# Bulletin No. 2021–48

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- **Document type:** Agency decision

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HIGHLIGHTS
OF THIS ISSUE




Bulletin No. 2021–48
November 29, 2021

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, INCOME TAX
Rev. Proc. 2021-47, page 775.

This revenue procedure addresses the federal income tax
treatment and information reporting requirements for payments made to or on behalf of financially distressed individual homeowners by certain entities with funds allocated
from the Homeowner Assistance Fund (HAF), established
under section 3206 of the American Rescue Plan Act of
2021, Pub. L. No. 117-2, 135 Stat. 4 (March 11, 2021),
in response to the coronavirus disease (COVID-19) pandemic. This revenue procedure also provides guidance
to States, and mortgage lenders and servicers regarding

Finding Lists begin on page ii.

information reporting requirements relating to certain HAF
payments.

INCOME TAX
Rev. Proc. 2021-45, page 764.

This revenue procedure sets forth inflation-adjusted items for
2022 for various provisions of the Internal Revenue Code of
1986 (Code), as amended, as of November 10, 2021. To the
extent amendments to the Code are enacted for 2022 after
November 10, 2021, taxpayers should consult additional
guidance to determine whether these adjustments remain
applicable for 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.

November 29, 2021 

Bulletin No. 2021–48

Part III
26 CFR 601.602: Tax forms and instructions.
(Also Part I, §§ 1, 23, 24, 32, 36B, 42, 45R, 55, 59, 62, 63, 125, 132(f),135, 137, 146, 147, 148, 152, 179, 179D,199A, 213, 220, 221, 448, 461, 512, 513, 642, 831,
877, 877A, 911, 1274A, 2010, 2032A, 2503, 2523, 4161, 4261, 6033, 6039F, 6323, 6334, 6601, 6651, 6652, 6695, 6698, 6699, 6721, 6722, 7345, 7430, 7702B,
9831; 1.148-5.)

Rev. Proc. 2021-45
Table of Contents
SECTION 1. PURPOSE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 765
SECTION 2. CHANGES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 765
SECTION 3. 2022 ADJUSTED ITEMS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 765
Code Section
.01 Tax Rate Tables
.02 Unearned Income of Minor Children (“Kiddie Tax”)
.03 Maximum Capital Gains Rate
.04 Adoption Credit
.05 Child Tax Credit
.06 Earned Income Credit
.07 Refundable Credit for Coverage Under a Qualified Health Plan
.08 Rehabilitation Expenditures Treated as Separate New Building
.09 Low-Income Housing Credit
.10 Employee Health Insurance Expense of Small Employers
.11 Exemption Amounts for Alternative Minimum Tax
.12 Alternative Minimum Tax Exemption for a Child Subject to the “Kiddie Tax”
.13 Certain Expenses of Elementary and Secondary School Teachers
.14 Transportation Mainline Pipeline Construction Industry Optional Expense
Substantiation Rules for Payments to Employees Under Accountable Plans
.15 Standard Deduction
.16 Cafeteria Plans
.17 Qualified Transportation Fringe Benefit
.18 Income from United States Savings Bonds for Taxpayers Who
Pay Qualified Higher Education Expenses
.19 Adoption Assistance Programs
.20 Private Activity Bonds Volume Cap
.21 Loan Limits on Agricultural Bonds
.22 General Arbitrage Rebate Rules
.23 Safe Harbor Rules for Broker Commissions on Guaranteed
Investment Contracts or Investments Purchased for a Yield
Restricted Defeasance Escrow
.24 Gross Income Limitation for a Qualifying Relative
.25 Election to Expense Certain Depreciable Assets
.26 Energy Efficient Commercial Buildings Deduction 179D
.27 Qualified Business Income
.28 Eligible Long-Term Care Premiums
.29 Medical Savings Accounts
.30 Interest on Education Loans
.31 Limitation on Use of Cash Method of Accounting
.32 Threshold for Excess Business Loss
.33 Treatment of Dues Paid to Agricultural or Horticultural Organizations
.34 Insubstantial Benefit Limitations for Contributions Associated
With Charitable Fund-Raising Campaigns
.35 Special Rules for Credits and Deductions

November 29, 2021

764

1(j)(2) (A)-(D)
1(g)
1(h)
23
24
32
36B(f)(2)(B)
42(e)
42(h)
45R
55
59(j)
62(a)(2)(D)
62(c)
63
125
132(f)
135
137
146(d)
147(c)(2)
148(f)
148
152(d)(1)(B)
179
199A
213(d)(10)
220
221
448
461(l)
512(d)
513(h)
642

Bulletin No. 2021–48

.36 Tax on Insurance Companies Other than Life Insurance Companies
.37 Expatriation to Avoid Tax
.38 Tax Responsibilities of Expatriation
.39 Foreign Earned Income Exclusion
.40 Debt Instruments Arising Out of Sales or Exchanges
.41 Unified Credit Against Estate Tax
.42 Valuation of Qualified Real Property in Decedent’s Gross Estate
.43 Annual Exclusion for Gifts
.44 Tax on Arrow Shafts
.45 Passenger Air Transportation Excise Tax
.46 Reporting Exception for Certain Exempt Organizations with
Nondeductible Lobbying Expenditures
.47 Notice of Large Gifts Received from Foreign Persons
.48 Persons Against Whom a Federal Tax Lien Is Not Valid
.49 Property Exempt from Levy
.50 Exempt Amount of Wages, Salary, or Other Income
.51 Interest on a Certain Portion of the Estate Tax Payable in Installments
.52 Failure to File Tax Return
.53 Failure to File Certain Information Returns, Registration Statements, etc.
.54 Other Assessable Penalties With Respect to the Preparation of Tax Returns for
Other Persons
.55 Failure to File Partnership Return
.56 Failure to File S Corporation Return
.57 Failure to File Correct Information Returns
.58 Failure to Furnish Correct Payee Statements
.59 Revocation or Denial of Passport in Case of Certain Tax Delinquencies
.60 Attorney Fee Awards
.61 Periodic Payments Received Under Qualified Long-Term Care
Insurance Contracts or Under Certain Life Insurance Contracts Arrangement
.62 Qualified Small Employer Health Reimbursement

831
877
877A
911
1274A
2010
2032A
2503; 2523
4161
4261
6033(e)(3)
6039F
6323
6334(a)
6334(d)
6601(j)
6651
6652
6695
6698
6699
6721
6722
7345
7430
7702B(d)
9831

SECTION 4. EFFECTIVE DATE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 775
SECTION 5. DRAFTING INFORMATION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 775

SECTION 1. PURPOSE
This revenue procedure sets forth
inflation-adjusted items for 2022 for various provisions of the Internal Revenue
Code of 1986 (Code), as amended, as of
November 9, 2021. To the extent amendments to the Code are enacted for 2022
after November 9, 2021, taxpayers should
consult additional guidance to determine
whether these adjustments remain applicable for 2022.
SECTION 2. CHANGES
.01 For taxable years beginning after
December 31, 2020, Div. EE, Title I,
Subtitle A, §104 of the Consolidated
Appropriations Act, 2021, Pub. L. No.
116-260 (Consolidated Appropriations
Act, 2021) provides that the allowable

Bulletin No. 2021–48

amount of the: (i) American Opportunity
Tax Credit under § 25A(b) of the Code
is phased out for taxpayers with modified adjusted gross income in excess of
$80,000 ($160,000 for joint returns);
and (ii) Lifetime Learning Credit under
§ 25A(c) of the Code is phased out for
taxpayers with modified adjusted gross
income in excess of $80,000 ($160,000
for joint returns). The phaseout range
provided in § 25A(d)(2) is not adjusted
for inflation for taxable years beginning
after December 31, 2020.
.02 For taxable years beginning after
December 31, 2020, Div. EE, Title I,
Subtitle A, §102 of the Consolidated
Appropriations Act, 2021, provides that
the energy efficient commercial buildings deduction is made permanent. In
addition, the amount under § 179D(b)(1)
used to determine the maximum amount

