%
14
568
Jan. 1, 2006–Mar. 31, 2006
4.5%
14
568
Apr. 1, 2006–Jun. 30, 2006
4.5%
14
568
Jul. 1, 2006–Sep. 30, 2006
5.5%
16
570
Oct. 1, 2006–Dec. 31, 2006
5.5%
16
570
Jan. 1, 2007–Mar. 31, 2007
5.5%
16
570
Apr. 1, 2007–Jun. 30, 2007
5.5%
16
570
Jul. 1, 2007–Sep. 30, 2007
5.5%
16
570
Oct. 1, 2007–Dec. 31, 2007
5.5%
16
570
Jan. 1, 2008–Mar. 31, 2008
4.5%
62
616
Apr. 1, 2008–Jun. 30, 2008
3.5%
60
614
Jul. 1, 2008–Sep. 30, 2008
2.5%
58
612
Oct. 1, 2008–Dec. 31, 2008
3.5%
60
614
Jan. 1, 2009–Mar. 31, 2009
2.5%
10
564
Apr. 1, 2009–Jun. 30, 2009
1.5%
8
562
Jul. 1, 2009–Sep. 30, 2009
1.5%
8
562
Oct. 1, 2009–Dec. 31, 2009
1.5%
8
562
Jan. 1, 2010–Mar. 31, 2010
1.5%
8
562
Apr. 1, 2010–Jun. 30, 2010
1.5%
8
562
Jul. 1, 2010–Sep. 30, 2010
1.5%
8
562
Oct. 1, 2010–Dec. 31, 2010
1.5%
8
562
Jan. 1, 2011–Mar. 31, 2011
0.5%*
Apr. 1, 2011–Jun. 30, 2011
1.5%
8
562
Jul. 1, 2011–Sep. 30, 2011
1.5%
8
562
Oct. 1, 2011–Dec. 31, 2011
0.5%*
Jan. 1, 2012–Mar. 31, 2012
0.5%*
Apr. 1, 2012–Jun. 30, 2012
0.5%*
Jul. 1, 2012–Sep. 30, 2012
0.5%*
Oct. 1, 2012–Dec. 31, 2012
0.5%*
Jan. 1, 2013–Mar. 31, 2013
0.5%*
Apr. 1, 2013–Jun. 30, 2013
0.5%*
Jul. 1, 2013–Sep. 30, 2013
0.5%*
Oct. 1, 2013–Dec. 31, 2013
0.5%*
Jan. 1, 2014–Mar. 31, 2014
0.5%*
Apr. 1, 2014–Jun. 30, 2014
0.5%*
Jul. 1, 2014–Sep. 30, 2014
0.5%*
Oct. 1, 2014–Dec. 31, 2014
0.5%*
Bulletin No. 2025–37
383
September 8, 2025
Jan. 1, 2015–Mar. 31, 2015
0.5%*
Apr. 1, 2015–Jun. 30, 2015
0.5%*
Jul. 1, 2015–Sep. 30, 2015
0.5%*
Oct. 1, 2015–Dec. 31, 2015
0.5%*
Jan. 1, 2016–Mar. 31, 2016
0.5%*
Apr. 1, 2016–Jun. 30, 2016
1.5%
56
610
Jul. 1, 2016–Sep. 30, 2016
1.5%
56
610
Oct. 1, 2016–Dec. 31, 2016
1.5%
56
610
Jan. 1, 2017–Mar. 31, 2017
1.5%
8
562
Apr. 1, 2017–Jun. 30, 2017
1.5%
8
562
Jul. 1, 2017–Sep. 30, 2017
1.5%
8
562
Oct. 1, 2017–Dec. 31, 2017
1.5%
8
562
Jan. 1, 2018–Mar. 31, 2018
1.5%
8
562
Apr. 1, 2018–Jun. 30, 2018
2.5%
10
564
Jul. 1, 2018–Sep. 30, 2018
2.5%
10
564
Oct. 1, 2018–Dec. 31, 2018
2.5%
10
564
Jan. 1, 2019–Mar. 31, 2019
3.5%
12
566
Apr. 1, 2019–Jun. 30, 2019
3.5%
12
566
Jul. 1, 2019–Sep. 30, 2019
2.5%
10
564
Oct. 1, 2019–Dec. 31, 2019
2.5%
10
564
Jan. 1, 2020–Mar. 31, 2020
2.5%
58
612
Apr. 1, 2020–Jun. 30, 2020
2.5%
58
612
Jul. 1, 2020–Sep. 30, 2020
0.5%*
Oct. 1, 2020–Dec. 31, 2020
0.5%*
Jan. 1, 2021–Mar. 31, 2021
0.5%*
Apr. 1, 2021–Jun. 30, 2021
0.5%*
Jul. 1, 2021–Sep. 30, 2021
0.5%*
Oct. 1, 2021–Dec. 31, 2021
0.5%*
Jan. 1, 2022–Mar. 31, 2022
0.5%*
Apr. 1, 2022–Jun. 30, 2022
1.5%
8
562
Jul. 1, 2022–Sep. 30, 2022
2.5%
10
564
Oct. 1, 2022–Dec. 31, 2022
3.5%
12
566
Jan. 1, 2023–Mar. 31, 2023
4.5%
14
568
Apr. 1, 2023–Jun. 30, 2023
4.5%
14
568
Jul. 1, 2023–Sep. 30, 2023
4.5%
14
568
Oct. 1, 2023–Dec. 31, 2023
5.5%
16
570
Jan. 1, 2024–Mar. 31, 2024
5.5%
64
618
Apr. 1, 2024–Jun. 30, 2024
5.5%
64
618
Jul. 1, 2024–Sep. 30, 2024
5.5%
64
618
Oct. 1, 2024–Dec. 31, 2024
5.5%
64
618
Jan. 1, 2025–Mar. 31, 2025
4.5%
14
568
September 8, 2025
384
Bulletin No. 2025–37
Apr. 1, 2025–Jun. 30, 2025
4.5%
14
568
Jul. 1, 2025–Sep. 30, 2025
4.5%
14
568
Oct. 1, 2025–Dec. 31, 2025
4.5%
14
568
* The asterisk reflects the interest factors for daily compound interest for annual rates of 0.5 percent published in Appendix A of
this Revenue Ruling.