765

of the deductions and the amount under
§ 179D(d)(1)(A) used to determine the
partial allowance amount of the deduction are adjusted for inflation, beginning with taxable years beginning after
December 31, 2020. As a result, for taxable years beginning in 2021, the maximum amount of the deduction allowed
under section 179D(b) is $1.82. For taxable years beginning in 2021, the amount
used to determine the partial allowance
of the deduction under section 179D(d)
(1)(A) is $0.61.
SECTION 3. 2022 ADJUSTED
ITEMS
.01 Tax Rate Tables. For taxable years
beginning in 2022, the tax rate tables
under § 1 are as follows:

November 29, 2021

TABLE 1 - Section 1(j)(2)(A) - Married Individuals Filing Joint Returns and Surviving Spouses
If Taxable Income Is:

The Tax Is:

Not over $20,550

10% of the taxable income

Over $20,550 but
not over $83,550

$2,055 plus 12% of
the excess over $20,550

Over $83,550 but
not over $178,150

$9,615 plus 22% of
the excess over $83,550

Over $178,150 but
not over $340,100

$30,427 plus 24% of
the excess over $178,150

Over $340,100 but
not over $431,900

$69,295 plus 32% of
the excess over $340,100

Over $431,900 but
not over $647,850

$98,671 plus 35% of
the excess over $431,900

Over $647,850

$174,253.50 plus 37% of
the excess over $647,850

TABLE 2 - Section 1(j)(2)(B) – Heads of Households
If Taxable Income Is:

The Tax Is:

Not over $14,650

10% of the taxable income

Over $14,650 but
not over $55,900

$1,465 plus 12% of
the excess over $14,650

Over $55,900 but
not over $89,050

$6,415 plus 22% of
the excess over $55,900

Over $89,050 but
not over $170,050

$13,708 plus 24% of
the excess over $89,050

Over $170,050 but
not over $215,950

$33,148 plus 32% of
the excess over $170,050

Over $215,950 but
not over $539,900

$47,836 plus 35% of
the excess over $215,950

Over $539,900

$161,218.50 plus 37% of
the excess over $539,900

TABLE 3 - Section 1(j)(2)(C) – Unmarried Individuals (other than Surviving Spouses and Heads of Households)
If Taxable Income Is:

The Tax Is:

Not over $10,275

10% of the taxable income

Over $10,275 but
not over $41,775

$1,027.50 plus 12% of
the excess over $10,275

Over $41,775 but
not over $89,075

$4,807.50 plus 22% of
the excess over $41,775

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Bulletin No. 2021–48

Over $89,075 but
not over $170,050

$15,213.50 plus 24% of
the excess over $89,075

Over $170,050 but
not over $215,950

$34,647.50 plus 32% of
the excess over $170,050

Over $215,950 but
not over $539,900

$49,335.50 plus 35% of
the excess over $215,950

Over $539,900

$162,718 plus 37% of
the excess over $539,900

TABLE 4 - Section 1(j)(2)(D) – Married Individuals Filing Separate Returns
If Taxable Income Is:

The Tax Is:

Not over $10,275

10% of the taxable income

Over $10,275 but
not over $41,775

$1,027.50 plus 12% of
the excess over $10,275

Over $41,775 but
not over $89,075

$4,807.50 plus 22% of
the excess over $41,775

Over $89,075 but
not over $170,050

$15,213.50 plus 24% of
the excess over $89,075

Over $170,050 but
not over $215,950

$34,647.50 plus 32% of
the excess over $170,050

Over $215,950 but
not over $323,925

$49,335.50 plus 35% of
the excess over $215,950

Over $323,925

$87,126.75 plus 37% of
the excess over $323,925

TABLE 5 - Section 1(j)(2)(E) – Estates and Trusts
If Taxable Income Is:

The Tax Is:

Not over $2,750

10% of the taxable income

Over $2,750 but
not over $9,850

$275 plus 24% of
the excess over $2,750

Over $9,850 but
not over $13,450

$1,979 plus 35% of
the excess over $9,850

Over $13,450

$3,239 plus 37% of
the excess over $13,450

.02 Unearned Income of Minor Children (the “Kiddie Tax”). For taxable years
beginning in 2022, the amount in § 1(g)(4)
(A)(ii)(I), which is used to reduce the net
unearned income reported on the child’s
return that is subject to the “kiddie tax,”
is $1,150. This $1,150 amount is the same
as the amount provided in § 63(c)(5)(A),

Bulletin No. 2021–48

as adjusted for inflation. The same $1,150
amount is used for purposes of § 1(g)(7)
(that is, to determine whether a parent may
elect to include a child’s gross income in
the parent’s gross income and to calculate
the “kiddie tax”). For example, one of the
requirements for the parental election is
that a child’s gross income is more than

767

the amount referenced in § 1(g)(4)(A)(ii)
(I) but less than 10 times that amount;
thus, a child’s gross income for 2022 must
be more than $1,150 but less than $11,500.
.03 Maximum Capital Gains Rate. For
taxable years beginning in 2022, the Maximum Zero Rate Amount under § 1(h)(1)(B)
(i) is $83,350 in the case of a joint return or

November 29, 2021

surviving spouse ($41,675 in the case of a
married individual filing a separate return),
$55,800 in the case of an individual who
is a head of household (§ 2(b)), $41,675 in
the case of any other individual (other than
an estate or trust), and $2,800 in the case
of an estate or trust. The Maximum 15-percent Rate Amount under § 1(h)(1)(C)(ii)(l)
is $517,200 in the case of a joint return or
surviving spouse ($258,600 in the case of a
married individual filing a separate return),
$488,500 in the case of an individual who is
the head of a household (§ 2(b)), $459,750
in the case of any other individual (other
than an estate or trust), and $13,700 in the
case of an estate or trust.
.04 Adoption Credit. For taxable years
beginning in 2022, under § 23(a)(3) the
credit allowed for an adoption of a child
with special needs is $14,890. For taxable
years beginning in 2022, under § 23(b)
(1) the maximum credit allowed for other

adoptions is the amount of qualified adoption expenses up to $14,890. The available adoption credit begins to phase out
under § 23(b)(2)(A) for taxpayers with
modified adjusted gross income in excess
of $223,410 and is completely phased out
for taxpayers with modified adjusted gross
income of $263,410 or more. See section
3.19 for the adjusted items relating to
adoption assistance programs.
.05 Child Tax Credit. For taxable years
beginning in 2022, the amount used in
§ 24(d)(1)(A) to determine the amount of
credit under § 24 that may be refundable
is $1,500.….
.06 Earned Income Credit.
(1) In general. For taxable years beginning in 2022, the following amounts are
used to determine the earned income
credit under § 32(b). The “earned income
amount” is the amount of earned income
at or above which the maximum amount

Item
Earned Income Amount
Maximum Amount of Credit
Threshold Phaseout Amount (Single, Surviving Spouse, or
Head of Household)
Completed Phaseout Amount (Single, Surviving Spouse, or
Head of Household)
Threshold Phaseout Amount (Married Filing Jointly)
Completed Phaseout Amount (Married Filing Jointly)

The instructions for the Form 1040 series
provide tables showing the amount of the
earned income credit for each type of taxpayer.
(2) Excessive Investment Income.
For taxable years beginning in 2022, the

One
$10,980
$3,733
$20,130

of the earned income credit is allowed.
The “threshold phaseout amount” is the
amount of adjusted gross income (or, if
greater, earned income) above which the
maximum amount of the credit begins
to phase out. The “completed phaseout
amount” is the amount of adjusted gross
income (or, if greater, earned income) at
or above which no credit is allowed. The
threshold phaseout amounts and the completed phaseout amounts shown in the
table below for married taxpayers filing a
joint return include the increase provided
in § 32(b)(2)(B), as adjusted for inflation
for taxable years beginning in 2022. The
threshold phaseout amounts and the completed phaseout amounts shown in the
table below for single, surviving spouse,
or head of household taxpayers also apply
to married taxpayers who are not filing a
joint return and satisfy the special rules for
separated spouses in § 32(d).

Number of Qualifying Children
Two
Three or More
$15,410
$15,410
$6,164
$6,935
$20,130
$20,130

None
$7,320
$560
$9,160

$43,492

$49,399

$53,057

$16,480

$26,260
$49,622

$26,260
$55,529

$26,260
$59,187

$15,290
$22,610

earned income tax credit is not allowed
under § 32(i) if the aggregate amount
of certain investment income exceeds
$10,300.
.07 Refundable Credit for Coverage
Under a Qualified Health Plan. For tax-

able years beginning in 2022, the limitation on tax imposed under § 36B(f)(2)
(B) for excess advance credit payments is
determined using the following table:

If the household income
(expressed as a percent
of poverty line) is:

The limitation amount for
unmarried individuals
(other than surviving
spouses and heads of
household) is:

The limitation amount for
all other taxpayers is:

Less than 200%
At least 200% but less than 300%
At least 300% but less than 400%

$325
$825
$1,400

$650
$1,650
$2,800

November 29, 2021

768

Bulletin No. 2021–48

.08
Rehabilitation
Expenditures
Treated as Separate New Building. For
calendar year 2022, the per low-income
unit qualified basis amount under § 42(e)
(3)(A)(ii)(II) is $7,400.
.09 Low-Income Housing Credit. For
calendar year 2022, the amount used

under § 42(h)(3)(C)(ii) to calculate the
State housing credit ceiling for the low-income housing credit is the greater of (1)
$2.60 multiplied by the State population,
or (2) $2,975,000.
.10 Employee Health Insurance
Expense of Small Employers. For taxable

years beginning in 2022, the dollar amount
in effect under § 45R(d)(3)(B) is $28,700.
This amount is used under § 45R(c) for
limiting the small employer health insurance credit and under § 45R(d)(1)(B)
for determining who is an eligible small
employer for purposes of the credit.

.11 Exemption Amounts for Alternative Minimum Tax. For taxable years beginning in 2022, the exemption amounts under § 55(d)(1)
are:
Joint Returns or Surviving Spouses
Unmarried Individuals (other than Surviving Spouses)
Married Individuals Filing Separate Returns
Estates and Trusts

$118,100
$75,900
$59,050
$26,500

For taxable years beginning in 2022, under § 55(b)(1), the excess taxable income above which the 28 percent tax rate applies is:
Married Individuals Filing Separate Returns
Joint Returns, Unmarried Individuals (other than surviving spouses), and Estates and Trusts

$103,050
$206,100

For taxable years beginning in 2022, the amounts used under § 55(d)(2) to determine the phaseout of the exemption amounts are:

Joint Returns or Surviving Spouses
Unmarried Individuals (other than Surviving Spouses)
Married Individuals Filing Separate Returns
Estates and Trusts

.12 Alternative Minimum Tax Exemption
for a Child Subject to the “Kiddie Tax.” For
taxable years beginning in 2022, for a child
to whom the § 1(g) “kiddie tax” applies,
the exemption amount under §§ 55(d) and
59(j) for purposes of the alternative minimum tax under § 55 may not exceed the
sum of (1) the child’s earned income for the
taxable year, plus (2) $8,200.
.13 Certain Expenses of Elementary
and Secondary School Teachers. For
taxable years beginning in 2022, under
§ 62(a)(2)(D) the amount of the deduction allowed under § 162 that consists of

Threshold Phaseout amount
$1,079,800
$539,900
$539,900
$88,300

expenses paid or incurred by an eligible
educator in connection with books, supplies (other than nonathletic supplies for
courses of instruction in health or physical education), computer equipment
(including related software and services)
and other equipment, and supplementary
materials used by the eligible educator in
the classroom is $300.
.14 Transportation Mainline Pipeline
Construction Industry Optional Expense
Substantiation Rules for Payments to
Employees Under Accountable Plans. For
calendar year 2022, an eligible employer

may pay certain welders and heavy equipment mechanics an amount up to $19
per hour for rig-related expenses that are
deemed substantiated under an accountable plan if paid in accordance with Rev.
Proc. 2002-41, 2002-1 C.B. 1098. If the
employer provides fuel or otherwise reimburses fuel expenses, an amount up to $12
per hour is deemed substantiated if paid
under Rev. Proc. 2002-41.
.15 Standard Deduction.
(1) In general. For taxable years beginning in 2022, the standard deduction
amounts under § 63(c)(2) are as follows:

Filing Status
Married Individuals Filing Joint Returns and Surviving Spouses (§ 1(j)(2)(A))
Heads of Households (§ 1(j)(2)(B))
Unmarried Individuals (other than Surviving Spouses and Heads of Households) (§ 1(j)(2)(C))
Married Individuals Filing Separate Returns (§ 1(j)(2)(D))

Bulletin No. 2021–48

769

Complete Phaseout amount
$1,552,200
$843,500
$776,100
$194,300

Standard Deduction
$25,900
$19,400
$12,950
$12,950

November 29, 2021

(2) Dependent. For taxable years
beginning in 2022, the standard deduction
amount under § 63(c)(5) for an individual who may be claimed as a dependent
by another taxpayer cannot exceed the
greater of (1) $1,150, or (2) the sum of
$400 and the individual’s earned income.
(3) Aged or blind. For taxable years
beginning in 2022, the additional standard
deduction amount under § 63(f) for the
aged or the blind is $1,400. The additional
standard deduction amount is increased to
$1,750 if the individual is also unmarried
and not a surviving spouse.
.16 Cafeteria Plans. For taxable years
beginning in 2022, the dollar limitation
under § 125(i) on voluntary employee salary reductions for contributions to health
flexible spending arrangements is $2,850.
If the cafeteria plan permits the carryover
of unused amounts, the maximum carryover amount is $570.
.17 Qualified Transportation Fringe
Benefit. For taxable years beginning
in 2022, the monthly limitation under
§ 132(f)(2)(A) regarding the aggregate
fringe benefit exclusion amount for transportation in a commuter highway vehicle
and any transit pass is $280. The monthly
limitation under § 132(f)(2)(B) regarding
the fringe benefit exclusion amount for
qualified parking is $280.
.18 Income from United States Savings
Bonds for Taxpayers Who Pay Qualified
Higher Education Expenses. For taxable years beginning in 2022, the exclusion under § 135, regarding income from
United States savings bonds for taxpayers who pay qualified higher education
expenses, begins to phase out for modified
adjusted gross income above $128,650
for joint returns and $85,800 for all other
returns. The exclusion is completely
phased out for modified adjusted gross
income of $158,650 or more for joint
returns and $100,800 or more for all other
returns.

.19 Adoption Assistance Programs.
For taxable years beginning in 2022,
under § 137(a)(2), the amount that can
be excluded from an employee’s gross
income for the adoption of a child with
special needs is $14,890. For taxable years
beginning in 2022, under § 137(b)(1) the
maximum amount that can be excluded
from an employee’s gross income for the
amounts paid or expenses incurred by an
employer for qualified adoption expenses
furnished pursuant to an adoption assistance program for adoptions by the
employee is $14,890. The amount excludable from an employee’s gross income
begins to phase out under § 137(b)(2)
(A) for taxpayers with modified adjusted
gross income in excess of $223,410 and
is completely phased out for taxpayers
with modified adjusted gross income of
$263,410 or more. (See section 3.04 of
this revenue procedure for the adjusted
items relating to the adoption credit.)
.20 Private Activity Bonds Volume
Cap. For calendar year 2022, the amounts
used under § 146(d) to calculate the State
ceiling for the volume cap for private
activity bonds is the greater of (1) $110
multiplied by the State population, or (2)
$335,115,000.
.21 Loan Limits on Agricultural
Bonds. For calendar year 2022, the loan
limit amount on agricultural bonds under
§ 147(c)(2)(A) for first-time farmers is
$575,400.
.22 General Arbitrage Rebate Rules.
For bond years ending in 2022, the amount
of the computation credit determined
under § 1.148-3(d)(4) of the Income Tax
Regulations is $1,830.
.23 Safe Harbor Rules for Broker
Commissions on Guaranteed Investment
Contracts or Investments Purchased for
a Yield Restricted Defeasance Escrow.
For calendar year 2022, under § 1.1485(e)(2)(iii)(B)(1), a broker’s commission
or similar fee for the acquisition of a

Filing Status
Married Individuals Filing Joint Returns
Married Individuals Filing Separate Returns
All Other Returns