Bulletin No. 2025–37
385
September 8, 2025
Part III
Proposed Removal of the
Disregarded Payment Loss
Rules and Certain Recent
Changes to the Dual
Consolidated Loss Rules;
Extension of Transition
Relief
Notice 2025-44
SECTION 1. PURPOSE
This notice announces that the Department of Treasury (“Treasury Department”)
and the Internal Revenue Service (“IRS”)
intend to issue proposed regulations that
would remove (i) the disregarded payment
loss (“DPL”) rules under §1.1503(d)-1(d)
and (ii) recent modifications to the dual
consolidated loss (“DCL”) rules under
section 1503(d) relating to the deemed
ordering rule under §1.1503(d)-3(c)(3).
Additionally, the proposed regulations
would extend the transition relief pertaining to the application of the dual consolidated loss (“DCL”) rules under section
1503(d) to certain types of taxes covered
by the so-called “GloBE Model Rules”
described in “Tax Challenges Arising
from the Digitalisation of the Economy
– Global Anti-Base Erosion Model Rules
(Pillar Two).”1 Finally, this notice requests
comments on certain aspects of the DCL
rules.
SECTION 2. BACKGROUND
The DCL rules under section 1503(d)
(1) generally provide that a DCL of a
domestic corporation cannot reduce the
taxable income of a domestic affiliate (a
“domestic use”). See §§1.1503(d)-2 and
1.1503(d)-4(b). Similar rules under section 1503(d)(3) apply to “separate units”
of domestic corporations, defined as certain foreign branches and interests in
hybrid entities. See §1.1503(d)-1(b)(4)(i).
A DCL includes a net operating loss of a
dual resident corporation or the net loss
of a domestic corporation attributable to a
separate unit. See §1.1503(d)-1(b)(5).
Exceptions to the general prohibition
against the domestic use of a DCL include
a “domestic use election,” by which the
taxpayer certifies that there has not been
and will not be a “foreign use” of the
DCL during a certification period. See
§1.1503(d)-6(d). If a foreign use (or other
“triggering event”) occurs during the certification period, the DCL must be recaptured and an interest charge is imposed.
See §1.1503(d)-6(e)(1). Pursuant to the
“all or nothing” principle, any amount of
the DCL being put to a foreign use generally would cause the entire amount of
the DCL to be recaptured and reported as
income. See §1.1503(d)-6(e)(1). A foreign
use occurs when any portion of the DCL is
made available under the income tax laws
of a foreign country to offset or reduce,
directly or indirectly, the income of a foreign corporation or the direct or indirect
owner of a hybrid entity that is not a separate unit. See §1.1503(d)-3(a).
On December 11, 2023, the Treasury
Department and the IRS released Notice
2023-80, 2023-52 IRB 1583, which,
among other things, described the interaction of the DCL rules with the GloBE
Model Rules and requested comments
on such interaction. The notice also
announced limited transition relief from
the application of the DCL rules to the
GloBE Model Rules for “legacy DCLs,”
which generally are DCLs incurred before
the effective date of the GloBE Model
Rules.
On August 7, 2024, the Treasury
Department and the IRS published proposed regulations (REG-105128-23) in
the Federal Register (89 FR 64750), with
a correction published in the Federal Register on September 3, 2024 (89 FR 71214)
(the “2024 proposed regulations”). The
2024 proposed regulations included the
DPL rules, which would require domestic
corporations to include amounts related to
certain disregarded payments in income
for U.S. tax purposes. Additionally, the
2024 proposed regulations would provide guidance on the interaction of the
DCL rules and GloBE Model Rules and
extend and broaden the transition relief
announced in Notice 2023-80. In particular, the 2024 proposed regulations would
provide that the DCL rules generally apply
without taking into account QDMTTs or
Top-up Taxes collected under an IIR or
UTPR with respect to losses incurred in
taxable years beginning before August
6, 2024. See proposed §1.1503(d)-8(b)
(12). Finally, the 2024 proposed regulations included an anti-avoidance rule that
would apply with respect to both DPLs
and DCLs. See proposed §1.1503(d)-1(f).