November 29, 2021

guaranteed investment contract or investments purchased for a yield restricted
defeasance escrow is reasonable if (1) the
amount of the fee that the issuer treats as
a qualified administrative cost does not
exceed the lesser of (A) $43,000, and (B)
0.2 percent of the computational base (as
defined in § 1.148-5(e)(2)(iii)(B)(2)) or,
if more, $4,000; and (2) for any issue, the
issuer does not treat more than $122,000
in brokers’ commissions or similar fees
as qualified administrative costs for all
guaranteed investment contracts and
investments for yield restricted defeasance escrows purchased with gross proceeds of the issue.
.24 Gross Income Limitation for a
Qualifying Relative. For taxable years
beginning in 2022, the exemption amount
referenced in § 152(d)(1)(B) is $4,400.
.25 Election to Expense Certain Depreciable Assets. For taxable years beginning
in 2022, under § 179(b)(1), the aggregate
cost of any § 179 property that a taxpayer
elects to treat as an expense cannot exceed
$1,080,000 and under § 179(b)(5)(A), the
cost of any sport utility vehicle that may
be taken into account under § 179 cannot exceed $27,000. Under § 179(b)(2),
the $1,080,000 limitation under section
179(b)(1) is reduced (but not below zero)
by the amount by which the cost of § 179
property placed in service during the 2022
taxable year exceeds $2,700,000.
.26 Energy Efficient Commercial Building Deduction. For taxable years beginning in 2022, the maximum amount of the
deduction allowed under section 179D(b)
is $1.88. For taxable years beginning in
2022, the amount used to determine the
partial allowance of the deduction under
section 179D(d)(1)(A) is $0.63.
.27 Qualified Business Income. For taxable years beginning in 2022, the threshold
amounts under § 199A(e)(2) and phase-in
range amounts under § 199A(b)(3)(B) and
§ 199A(d)(3)(A) are:

Threshold amount
$340,100
$170,050
$170,050

770

Phase-in range amount
$440,100
$220,050
$220,050

Bulletin No. 2021–48

.28 Eligible Long-Term Care Premiums. For taxable years beginning in 2022,

the limitations under § 213(d)(10), regarding eligible long-term care premiums

Attained Age Before the Close of the Taxable Year
40 or less
More than 40 but not more than 50
More than 50 but not more than 60
More than 60 but not more than 70
More than 70
.29 Medical Savings Accounts.
(1) Self-only coverage. For taxable
years beginning in 2022, the term “high
deductible health plan” as defined in
§ 220(c)(2)(A) means, for self-only coverage, a health plan that has an annual
deductible that is not less than $2,450 and
not more than $3,700, and under which the
annual out-of-pocket expenses required to
be paid (other than for premiums) for covered benefits do not exceed $4,950.
(2) Family coverage. For taxable
years beginning in 2022, the term “high
deductible health plan” means, for family
coverage, a health plan that has an annual
deductible that is not less than $4,950
and not more than $7,400, and under
which the annual out-of-pocket expenses
required to be paid (other than for premiums) for covered benefits do not exceed
$9,050.
.30 Interest on Education Loans. For
taxable years beginning in 2022, the
$2,500 maximum deduction for interest paid on qualified education loans
under § 221 begins to phase out under
§ 221(b)(2)(B) for taxpayers with modified adjusted gross income in excess of
$70,000 ($145,000 for joint returns), and
is completely phased out for taxpayers
with modified adjusted gross income of
$85,000 or more ($175,000 or more for
joint returns).
.31 Limitation on Use of Cash Method
of Accounting. For taxable years beginning in 2022, a corporation or partnership
meets the gross receipts test of § 448(c)
for any taxable year if the average annual
gross receipts of such entity for the 3-taxable-year period ending with the taxable
year which precedes such taxable year
does not exceed $27,000,000.
.32 Threshold for Excess Business
Loss. For taxable years beginning in 2022,
in determining a taxpayer’s excess busi-

Bulletin No. 2021–48

includible in the term “medical care,” are
as follows:
Limitation on Premiums
$450
$850
$1,690
$4,510
$5,640

ness loss, the amount under § 461(l)(3)
(A)(ii)(II) is $270,000 ($540,000 for joint
returns).
.33 Treatment of Dues Paid to Agricultural or Horticultural Organizations.
For taxable years beginning in 2022, the
limitation under § 512(d)(1), regarding
the exemption of annual dues required to
be paid by a member to an agricultural or
horticultural organization, is $178.
.34 Insubstantial Benefit Limitations
for Contributions Associated with Charitable Fund-Raising Campaigns.
(1) Low cost article. For taxable years
beginning in 2022, for purposes of defining the term “unrelated trade or business”
for certain exempt organizations under
§ 513(h)(2), “low cost articles” are articles
costing $11.70 or less.
(2) Other insubstantial benefits. For
taxable years beginning in 2022, under
§ 170, the $5, $25, and $50 guidelines in
section 3 of Rev. Proc. 90-12, 1990-1 C.B.
471 (as amplified by Rev. Proc. 92-49,
1992-1 C.B. 987, and modified by Rev.
Proc. 92-102, 1992-2 C.B. 579), for the
value of insubstantial benefits that may be
received by a donor in return for a contribution, without causing the contribution
to fail to be fully deductible, are $11.70,
$58.50 and $117, respectively.
.35 Special Rules for Credits and
Deductions. For taxable years beginning
in 2022, the amount of the deduction
under § 642(b)(2)(C)(i) is $4,400.
.36 Tax on Insurance Companies Other
than Life Insurance Companies. For
taxable years beginning in 2022, under
§ 831(b)(2)(A)(i) the amount of the limit
on net written premiums or direct written premiums (whichever is greater) is
$2,450,000 to elect the alternative tax for
certain small companies under § 831(b)
(1) to be taxed only on taxable investment
income.

771

.37 Expatriation to Avoid Tax. For
calendar year 2022, under § 877A(g)(1)
(A), unless an exception under § 877A(g)
(1)(B) applies, an individual is a covered
expatriate if the individual’s “average
annual net income tax” under § 877(a)
(2)(A) for the five taxable years ending
before the expatriation date is more than
$178,000.
.38 Tax Responsibilities of Expatriation. For taxable years beginning in 2022,
the amount that would be includible in
the gross income of a covered expatriate
by reason of § 877A(a)(1) is reduced (but
not below zero) by $767,000 pursuant to
§ 877A(a)(3).
.39 Foreign Earned Income Exclusion.
For taxable years beginning in 2022, the
foreign earned income exclusion amount
under § 911(b)(2)(D)(i) is $112,000.
.40 Debt Instruments Arising Out of
Sales or Exchanges. For calendar year
2022, a qualified debt instrument under
§ 1274A(b) has stated principal that does
not exceed $6,289,500, and a cash method
debt instrument under § 1274A(c)(2)
has stated principal that does not exceed
$4,492,500.
.41 Unified Credit Against Estate Tax.
For an estate of any decedent dying in
calendar year 2022, the basic exclusion
amount is $12,060,000 for determining
the amount of the unified credit against
estate tax under § 2010.
.42 Valuation of Qualified Real Property in Decedent’s Gross Estate. For an
estate of a decedent dying in calendar
year 2022, if the executor elects to use
the special use valuation method under
§ 2032A for qualified real property, the
aggregate decrease in the value of qualified real property resulting from electing
to use § 2032A for purposes of the estate
tax cannot exceed $1,230,000.
.43 Annual Exclusion for Gifts.

November 29, 2021

(1) For calendar year 2022, the first
$16,000 of gifts to any person (other than
gifts of future interests in property) are
not included in the total amount of taxable
gifts under § 2503 made during that year.
(2) For calendar year 2022, the first
$164,000 of gifts to a spouse who is not
a citizen of the United States (other than
gifts of future interests in property) are
not included in the total amount of taxable
gifts under §§ 2503 and 2523(i)(2) made
during that year.
.44 Tax on Arrow Shafts. For calendar year 2022, the tax imposed under
§ 4161(b)(2)(A) on the first sale by the
manufacturer, producer, or importer of
any shaft of a type used in the manufacture of certain arrows is $0.55 per shaft.
.45 Passenger Air Transportation
Excise Tax. For calendar year 2022, the
tax under § 4261(b)(1) on the amount paid
for each domestic segment of taxable air
transportation is $4.50. For calendar year
2022, the tax under § 4261(c)(1) on any
amount paid (whether within or without
the United States) for any international air
transportation, if the transportation begins
or ends in the United States, generally is
$19.70. Under § 4261(c)(3), however, a
lower rate of tax applies under § 4261(c)
(1) to a domestic segment beginning or
ending in Alaska or Hawaii, and the tax
applies only to departures. For calendar
year 2022, the rate of tax is $9.90.
.46 Reporting Exception for Certain
Exempt Organizations with Nondeduct-

ible Lobbying Expenditures. For taxable
years beginning in 2022, the annual per
person, family, or entity dues limitation to
qualify for the reporting exception under
§ 6033(e)(3) (and section 5.05 of Rev.
Proc. 98-19, 1998-1 C.B. 547), regarding
certain exempt organizations with nondeductible lobbying expenditures, is $124 or
less.
.47 Notice of Large Gifts Received from
Foreign Persons. For taxable years beginning in 2022, § 6039F authorizes the Treasury Department and the Internal Revenue
Service to require recipients of gifts from
certain foreign persons to report these gifts
if the aggregate value of gifts received in
the taxable year exceeds $17,339.
.48 Persons Against Whom a Federal
Tax Lien Is Not Valid. For calendar year
2022, a federal tax lien is not valid against
(1) certain purchasers under § 6323(b)
(4) who purchased personal property in
a casual sale for less than $1,690, or (2)
a mechanic’s lien or under § 6323(b)(7)
who repaired or improved certain residential property if the contract price with the
owner is not more than $8,440.
.49 Property Exempt from Levy. For
calendar year 2022, the value of property
exempt from levy under § 6334(a)(2) (fuel,
provisions, furniture, and other household
personal effects, as well as arms for personal use, livestock, and poultry) cannot
exceed $10,090. The value of property
exempt from levy under § 6334(a)(3)
(books and tools necessary for the trade,

Scenario
Organization (§ 6652(c)(1)(A))

Daily Penalty
$20

$110
$10
$20
$20

Maximum Penalty
Lessor of $11,000 or 5%
of gross receipts of the
organization for the year.
$56,000
$5,500
$11,000
No Limit

Daily Penalty
$10
$10
$20
$110

Maximum Penalty
$5,500
$5,500
$11,000
$56,000

Organization with gross receipts exceeding $1,129,000 (§ 6652(c)(1)(A))
Managers (§ 6652(c)(1)(B))
Public inspection of annual returns and reports (§ 6652(c)(1)(C))
Public inspection of applications for exemption and notice of status
(§ 6652(c)(1)(D))
(2) for failure to file a return required
under § 6034 (relating to returns by cer-

tain trust) or § 6043(b) (relating to terminations, etc., of exempt organizations):

Scenario
Organization or trust (§ 6652(c)(2)(A))
Managers (§ 6652(c)(2)(B))
Split-Interest Trust (§ 6652(c)(2)(C)(ii))
Any trust with gross income exceeding $282,000 (§ 6652(c)(2)(C)(ii))

November 29, 2021

business, or profession of the taxpayer)
cannot exceed $5,050.
.50 Exempt Amount of Wages, Salary,
or Other Income. For taxable years beginning in 2022, the dollar amount used to
calculate the amount determined under
§ 6334(d)(4)(B) is $4,400.
.51 Interest on a Certain Portion of the
Estate Tax Payable in Installments. For an
estate of a decedent dying in calendar year
2022, the dollar amount used to determine
the “2-percent portion” (for purposes of
calculating interest under § 6601(j)) of the
estate tax extended as provided in § 6166
is $1,640,000.
.52 Failure to File Tax Return. In the
case of any return required to be filed in
2023, the amount of the addition to tax
under § 6651(a) for failure to file within
60 days of the due date of such return
(determined with regard to any extensions
of time for filing) shall not be less than
the lesser of $450 or 100 percent of the
amount required to be shown as tax on
such return.
.53 Failure to File Certain Information
Returns, Registration Statements, etc. For
returns required to be filed in 2023, the
penalty amounts under § 6652(c) are:
(1) for failure to file a return required
under § 6033(a)(1) (relating to returns
by exempt organization) or § 6012(a)(6)
(relating to returns by political organizations):

772

Bulletin No. 2021–48

(3) for failure to file a disclosure required under § 6033(a)(2):
Scenario
Tax–exempt entity (§ 6652(c)(3)(A))
Failure to comply with written demand (§ 6652(c)(3)(B)(ii))
.54 Other Assessable Penalties With
Respect to the Preparation of Tax Returns

Daily Penalty
$110
$110

for Other Persons. In the case of any failure relating to a return or claim for refund

Scenario
Failure to furnish copy to taxpayer (§ 6695(a))
Failure to sign return (§ 6695(b))
Failure to furnish identifying number (§ 6695(c))
Failure to retain copy or list (§ 6695(d))
Failure to file correct information returns (§ 6695(e))
Negotiation of check (§ 6695(f))
Failure to be diligent in determining eligibility for head of household
filing status, child tax credit, American Opportunity tax credit, and
earned income credit (§ 6695(g))
.55 Failure to File Partnership Return.
In the case of any return required to be
filed in 2023, the dollar amount used to
determine the amount of the penalty under
§ 6698(b)(1) is $220.
.56 Failure to File S Corporation
Return. In the case of any return required

to be filed in 2023, the dollar amount used
to determine the amount of the penalty
under § 6699(b)(1) is $220.
.57 Failure to File Correct Information
Returns. In the case of any failure relating
to a return required to be filed in 2023, the
penalty amounts under § 6721 are:

(1) for persons with average annual
gross receipts for the most recent three
taxable years of more than $5,000,000, for
failure to file correct information returns:

Penalty Per Return
$290
$50
$110

Calendar Year Maximum
$3,532,500
$588,500
$1,766,000

Penalty Per Return
$290
$50
$110

Calendar Year Maximum
$1,177,500
$206,000
$588,500

of the filing requirement (or the correct
information reporting requirement):

Scenario
Return other than a return required to be filed
under §§ 6045(a), 6041A(b), 6050H, 6050I,
6050J, 6050K, or 6050L (§ 6721(e)(2)(A))

Bulletin No. 2021–48

Maximum Penalty
$28,000
$28,000
$28,000
$28,000
$28,000
No limit
No limit

taxable years of $5,000,000 or less, for
failure to file correct information returns:

Scenario
General Rule (§ 6721(d)(1)(A))
Corrected on or before 30 days after required filing date (§ 6721(d)(1)(B))
Corrected after 30th day but on or before August 1, 2023 (§ 6721(d)(1)(C))
(3) for failure to file correct information returns due to intentional disregard

filed in 2023, the penalty amounts under
§ 6695 are:

Per Return or Claim for Refund
$55
$55
$55
$55
$55 per return and item in return
$560 per check
$560 per failure

Scenario
General Rule (§ 6721(a)(1))
Corrected on or before 30 days after required filing date (§ 6721(b)(1))
Corrected after 30th day but on or before August 1, 2023 (§ 6721(b)(2))
(2) for persons with average annual
gross receipts for the most recent three

Maximum Penalty
$56,000
$11,000

Penalty Per Return
Calendar Year Maximum
Greater of (i) $580, or (ii) 10% of aggregate
No limit
amount of items required to be reported correctly

773

November 29, 2021

Scenario
Return required to be filed under §§ 6045(a),
6050K, or 6050L (§ 6721(e)(2)(B))
Return required to be filed under § 6050I(a)
(§ 6721(e)(2)(C))
Return required to be filed under § 6050V
(§ 6721(e)(2)(D))

.58 Failure to Furnish Correct Payee
Statements. In the case of any failure
relating to a statement required to be fur-

Penalty Per Return
Greater of (i) $580, or (ii) 5% of aggregate
amount of items required to be reported correctly
Greater of (i) $29,440, or (ii) amount of cash
received up to $117,500
Greater of (i) $580, or (ii) 10% of the value of
the benefit of any contract with respect to which
information is required to be included on the
return

nished in 2023, the penalty amounts under
§ 6722 are:
(1) for persons with average annual
gross receipts for the most recent three

November 29, 2021

Penalty Per Statement
$290
$50
$110

the requirement to furnish a payee state-

Scenario
Payee statement other than a statement required
under §§ 6045(b), 6041A(e) (in respect of a return
required under § 6041A(b)), 6050H(d), 6050J(e),
6050K(b), or 6050L(c) (§ 6722(e)(2)(A))
Payee statement required under §§ 6045(b),
6050K(b), or 6050L(c) (§ 6722(e)(2)(B))
.59 Revocation or Denial of Passport
in Case of Certain Tax Delinquencies.
For calendar year 2022, the amount of a
serious delinquent tax debt under § 7345
is $55,000.
.60 Attorney Fee Awards. For fees
incurred in calendar year 2022, the attorney fee award limitation under § 7430(c)
(1)(B)(iii) is $220 per hour.