On January 14, 2025, the Treasury
Department and the IRS published TD
10026 in the Federal Register (90 FR
3003) (the “2025 final regulations”),
which finalized the proposed DPL rules
and the proposed anti-avoidance rule
under §1.1503(d)-1(f). In response to
comments on the 2024 proposed regulations, the 2025 final regulations also
made two modifications to the rule under
§1.1503(d)-3(c)(3) (referred to as the
”deemed ordering rule” in the 2025 final
regulations), which applies for purposes
of both the DCL and DPL rules. The first
modification eliminated the restriction
limiting the application of the rule to situations in which foreign law does not provide rules for determining which income is
offset by the losses or deductions. The second modification provides that income or
gain is taken into account only if it would
be taken into account in determining
income or a DCL and, therefore, income
or gain otherwise disregarded for U.S. tax
purposes is not taken into account. See
§1.1503(d)-3(c)(3)(ii).
The DPL rules apply for taxable years
beginning on or after January 1, 2026. The
anti-avoidance rule in §1.1503(d)-1(f)
applies to DCLs incurred in taxable years
ending on or after August 6, 2024, and
to DPLs in taxable years beginning on
Org. for Econ. Coop. & Dev. [OECD], Tax Challenges Arising from the Digitalisation of the Economy – Global Anti-Base Erosion Model Rules (Pillar Two) (Dec. 14, 2021), https://www.
oecd-ilibrary.org/taxation/tax-challenges-arising-from-digitalisation-of-the-economy-global-anti-base-erosion-model-rules-pillar-two_782bac33-en. As the context requires, references to
the GloBE Model Rules include references to a foreign jurisdiction's legislation implementing the GloBE Model Rules. Capitalized terms used in this notice, but not defined herein, have the
meanings ascribed to such terms under the GloBE Model Rules.
1
September 8, 2025
386
Bulletin No. 2025–37
or after January 1, 2026. The modifications to the deemed ordering rule apply to
DCLs and DPLs incurred in taxable years
beginning on or after January 1, 2026.
The 2025 final regulations did not
include the proposed guidance on the
interaction of the DCL rules and GloBE
Model Rules, but the preamble to the
2025 final regulations announced that
the DCL transition relief provided in the
2024 proposed regulations would be further extended, when finalized. See Additional Transition Relief With Respect to
the GloBE Model Rules in TD 10026
(90 FR 3003, 3012-3014). Specifically,
the transition relief set forth in the 2024
proposed regulations would be extended
to apply with respect to DCLs incurred
in taxable years beginning before August
31, 2025.
SECTION 3. REGULATIONS TO BE
ISSUED
.01 Removal of the DPL rules
Following the publication of the 2025
final regulations, the Treasury Department
and the IRS received feedback recommending the removal of the DPL rules,
focusing on the complexity, uncertainty,
and costs of complying with the DPL
rules and of unwinding existing structures
in response to the DPL rules. The Treasury
Department and the IRS share these concerns.
In addition, the feedback questioned
the authority for the DPL rules, asserting that the DPL rules are a significant
departure from longstanding principles
of the Code, are inconsistent with the
statute, and conflict with congressional
intent. The comments stated that section
1503(d) is properly limited to regarded
items and does not impose income inclusions as a result of disregarded payments.
The feedback asserted that the regulations
under section 7701 generally do not create income inclusions with respect to disregarded payments that do not otherwise
exist under the Code.
In response to the feedback, the Treasury Department and the IRS have further considered the interaction of section
1503(d) and the regulations under section 7701(a) in the context of disregarded
payments that are deductible under for-
Bulletin No. 2025–37
eign law. In light of this further consideration, the Treasury Department and the
IRS are of the view that the interaction of
these provisions should not be construed
to cause such disregarded payments to
give rise to income inclusions as set forth
under the DPL rules. Accordingly, the
Treasury Department and the IRS intend
to issue proposed regulations that would
remove the DPL rules. In furtherance of
the removal of the DPL rules, the proposed regulations would also include an
exception to the anti-avoidance rule of
§1.1503(d)-1(f) so that the rule does not
apply to structures that would have been
addressed by the DPL rules.
.02 Removal of the modifications to the
deemed ordering rule
The 2025 final regulations revised
the deemed ordering rule under
§1.1503(d)-3(c)(3), in part, to coordinate
the application of the DPL and DCL rules,
and such coordination will no longer be
necessary once the DPL rules are withdrawn. Further, the Treasury Department
and the IRS are studying the application
and scope of the deemed ordering rule
(including in connection with the study
of the treatment of disregarded payments
discussed in section 5 of this notice).
Thus, the forthcoming proposed regulations will propose to remove the revisions
to the deemed ordering rule in the 2025
final regulations.
.03 Extension of transition relief on
application of DCL rules to GloBE Model
Rules
The Treasury Department and the
IRS are of the view that an extension
of the transition relief with respect to
the interaction of the DCL rules and the
GloBE Model Rules is appropriate to
allow for further consideration of comments received in response to the 2024
proposed regulations, to allow for consideration of further developments at the
OECD, and to provide taxpayers more
certainty. Accordingly, the forthcoming
proposed regulations will propose to further extend the relief set forth in proposed
§1.1503(d)-8(b)(12) to apply with respect
to DCLs incurred in taxable years beginning before January 1, 2028.
387
.04 Applicability dates
The proposed regulations to be issued
removing the DPL rules described in section 3.01 of this notice would apply to taxable years beginning on or after January
1, 2026.
The proposed regulations to be issued
removing the changes to the deemed
ordering rule described in section 3.02 of
this notice would apply to DCLs incurred
in taxable years beginning on or after January 1, 2026.
SECTION 4. RELIANCE
Taxpayers may rely on section 3 of this
notice until the date the proposed regulations are published in the Federal Register.