No limit

Calendar Year Maximum
$3,532,500
$588,500
$1,766,000

years of $5,000,000 or less, for failure to
furnish correct payee statements:

Scenario
General Rule (§ 6722(d)(1)(A))
Corrected on or before 30 days after required furnishing date (§ 6722(d)(1)(B))
Corrected after 30th day but on or before August 1, 2023 (§ 6722(d)(1)(C))
(3) for failure to furnish correct payee
statements due to intentional disregard of

No limit

taxable years of more than $5,000,000, for
failure to furnish correct payee statements:

Scenario
Penalty Per Statement
General Rule (§ 6722(a)(1))
$290
Corrected on or before 30 days after required furnishing date (§ 6722(b)(1))
$50
Corrected after 30th day but on or before August 1, 2023 (§ 6722(b)(2))
$110
(2) for persons with average annual
gross receipts for the most recent 3 taxable

Calendar Year Maximum
No limit

Calendar Year Maximum
$1,177,500
$206,000
$588,500

ment (or the correct information reporting
requirement):

Penalty Per Statement
Calendar Year Maximum
Greater of (i) $580, or (ii) 10% of aggregate
No limit
amount of items required to be reported correctly

Greater of (i) $580, or (ii) 5% of aggregate
No limit
amount of items required to be reported correctly

.61 Periodic Payments Received Under
Qualified Long-Term Care Insurance
Contracts or Under Certain Life Insurance Contracts. For calendar year 2022,
the stated dollar amount of the per diem
limitation under § 7702B(d)(4), regarding
periodic payments received under a qualified long-term care insurance contract or
periodic payments received under a life

774

insurance contract that are treated as paid
by reason of the death of a chronically ill
individual, is $390.
.62 Qualified Small Employer Health
Reimbursement Arrangement. For taxable years beginning in 2022, to qualify
as a qualified small employer health reimbursement arrangement under § 9831(d),
the arrangement must provide that the

Bulletin No. 2021–48

total amount of payments and reimbursements for any year cannot exceed $5,450
($11,050 for family coverage).
SECTION 4. EFFECTIVE DATE
.01 General Rule. Except as provided
in section 4.02 of this revenue procedure,
this revenue procedure applies to taxable
years beginning in 2022.
.02 Calendar Year Rule. This revenue procedure applies to transactions or
events occurring in calendar year 2022
for purposes of sections 3.08 (rehabilitation expenditures treated as separate
new building), 3.09 (low-income housing credit), 3.14 (transportation mainline
pipeline construction industry optional
expense substantiation rules for payments
to employees under accountable plans),
3.20 (private activity bonds volume cap),
3.21 (loan limits on agricultural bonds),
3.22 (general arbitrage rebate rules), 3.23
(safe harbor rules for broker commissions on guaranteed investment contracts
or investments purchased for a yield
restricted defeasance escrow), 3.37 (expatriation to avoid taxes), 3.40 (debt instruments arising out of sales or exchanges),
3.41 (unified credit against estate tax),
3.42 (valuation of qualified real property
in decedent’s gross estate), 3.43 (annual
exclusion for gifts), 3.44 (tax on arrow
shafts), 3.45 (passenger air transportation
excise tax), 3.48 (persons against whom a
federal tax lien is not valid), 3.49 (property exempt from levy), 3.51 (interest on a
certain portion of the estate tax payable in
installments), 3.59 (revocation or denial of
passport in case of certain tax delinquencies), 3.60 (attorney fee awards), and 3.61
(periodic payments received under qualified long-term care insurance contracts or
under certain life insurance contracts) of
this revenue procedure.
SECTION 5. DRAFTING
INFORMATION
The principal author of this revenue
procedure is William Ruane of the Office
of Associate Chief Counsel (Income Tax
& Accounting). For further information
regarding this revenue procedure, contact
Mr. Ruane at (202) 317-4718 (not a tollfree number).

Bulletin No. 2021–48

26 CFR 601.105 Examination of returns and claims
for refund, credit or abatement; determination of
correct tax liability.
(Also: Part I, §§ 139, 163, 164, 6041, 6041A,
6050H, 6721, 6722, 6724; §§ 1.6041-1, 1.6050H1(e)(ii), 1.6050H-3(b))

Rev. Proc. 2021-47
SECTION 1. PURPOSE
This revenue procedure addresses the
Federal income tax treatment and information reporting requirements for payments made to or on behalf of financially
distressed individual homeowners by
certain entities with funds allocated from
the Homeowner Assistance Fund (HAF),
which was established under section 3206
of the American Rescue Plan Act of 2021,
Pub. L. No. 117-2, 135 Stat. 4 (March 11,
2021) (ARP), in response to the coronavirus disease (COVID-19) pandemic.
SECTION 2. BACKGROUND
.01 On March 13, 2020, the President
declared that the COVID–19 outbreak in
the United States constituted a national
emergency, beginning March 1, 2020. See
Proclamation 9994, 85 Fed. Reg. 15337
(March 13, 2020). On February 24, 2021,
the President extended the nationwide
emergency due to COVID-19 beyond
March 1, 2021. See Presidential Notice,
86 Fed. Reg. 11599 (February 24, 2021).
.02 As of April 17, 2020, the President
had declared the COVID-19 pandemic a
disaster warranting assistance under the
Robert T. Stafford Disaster Relief and
Emergency Assistance Act, 42 U.S.C. §
5121-5207, in all fifty States, the District
of Columbia, and the United States territories, with an incident date beginning January 20, 2020, and continuing. See Letter
to Federal Agencies on an Emergency
Determination for the Coronavirus Disease 2019 (COVID-19) Pandemic Under
the Robert T. Stafford Disaster Relief and
Emergency Assistance Act, Comp. Pres.
Doc. (Mar. 13, 2020). See for example,
District of Columbia; Major Disaster and
Related Determinations, 85 Fed. Reg.
31534.
.03 In section 3206(a) of the ARP, Congress appropriated funds for fiscal year
2021 that are to remain available until

775

September 30, 2025, to fund the HAF. The
purpose of the HAF is to mitigate financial
hardships associated with the COVID-19
pandemic by providing funds to the eligible entities listed in section 3206(b)
(3) of the ARP for the purpose of paying
certain expenses to prevent: homeowner
mortgage delinquencies; defaults; foreclosures; loss of utilities or home energy
services; and displacements of homeowners experiencing financial hardship after
January 21, 2020.
.04 Section 3206(b)(3) of the ARP provides that eligible entities include: (1) any
State of the United States, the District of
Columbia, the Commonwealth of Puerto
Rico, Guam, American Samoa, the United
States Virgin Islands, and the Commonwealth of the Northern Mariana Islands;
and (2) pursuant to section 3206(f) of the
ARP, entities that are eligible for payments under section 501(b)(2)(A)(i) and
(ii) of subtitle A of title V of division N
of the Consolidated Appropriations Act,
2021 (CAA), Public Law 116–260, 134
Stat. 1182 (December 27, 2020).
.05 Under the HAF program, funds are
appropriated to eligible entities for the
purpose of helping homeowners who satisfy the requirements of section 3206(c)
(2) of the ARP with qualified expenses
related to housing. Section 3206(b)(2) of
the ARP provides a definition of dwelling
which describes the property on which a
homeowner could qualify for payments
from the HAF. Sections 3206(b)(1) and
3206(b)(4) of the ARP define the types of
mortgages on such dwellings that qualify
for payments from the HAF.
.06 Section 3206(c)(1) of the ARP
sets forth a non-exclusive list of qualified expenses, which include: mortgage
payment assistance; financial assistance
to allow a homeowner to reinstate a
mortgage or to pay other housing related
costs related to a period of forbearance,
delinquency, or default; principal reduction; facilitating interest rate reductions;
and payment assistance for: (a) utilities,
including electric, gas, home energy,
and water; (b) internet service, including
broad band internet access service, as
defined in section 8.1(b) of title 47, Code
of Federal Regulations (or any successor
regulation); (c) homeowner’s insurance,
flood insurance, and mortgage insurance;
and (d) homeowner’s association, con-