SECTION 5. REQUEST FOR
COMMENTS AND CONTACT
INFORMATION
The Treasury Department and the IRS
are studying (1) potential revisions to
the “all or nothing” principle, taking into
account administrability concerns, and (2)
whether, and, if so, how disregarded items
should be taken into account for purposes
of the DCL rules (for example, in a manner similar to that set forth in §1.904-4(f)
for determining foreign branch category
income), and request comments on these
issues.
Comments should be submitted by
October 21, 2025. Comments may be
submitted electronically via the Federal
eRulemaking Portal at www.regulations.
gov (type IRS-2025-0171 in the search
field on the regulations.gov homepage to
find this notice and submit comments).
Written comments may be submitted to
the Office of Associate Chief Counsel
(International), Attention: Mark Terrell,
Internal Revenue Service, IR-4619, 1111
Constitution Avenue, NW, Washington,
DC 20224. Comments will be available
for public inspection and copying.
The author of this notice is the Office of
Associate Chief Counsel (International).
However, other personnel from the Treasury Department and the IRS participated
in its development. For further information concerning this notice, please contact
(202) 317-5443.
September 8, 2025
Application of Sections
897(d) and (e) to
Certain Inbound Asset
Reorganizations under
Section 368(a)(1)(F); Stock
Ownership Requirement
under Section 368(a)(1)(F)
Notice 2025-45
SECTION 1. PURPOSES
This notice announces that the Department of the Treasury (the “Treasury Department”) and the Internal Revenue Service
(the “IRS”) intend to issue proposed regulations under sections 897(d) and (e) that
modify the application of the rules described
in §§1.897-5T and 1.897-6T, Notice 89-85,
1989-2 C.B. 403, and Notice 2006-46,
2006-1 C.B. 1044, to certain transactions
involving the transfer of United States real
property interests (“USRPIs”). The regulations will propose to revise the rules
that apply to inbound asset reorganizations
under section 368(a)(1)(F) that constitute
a “covered inbound F reorganization” as
defined in section 3.02 of this notice.
This notice also announces that the
Treasury Department and the IRS intend
to issue proposed regulations to revise
§1.368-2(m) to clarify that qualification of
a potential F reorganization (as defined in
§1.368-2(m)(1)) as a reorganization under
section 368(a)(1)(F) (“F reorganization”)
would not be affected by a disposition of
stock in either the transferor corporation
or the resulting corporation if that disposition is not included in the plan of reorganization.
SECTION 2. BACKGROUND
.01 Overview of Section 897
Under section 897(a), gain or loss from
the disposition of a USRPI by a nonresident
alien individual or a foreign corporation is
taken into account as effectively connected
income under section 871(b)(1) or section
882(a)(1), respectively, as if the taxpayer
were engaged in a trade or business within
the United States during the taxable year
and the gain or loss were effectively connected with the trade or business.
Section 897(c)(1) generally defines a
USRPI to mean an interest in real property located in the United States or the
Virgin Islands and any interest (other than
an interest solely as a creditor) in any
domestic corporation, unless the taxpayer
establishes that such corporation was not
a United States real property holding corporation (“USRPHC”) at any time during
the shorter of the period the taxpayer held
such interest or the 5-year period ending on the date of the disposition of such
interest. Under section 897(c)(2), a USRPHC is defined as any corporation if the
fair market value of its USRPIs equals
or exceeds 50-percent of the sum of the
fair market value of (i) its USRPIs, (ii) its
real property interests located outside of
the United States, and (iii) any of its other
assets used or held for use in a trade or
business. If any class of stock of a corporation is regularly traded on an established
securities market, section 897(c)(3) generally provides that stock of that class is
treated as a USRPI only with respect to a
person who held more than 5 percent of
such class of stock during a defined period
(applying certain constructive ownership
rules under section 897(c)(6)(C)).
.02 Treatment of Distributions by Foreign
Corporations under Section 897(d)
Under section 897(d)(1), except to the
extent provided in regulations, gain is
recognized by a foreign corporation on
the distribution (including a distribution
in liquidation or redemption) of a USRPI
in a transaction that otherwise qualifies
for nonrecognition under chapter 1 of the
Code. Section 897(d)(2) provides that gain
is not recognized under section 897(d)(1)
if (i) at the time of the receipt of the distributed property, the distributee would be
subject to taxation on a subsequent disposition of the distributed property, and
the basis of the distributed property in the
hands of the distributee is no greater than
the adjusted basis of such property before
the distribution, increased by the amount
of gain (if any) recognized by the distributing corporation; or (ii) nonrecognition
treatment is provided for in regulations
under section 897(e)(2).
Section 1.897-5T(c)(4)(i) provides that
a foreign corporation that transfers property to another corporation in an exchange
under section 361(a) for stock of a USRPHC
immediately after the transfer pursuant to a
reorganization under section 368(a)(1)(C),
(D), or (F) must generally recognize gain
under section 897(d)(1) on the distribution
of the stock of the USRPHC to its shareholders under section 361(c). Consistent
with section 897(d)(2), §1.897-5T(c)(4)(ii)
and (iii) provide, respectively, an exception
to and a limitation on this gain recognition.
Notice 89-85 announced that the
exception and the limitation set forth in
§1.897-5T(c)(4)(ii) and (iii) would be
replaced by a new exception. This new
exception generally provides that gain
recognition will not be required on the
section 361(c) distribution of the stock of
the USRPHC under §1.897-5T(c)(4)(i) if
the foreign corporation pays an amount
equal to any taxes that section 897 would
have imposed (plus interest) on all persons
who had disposed of interests in the transferor foreign corporation (or a corporation
from which such assets were acquired in a
transaction described in section 381) after
June 18, 1980, as if it were a domestic corporation on the date of each such disposition, and if the conditions of §1.897-5T(c)
(4)(ii)(A) and (C) are met. The condition
under §1.897-5T(c)(4)(ii)(A) is met if, at
the time of the distribution, the distributee
(that is, the exchanging shareholder in the
section 354 exchange) would be subject to
U.S. taxation on a subsequent disposition
of the stock of the domestic corporation.
The condition under §1.897-5T(c)(4)(ii)
(C) is met if the distributing corporation
complies with the filing requirements
prescribed in §1.897-5T(d)(1)(iii), under
which a nonresident alien individual or
foreign corporation that transfers or distributes a USRPI is required to file an
income tax return for the taxable year of
the distribution or transfer and attach to
the return a document setting forth certain
information prescribed in the regulations.1
Notice 89-57, 1989-1 C.B. 698, suspends the return filing requirement in §1.897-5T(d)(1)(iii) if: (i) the transfer or distribution otherwise qualifies in its entirety for nonrecognition under
the temporary regulations under section 897(d) and (e), (ii) the transferor or distributor does not have any other income that is effectively connected with a U.S. trade or business during
the taxable year that includes the transfer or distribution subject to the temporary regulations under section 897(d) and (e); and (iii) either a withholding certificate is obtained pursuant to
§1.1445-3(a) or a notice of nonrecognition is submitted to the IRS pursuant to the provisions of §1.1445-2(d)(2).
1
September 8, 2025
388
Bulletin No. 2025–37
Notice 2006-46 announced rules that
would further revise the exception to
gain recognition under §1.897-5T(c)(4)
(i) described in Notice 89-85. Under the
notice, the period that a foreign corporation must consider with respect to prior
stock dispositions would be revised to the
earliest of either (i) the period beginning
on the date that is 10 years prior to the date
on which the acquiring domestic corporation or a related person (within the meaning of section 267(b)) is in control (as
determined under section 304(c)) of the
foreign corporation and ending on the date
of the reorganization; or (ii) the period
beginning on the date that is 10 years prior
to the date of the reorganization and ending on the date of the reorganization.
.03 Coordination with Nonrecognition
Provisions under Section 897(e)
Subject to the rules of section 897(d)
and any regulations issued under section
897(e)(2), section 897(e)(1) provides that
any nonrecognition provision will apply
for purposes of section 897 only in the
case of an exchange of a USRPI for an
interest the sale of which would be taxable under Chapter 1 of the Code. Section
897(e)(2)(A) directs the Secretary to prescribe regulations (which are necessary
or appropriate to prevent the avoidance
of Federal income taxes) providing the
extent to which nonrecognition provisions
apply for purposes of section 897(e).
Section 1.897-6T(a)(1) provides that,
except as otherwise provided in §§1.8975T and -6T, for purposes of section 897(e),
any nonrecognition provision applies to a
transfer by a foreign person of a USRPI on
which gain is realized only to the extent
that the transferred USRPI is exchanged
for a USRPI which, immediately following the exchange, would be subject to
U.S. taxation on its disposition, and the
transferor complies with the filing requirements of §1.897-5T(d)(1)(iii) (as modified
by Notice 89-57).
.04 Overview of Section 368(a)(1)(F)
Section 368(a)(1)(F) defines an F
reorganization as a mere change in identity, form, or place of organization of one
2
corporation, however effected. A mere
change can consist of a transaction that
involves an actual or deemed transfer of
property by a transferor corporation to a
resulting corporation (each term as defined
in §1.368-2(m)(1)). A transaction in which
a foreign corporation redomiciles into the
United States, for example, may qualify as
an F reorganization.
Section 1.368-2(m) sets forth the scope
and requirements for an F reorganization.
Among the requirements imposed by that
paragraph for a qualifying F reorganization, §1.368-2(m)(1)(ii) provides that a
potential F reorganization (as defined in
§1.368-2(m)(1)) must meet an “identity
of stock ownership” requirement. Specifically, that provision requires that “[t]
he same person or persons must own all
of the stock of the transferor corporation,
determined immediately before the potential F reorganization, and of the resulting
corporation, determined immediately after
the potential F reorganization, in identical
proportions.”
SECTION 3. REGULATIONS TO BE
ISSUED UNDER SECTION 897
.01 Overview
The Treasury Department and the IRS
understand that the current rules described
in §§1.897-5T(c)(4) and 1.897-6T(a),
as modified by Notice 89-85 and Notice
2006-46, may serve as an impediment to
publicly traded foreign corporations redomiciling into the United States. For example, a publicly traded foreign corporation
that holds USRPIs may, for valid nontax business reasons, desire to become a
publicly traded domestic corporation in
a transaction that would otherwise qualify for nonrecognition treatment but that
would result in the imposition of tax under
section 897(d) or (e). Taxpayers may also
face significant compliance burdens in
seeking to comply with the application of
section 897(d) to these transactions under
the current rules because the transactions
involve a publicly traded corporation
(for example, the filing requirements in
§1.897-5T(d)(1)(iii) may require any distributee of stock of a USRPHC to provide
a signed declaration that the distributee
will treat any subsequent sale, exchange,
or other disposition of the USRPHC stock
as a disposition that is subject to U.S. taxation).