November 29, 2021

dominium association fees, or common
charges. In addition, section 3206(c)(1)
(G) of the ARP provides that HAF funds
may be used for any other assistance to
promote housing stability for homeowners, including preventing mortgage delinquency, default, foreclosure, post-foreclosure eviction of a homeowner, or the
loss of utility or home energy services, as
determined by the Secretary of the Treasury (Secretary).
.07 Section 61(a) of the Code provides
that, except as otherwise provided by
law, gross income means all income from
whatever source derived.
.08 Section 139(a) of the Code provides that gross income does not include
any amount received by an individual
as a qualified disaster relief payment.
Section 139(b)(4) provides that the term
qualified disaster relief payment includes
any amount paid to or for the benefit of
an individual if such amount is paid by
a Federal, State, or local government, or
agency or instrumentality thereof, in connection with a qualified disaster in order
to promote the general welfare, but only
to the extent any expense compensated
by such payment is not otherwise compensated for by insurance or otherwise.
Section 139(c) defines a qualified disaster, for purposes of § 139(b)(4), to mean
a federally declared disaster within the
meaning of § 165(i)(5)(A) of the Code, or
a disaster which is determined by an applicable Federal, State, or local authority (as
determined by the Secretary) to warrant
assistance from the Federal, State, or local
government, or agency or instrumentality
thereof.
.09 Section 139(h) provides that, notwithstanding any other provision of subtitle A of the Code, no deduction or credit is
allowed (to the person for whose benefit a
qualified disaster relief payment or qualified disaster mitigation payment is made)
for, or by reason of, any expenditure to
the extent of the amount excluded under
§ 139 with respect to such expenditure.
.10 Section 163(h)(2)(D) of the Code
generally allows taxpayers to deduct as
personal interest amounts paid as qualified
residence interest, as defined in § 163(h)
(3), during the taxable year. For this purpose, qualified residence interest generally
includes interest on acquisition indebtedness and certain home equity indebted-

November 29, 2021

ness (subject to certain dollar limitations),
and may include mortgage insurance premiums treated as interest, as defined in
§ 163(h)(3)(E), (collectively, mortgage
interest) with respect to any qualified residence, as defined in § 163(h)(4).
.11 Section 164(a) of the Code generally allows taxpayers to deduct certain taxes paid during the taxable year.
For example, State and local real property taxes are types of taxes that may
be deducted under § 164(a). However,
§ 164(b)(6)(B) provides that, in the case
of an individual, for taxable years beginning after December 31, 2017, and before
January 1, 2026, the aggregate amount of
taxes taken into account under §§ 164(a)
(1), (2), and (3) and 164(b)(5) for any taxable year cannot exceed $10,000 ($5,000
in the case of a married individual filing a
separate return).
.12 Section 3 of this revenue procedure provides an optional safe harbor
method for homeowners to compute their
itemized deductions for mortgage interest and real property taxes when in the
same taxable year the homeowner has
received, or benefited from, a HAF payment from a State, as defined in section
3.02(6) of this revenue procedure, that
may be used to pay a portion of a homeowner’s mortgage interest and/or real
property taxes and the homeowner has
also paid a portion of the mortgage interest and real property taxes with funds
from the Homeowner’s own sources, as
defined in section 3.02(3) of this revenue
procedure. A homeowner is not permitted to deduct under § 163 or § 164, as
applicable, an amount greater than the
amount the homeowner has paid from
the Homeowner’s own sources. Section
4 of this revenue procedure provides
guidance to States, as defined in section
3.02(6) of this revenue procedure, and
mortgage lenders and servicers regarding information reporting requirements
relating to certain HAF payments.
.13 The safe harbor provided in section 3 of this revenue procedure is
similar to the safe harbor provided in
Notice 2018-63, 2018-34 I.R.B. 318, for
the Housing Finance Agency Innovation
Fund for the Hardest Hit Markets (HFA
Hardest Hit Fund), authorized by section
109 of the Emergency Economic Stabilization Act, Division A of Pub. L. 110-343,

776

112 Stat. 3774 (2008). Funding under
HFA Hardest Hit Fund is available for,
but not limited to, programs involving the
following transactions: mortgage modifications; principal forbearance to facilitate
additional mortgage modifications; short
sales and deeds-in-lieu of foreclosure;
unemployment programs; principal reductions for homeowners with severe negative equity; and second-lien reductions
and modifications.
SECTION 3. SAFE HARBOR
METHODS FOR COMPUTING
DEDUCTIONS FOR QUALIFIED
RESIDENCE MORTGAGE
INTEREST AND REAL ESTATE
TAXES
.01 Scope. This revenue procedure
applies to a Homeowner, as defined in section 3.02(2) of this revenue procedure, if:
(1) The Homeowner receives a payment from, or a payment is made on
the Homeowner’s behalf by, a State, as
defined in section 3.02(6) of this revenue
procedure;
(2) The payment is made with funds
from the HAF;
(3) The payment is used to pay qualified expenses, as defined in section 3.02(4)
of this revenue procedure, of the Homeowner, and at least one of the expenses is
a qualified housing payment expense, as
defined in section 3.02(5) of this revenue
procedure;
(4) The Homeowner has also paid a
portion of the qualified housing payment
expense from the Homeowner’s own
sources, as defined in section 3.02(3) of
this revenue procedure;
(5) The Homeowner itemizes deductions on the Homeowner’s Federal income
tax return;
(6) The Homeowner would meet the
requirements of § 163(h)(3) to deduct
qualified mortgage interest expenses,
defined in section 3.02(5)(a) of this revenue procedure, if the Homeowner paid the
qualified mortgage interest expenses from
the Homeowner’s own sources; and
(7) The Homeowner would meet the
requirements of § 164(a)(1) to deduct
qualified real property tax expenses,
defined in section 3.02(5)(b) of this revenue procedure (determined without regard
to § 164(b)(6)(B)), if the Homeowner paid

Bulletin No. 2021–48

the qualified real property tax expenses
from the Homeowner’s own sources.
.02 Definitions.
(1) HAF payment. A HAF payment is
a payment by a State with funds allocated
from the HAF to pay qualified expenses of
a Homeowner.
(2) Homeowner. The term “Homeowner” means an individual homeowner
who satisfies the requirements of section
3206(c)(2) of the ARP and who resides in
a State.
(3) Homeowner’s own sources. Payments are considered to be made from a
Homeowner’s own sources if they are
out-of-pocket payments that are not made
from the HAF or other Federal, State or
local government financial assistance programs.
(4) Qualified expense. The term “qualified expense” has the same meaning as in
section 3206(c)(1) of the ARP. For example, a qualified expense includes, but is not
limited to, mortgage payment assistance;
financial assistance to allow a homeowner
to reinstate a mortgage or to pay other
housing related costs related to a period
of forbearance, delinquency, or default;
principal reduction; facilitating interest
rate reductions; and payment assistance
for: (a) utilities, including electric, gas,
home energy, and water; (b) internet service, including broad band internet access
service, as defined in section 8.1(b) of
title 47, Code of Federal Regulations
(or any successor regulation); (c) homeowner’s insurance, flood insurance, and
mortgage insurance; and (d) homeowner’s
association, condominium association
fees, or common charges.
(5) Qualified housing payment expense.
A qualified housing payment expense
means:
(a) Qualified mortgage interest
expenses, which are qualified residence
interest (defined in § 163(h)(3)) and mortgage insurance premiums treated as interest (defined in § 163(h)(3)(E)) that are
related to a mortgage (defined in section
3206(b)(4) of the ARP) on a qualified residence (defined in § 163(h)(4)) that is a
principal residence; and
(b) Qualified real property tax expenses,
which are State and local (but not foreign)
taxes (within the meaning of § 164(a))
assessed on a principal residence.