The Treasury Department and the IRS
are of the view that the redomiciliation
transactions described in section 3.02 of
this notice do not give rise to policy concerns under section 897 because they do
not create a risk of inappropriate avoidance of section 897. Accordingly, the
Treasury Department and the IRS have
determined that exceptions to the gain recognition rules described in §§1.897-5T(c)
(4) and 1.897-6T(a), Notice 89-85, and
Notice 2006-46, as set forth in sections
3.03 and 3.04 of this notice, are appropriate in certain limited circumstances.
.02 Scope
(1) Application to covered inbound F
reorganizations. Subject to the exception
described in section 3.02(3) of this notice,
the rules described in sections 3.03 and
3.04 of this notice will apply with respect
to transfers or distributions that occur in
an F reorganization in which the transferor
corporation is a publicly traded foreign
corporation and the resulting corporation
is a publicly traded domestic corporation2
(a “covered inbound F reorganization”).
(2) Publicly traded requirement. A foreign transferor corporation will be considered a publicly traded foreign corporation
only if the principal class of stock of the
foreign transferor corporation was regularly traded on an established securities
market at all times during the three-year
period immediately preceding the completion of the F reorganization. The domestic
resulting corporation will be considered a
publicly traded domestic corporation only
if, at all times during the one-year period
immediately following the completion of
the F reorganization, the principal class of
stock of the domestic resulting corporation is regularly traded on an established
securities market.
The term “principal class of stock” will
mean the common stock of the foreign
transferor corporation or the domestic
resulting corporation, as applicable, provided that the class of stock represents the
majority of the aggregate vote and value of
For this purpose, a domestic corporation does not include a regulated investment company as defined in section 851 or a real estate investment trust as defined in section 856.
Bulletin No. 2025–37
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September 8, 2025
the corporation. If no single class of common stock represents the majority of the
aggregate vote and value of the corporation, the principal class of stock will mean
those classes of stock that in the aggregate
represent a majority of the aggregate vote
and value of the corporation. In addition,
the term “regularly traded” will have the
same meaning provided in §1.897-9T(d)
(1) (but without regard to the reporting
requirement under §1.897-9T(d)(3)), and
the term “established securities market”
will have the same meaning provided in
§1.897-1(m) (but excluding any over-thecounter market described in §1.897-1(m)
(3)).
(3) Exception for subsequent transfers.
A transaction that would otherwise qualify
as a covered inbound F reorganization will
not be a covered inbound F reorganization
if, pursuant to a plan (or series of related
transactions), the resulting domestic corporation transfers any property3 (other
than money) to any of its shareholders
with respect to the shareholder’s stock
in the resulting domestic corporation in
connection with the F reorganization. For
this purpose, a plan is deemed to exist if
the resulting domestic corporation transfers any property (other than money) to
any of its shareholders with respect to
the shareholder’s stock in the resulting
domestic corporation within the one-year
period beginning on the date that the F
reorganization is completed. However,
a transaction would not fail to be a covered inbound F reorganization if the fair
market value of the aggregate amount of
property (other than money) transferred
by the resulting domestic corporation to
its shareholders (described in the preceding two sentences) is less than one percent
of the total fair market value of the assets
of the foreign transferor corporation, as
determined at the time of the completion
of the F reorganization.
.03 Rules under §1.897-5T(c)(4)
(1) Exception in Notice 89-85 and
Notice 2006-46. The proposed regulations
will clarify that, in a covered inbound F
reorganization, the exception described
in Notice 89-85 and Notice 2006-46 to
gain recognition under §1.897-5T(c)(4)
(i) takes into account section 897(c)(3)
(including constructive ownership as provided in section 897(c)(6)(C)).
Thus, for example, assume a nonresident alien individual disposed of stock of
the foreign transferor corporation engaging in a covered inbound F reorganization
during the applicable period set forth in
Notice 2006-46, but section 897(c)(3), if
applied, would have treated the stock of
the foreign transferor corporation as not
a USRPI (if the foreign corporation were
a domestic corporation on the date of the
disposition). In this case, the disposition
would not give rise to any amount owed
by the transferor foreign corporation
(assuming the conditions of §1.897-5T(c)
(4)(ii)(A) and (C) are met).
The proposed regulations will also provide that, solely for purposes of covered
inbound F reorganizations, section 897(c)
(3) applies based on whether the foreign
transferor corporation knows or has reason to know that a person at some time
during the shorter of the periods described
in section 897(c)(1)(A)(ii) held more
than 5 percent of the class of stock. For
purposes of the rule set forth in the preceding sentence, the foreign transferor
corporation must make reasonable efforts
to know, including researching publicly
available information.
(2) Subject to U.S. taxation requirement. The proposed regulations will provide that in a covered inbound F reorganization, a distributee of the resulting
domestic corporation stock that qualifies
for the exception in section 897(c)(3) at
the time of the distribution is treated as
meeting the requirement described in
§1.897-5T(c)(4)(ii)(A) of being subject
to U.S. taxation. Thus, for example, the
subject to U.S. taxation requirement of
§1.897-5T(c)(4)(ii)(A) would be met if the
foreign transferor corporation in a covered
inbound F reorganization distributes stock
of the resulting domestic corporation to
a distributee shareholder that, at the time
of the distribution, is a nonresident alien
individual who owned 5 percent or less
of the stock of the resulting domestic corporation and, thus, the resulting domestic
corporation stock would not constitute a
USRPI under section 897(c)(3).
(3) Filing requirements. The proposed regulations will provide that for
purposes of satisfying the filing requirements described in §1.897-5T(c)(4)(ii)
(C) for a covered inbound F reorganization, the declaration described in
§1.897-5T(d)(1)(iii)(H) is required to be
provided only with respect to distributees of resulting domestic corporation
stock that the foreign transferor corporation knows or has reason to know (after
making reasonable efforts to determine,
including researching publicly available information) do not qualify for the
exception under section 897(c)(3) at the
time of the distribution.
.04 Rules under §1.897-6T(a)
The proposed regulations will revise
the rules described in §1.897-6T(a) to
provide that, for purposes of section
897(e)(1), nonrecognition treatment
under section 361(a) will apply in a
covered inbound F reorganization to a
foreign transferor corporation’s transfer of a USRPI to a resulting domestic
corporation in exchange for stock of the
resulting domestic corporation that is
not a USRPI. This exception will apply
without regard to whether the foreign
transferor corporation would be subject
to U.S. taxation on its disposition of the
stock of the resulting domestic corporation received in the exchange. However, the foreign transferor corporation
remains subject to the condition set forth
in §1.897-6T(a)(1) that it satisfy the filing requirements described in §1.8975T(d)(1)(iii) (but it is not required to
provide the information described in
§1.897-5T(d)(1)(iii)(C) and (H)) and, as
part of those requirements, must include
a statement that any USRPI transferred
is pursuant to a covered inbound F reorganization as defined in section 3.02
of this notice and to which the rules
in this section 3.04 apply. The foreign
transferor corporation may avoid the
filing requirements described in §1.8975T(d)(1)(iii) if it satisfies the conditions
described in Notice 89-57.
For this purpose, property has the meaning provided in section 317(a). The exception described in this section 3.02(3) will apply without regard to the rule in §1.368-2(m)(3)(iii) that distributions from a resulting corporation are treated as unrelated, separate transactions from an F reorganization even if they are connected in a formal sense.
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September 8, 2025
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Bulletin No. 2025–37
SECTION 4. REGULATIONS
TO BE ISSUED UNDER
SECTION 368(a)(1)(F)
.01 Overview
The Treasury Department and the IRS
have received stakeholder requests to
clarify the application of the “identity of
stock ownership” requirement for potential F reorganizations in which sales or
exchanges (or other dispositions) of transferor or resulting corporation stock occur
in close temporal proximity to transactions
properly included in the plan of reorganization. For example, stakeholders have
requested that the Treasury Department
and the IRS provide guidance to clarify the
potential effect on F reorganization qualification of sales or exchanges of resulting
corporation stock that occur among transaction steps including (i) the formation of
the resulting corporation, (ii) a transaction
that involves an actual or deemed transfer
of property from the transferor corporation to the resulting corporation, and (iii)
the liquidation (or deemed liquidation) of
the transferor corporation. The Treasury
Department and the IRS are of the view
that §1.368-2(m) and the most relevant
examples set forth in §1.368-2(m)(4)(vi)
and (vii) (Examples 6 and 7, respectively)
fail to address these issues with sufficient
certainty for taxpayers.
.02 Proposed Regulations revising §1.3682(m)(1)(ii)
(1) Proposed operative rule. The forthcoming proposed regulations would revise
§1.368-2(m)(1)(ii) to add at the end the
following sentence: “Satisfaction of the
identity of stock ownership requirement
under this paragraph (m)(1)(ii) would
not be affected by a disposition of stock
in either the transferor corporation or the
resulting corporation if that disposition
is not included in the plan of reorganization.”
(2) Proposed example 15 under §1.3682(m)(4). The forthcoming proposed regulations would revise §1.368-2(m)(4) to
add at the end the following new paragraph (m)(4)(xv) (Example 15).
“(xv) Example 15. Sales of stock among transaction steps included in the plan of reorganization—
mere change. P is a publicly traded Country A for-
Bulletin No. 2025–37
eign corporation that has a single class of common
stock outstanding. P also is a holding company that
owns all the stock of domestic corporation (S). P
organizes a domestic corporation (US Corp.), subscribing for stock of US Corp. with nominal consideration. P’s purpose for its organization of US Corp.
is to have it serve as a resulting corporation for a
potential F reorganization. To effectuate the potential
F reorganization, US Corp. creates a merger subsidiary, which merges into P with P surviving as a wholly
owned subsidiary of US Corp. (merger). Next, P
elects to change its classification for Federal income
tax purposes to be classified as a disregarded entity
three days after the merger (liquidation). Between
the dates of the merger and the liquidation, however, some of the US Corp. shareholders sell their
US Corp. shares to persons that are not shareholders
of US Corp. prior to sale. The sale of the US Corp.
stock is not included in the plan of reorganization
for the potential F reorganization. Therefore, the satisfaction of the identity of stock ownership requirement under this paragraph (m)(1)(ii) of this section is
not affected by the disposition of stock in US Corp.”
plays a valid control number assigned by
the OMB.
The rules described in section 3.03
and 3.04 of this notice will apply to a foreign transferor corporation in a covered
inbound F reorganization and will require
the foreign corporation to satisfy the filing
requirements described in §1.897-5T(d)
(1)(iii), as modified by Notice 89-57,
1989-1 C.B. 698. The specific collections
of information relate to the rules described
in §§1.897-5T(c)(4)(ii)(C) and 1.8976T(a), as modified by this notice. The collections of information mentioned in this
notice are already approved by the OMB
under OMB number 1545-0123.
SECTION 5. APPLICABILITY DATES
AND RELIANCE
Notice 89-85, 1989-2 C.B. 403, and
Notice 2006-46, 2006-1 C.B. 1044, are
modified and clarified.
The forthcoming proposed regulations
incorporating the guidance described in
sections 3 and 4 of this notice will apply
to distributions, transfers, or exchanges
occurring on or after August 19, 2025.
Taxpayers may rely on the rules described
in section 3 of this notice for covered
inbound F reorganizations occurring
before the forthcoming proposed regulations are published in the Federal Register, provided taxpayers follow those
rules in their entirety and in a consistent
manner. Taxpayers also may rely on the
rules described in section 4 of this notice
for potential F reorganizations before the
forthcoming proposed regulations are
published in the Federal Register.
SECTION 6. PAPERWORK
REDUCTION ACT
The Paperwork Reduction Act of 1995
(44 U.S.C. 3501-3520) generally requires
that a Federal agency obtain the approval
of the Office of Management and Budget
(“OMB”) before collecting information
from the public, whether such collection
of information is mandatory, voluntary, or
required to obtain or retain a benefit. An
agency may not conduct or sponsor, and
a person is not required to respond to, a
collection of information unless it dis-
391
SECTION 7. EFFECT ON OTHER
DOCUMENTS
SECTION 8. REQUEST FOR
COMMENTS AND DRAFTING
INFORMATION
The Treasury Department and the IRS
request comments on the rules described in
this notice. Comments should be submitted by October 20, 2025. Comments may
be submitted electronically via the Federal
eRulemaking Portal at www.regulations.
gov (type IRS-2025-0170 in the search
field on the regulations.gov homepage to
find this notice and submit comments).
Written comments may be submitted to
the Office of Associate Chief Counsel
(International), Attention: Daren Gottlieb,
Internal Revenue Service, IR-4561, 1111
Constitution Avenue, NW, Washington,
DC 20224. Comments will be available
for public inspection and copying.
The principal authors of this notice are
Daren Gottlieb and Elena Madaj of the
Office of Associate Chief Counsel (International), and Douglas C. Bates of the
Office of Associate Chief Counsel (Corporate). For further information regarding section 3 of this notice, contact Mr.
Gottlieb at (202) 317-4943 (not a toll-free
call). For further information regarding
section 4 of this notice, contact Mr. Bates
at (202) 317-6847 (not a toll-free number).
September 8, 2025
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. 2025–37
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.
September 8, 2025
Numerical Finding List1
Bulletin 2025–37
Announcements:
2025-19, 2025-29 I.R.B. 191
2025-20, 2025-31 I.R.B. 271
2025-21, 2025-32 I.R.B. 312
2025-24, 2025-36 I.R.B. 359
2025-25, 2025-36 I.R.B. 360
Notices:
2025-32, 2025-27 I.R.B. 1
2025-33, 2025-27 I.R.B. 4
2025-34, 2025-27 I.R.B. 6
2025-35, 2025-27 I.R.B. 8
2025-31, 2025-28 I.R.B. 14
2025-36, 2025-30 I.R.B. 192
2025-37, 2025-30 I.R.B. 198
2025-40, 2025-31 I.R.B. 266
2025-39, 2025-32 I.R.B. 308
2025-28, 2025-34 I.R.B. 316
2025-41, 2025-34 I.R.B. 325
2025-42, 2025-36 I.R.B. 351
2025-43, 2025-36 I.R.B. 356
2025-44, 2025-37 I.R.B. 386
2025-45, 2025-37 I.R.B. 388
Proposed Regulations:
REG-125710-18, 2025-30 I.R.B. 263
REG-107459-24, 2025-32 I.R.B. 313
REG-132805-17, 2025-35 I.R.B. 342
REG-108822-25, 2025-36 I.R.B. 361
Revenue Procedures:
2025-22, 2025-30 I.R.B. 200
2025-24, 2025-31 I.R.B. 273
2025-25, 2025-32 I.R.B. 311
2025-26, 2025-33 I.R.B. 315
Revenue Rulings:
2025-13, 2025-28 I.R.B. 11
2025-14, 2025-32 I.R.B. 300
2025-15, 2025-32 I.R.B. 302
2025-16, 2025-35 I.R.B. 342
2025-17, 2025-36 I.R.B. 349
2025-18, 2025-37 I.R.B. 365
Treasury Decisions:
10021, 2025-31 I.R.B. 264
10031, 2025-32 I.R.B. 304
A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2025–27 through 2025–52 is in Internal Revenue Bulletin
2025–52, dated December 22, 2025.
1
September 8, 2025
ii
Bulletin No. 2025–37
Finding List of Current Actions on
Previously Published Items1
Bulletin 2025–37
A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2025–27 through 2025–52 is in Internal Revenue Bulletin
2025–52, dated December 22, 2025.
1
Bulletin No. 2025–37
iii
September 8, 2025
Internal Revenue Service
Washington, DC 20224
Official Business
Penalty for Private Use, $300
INTERNAL REVENUE BULLETIN
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