Bulletin No. 2021–48

(6) State. The term “State” includes all
fifty states of the United States and the
District of Columbia and any agency or
instrumentality of the foregoing. Unlike
section 3206(b)(7) of the ARP, the term
“State” excludes the Commonwealth of
Puerto Rico, Guam, American Samoa,
the United States Virgin Islands, and the
Commonwealth of the Northern Mariana
Islands.
.03 In general. The COVID-19 pandemic is a qualified disaster within the
meaning of § 139(c). A HAF payment is
a qualified disaster relief payment within
the meaning of § 139(b)(4). As a result,
such payments are not included in the
Homeowner’s gross income. In accordance with § 139(h), a Homeowner that
receives a HAF payment, or on whose
behalf a HAF payment is made, for qualified expenses cannot take a deduction or
credit with respect to such expenses.
.04 Safe harbor methods.
(1) Safe harbor for allocation of HAF
payments. A Homeowner within the scope
of section 3.01 of this revenue procedure
may first allocate the HAF payments to
qualified expenses that are not qualified
housing payment expenses before allocating the remaining portion of the HAF
payments to qualified housing payment
expenses.
(2) Deduction safe harbor. For taxable years beginning on or after January 1, 2021, and before January 1, 2026,
a Homeowner within the scope of section
3.01 of this revenue procedure may use
this safe harbor to calculate the Homeowner’s itemized deduction for qualified mortgage interest expenses and/or
qualified real property tax expenses, as
applicable. The Homeowner may deduct
as qualified mortgage interest expenses
or qualified real property tax expenses
(subject to the limitations in § 163(h)(3)
(E) and § 164(b)(6)(B)) on the Homeowner’s Federal income tax return for
taxable years 2021 through 2025, the
lesser of:
(a) The sum of all payments the Homeowner actually makes from the Homeowner’s own sources during the taxable
year to the mortgage servicer; or
(b) The sum of amounts shown on
Form 1098, Mortgage Interest Statement,
for qualified housing payment expenses.

777

SECTION 4. INFORMATION
REPORTING OBLIGATIONS
.01 Information reporting by States.
(1) Payments to or on behalf of Homeowners - reporting to Homeowners. Section 6041 of the Code requires every person engaged in a trade or business (including the United States or a State, or political subdivision thereof, or the District of
Columbia, or any agency or instrumentality of the foregoing) to file an information
return for each calendar year in which the
person makes in the course of its trade or
business payments to another person of
fixed or determinable income aggregating $600 or more, and to furnish a written
statement to that person. See § 6041(a)
and (d) and § 1.6041-1 of the Income Tax
Regulations. Generally, such payments
are reported on Form 1099‑MISC, Miscellaneous Information. Because HAF payments made to or on behalf of Homeowners are excluded from the gross income
of the Homeowners, they are not fixed or
determinable income under § 6041 and
information reporting for such payments
is not required.
(2) Payments to third parties on behalf
of Homeowners – reporting to third parties.
(a) HAF payments that are made
directly to third parties on behalf of
Homeowners, such as payments made to
insurance companies and homeowners
associations, are generally reportable to
those third parties under § 6041 if they
constitute fixed or determinable income
to the third party and the aggregate payments meet the $600 reporting threshold.
Exceptions to the reporting requirements,
including an exception for payments to
exempt recipients such as corporations,
are provided in § 1.6041-3.
(b) If a State makes a HAF payment to
a service provider on behalf of a Homeowner, such as for essential repairs, that
payment would be reportable under
§ 6041A of the Code. Section 6041A
requires a service-recipient engaged in a
trade or business who pays a person remuneration for services aggregating $600 or
more to file a return reporting such remuneration, and to furnish a written statement to that person. Generally, such payments are reported on Form 1099‑NEC,

November 29, 2021

Nonemployee Compensation. The exceptions set forth in § 1.6041-3 apply. See
Notice 2001-38, 2001-1 I.R.B. 1334 (June
11, 2001).
.02. Information reporting by lender or
mortgage servicer.
(1) Reporting of mortgage interest
received. Section 6050H(a) of the Code
requires every person engaged in a trade
or business to file an information return
for each calendar year in which the person receives in the course of its trade or
business payments from an individual of
interest on a mortgage aggregating $600
or more. Form 1098, Mortgage Interest
Statement, is used for this reporting. Section 6050H(d) further requires that a written statement be furnished to that individual. The regulations provide that interest
received from a governmental unit or an
agency or instrumentality of a governmental unit is not interest received on a mortgage. Section 1.6050H-1(e)(3)(ii). Therefore, lenders who receive a Homeowner’s
mortgage payments directly from a State
should not report the interest received
from the State on Form 1098 as interest
received on the Homeowner’s mortgage.
(2) Reporting mortgage insurance premiums received. Section 6050H(h) and
§ 1.6050H-3 also provide for the reporting of mortgage insurance premiums

November 29, 2021

treated as interest, defined in § 163(h)(3)
(E), received by a person, in the course of
a trade or business, from any individual.
Mortgage insurance premiums treated as
interest aggregating $600 or more for any
calendar year, during periods to which §
163(h)(3)(E) applies, must be reported,
without regard to source. See § 1.6050H3(b). Form 1098 is used for this reporting.
(3) Information Reporting penalties.
Section 6721 of the Code imposes penalties on a person for failing to file an
information return, failing to include
all required information, or including
incorrect information. Section 6722 of
the Code imposes penalties on a person
for failing to furnish a payee statement,
failing to include all required information, or including incorrect information
on a payee statement. Section 6724 of
the Code provides that these penalties
will not be imposed if the failure is due
to reasonable cause and not due to willful
neglect. If a lender files and furnishes a
Form 1098 that includes mortgage interest
received directly from the State, thereby
reporting an incorrect amount of interest
on the information return, the lender will
not be subject to penalties under §§ 6721
and 6722 so long as the lender notifies the
Homeowner that the amounts reported
on the Form 1098 are overstated because

778

they include payments from a governmental unit or an agency or instrumentality
of a governmental unit, and sets forth the
amount of the overstatement. Such notification to the Homeowner should be made
at the time the Form 1098 is furnished or
within 30 days thereafter, and can be provided in a separate statement (written or
electronic), or included on Form 1098 in
Box 10 labeled “Other”.
SECTION 5. EFFECTIVE DATE
This revenue procedure is effective on
November 8, 2021, and applies to qualified expenses paid after January 21, 2020.
SECTION 6. DRAFTING
INFORMATION
The principal authors of this revenue
procedure are Theresa Melchiorre of the
Office of the Associate Chief Counsel
(Income Tax & Accounting) and Nancy
Rose of the Office of the Associate Chief
Counsel (Procedure & Administration).
For further information regarding this revenue procedure, contact Ms. Melchiorre at
(202) 317-4643 (not a toll-free number)
or for questions related to information
reporting, Ms. Rose at (202) (202) 3175147 (not a toll-free number).

Bulletin No. 2021–48

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. 2021–48

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.

November 29, 2021

Numerical Finding List1
Bulletin 2021–48

Announcements:
2021-12, 2021-31 I.R.B. 267
2021-13, 2021-33 I.R.B. 314
2021-14, 2021-33 I.R.B. 315

AOD:
2021-4, 2021-47 I.R.B. 725

Notices:
2021-39, 2021-27 I.R.B. 3
2021-40, 2021-28 I.R.B. 15
2021-41, 2021-29 I.R.B. 17
2021-42, 2021-29 I.R.B. 19
2021-38, 2021-30 I.R.B. 155
2021-44, 2021-31 I.R.B. 166
2021-45, 2021-31 I.R.B. 170
2021-47, 2021-32 I.R.B. 269
2021-46, 2021-33 I.R.B. 303
2021-48, 2021-33 I.R.B. 305
2021-49, 2021-34 I.R.B. 316
2021-43, 2021-35 I.R.B. 332
2021-50, 2021-35 I.R.B. 333
2021-51, 2021-36 I.R.B. 361
2021-52, 2021-38 I.R.B. 381
2021-53, 2021-39 I.R.B. 438
2021-54, 2021-41 I.R.B. 457
2021-55, 2021-41 I.R.B. 461
2021-58, 2021-43 I.R.B. 660
2021-59, 2021-43 I.R.B. 664
2021-57, 2021-44 I.R.B. 706
2021-56, 2021-45 I.R.B. 716
2021-60, 2021-45 I.R.B. 719
2021-35, 2021-46 I.R.B. 723
2021-61, 2021-47 I.R.B. 738

Revenue Procedures:—Continued
2021-34, 2021-35 I.R.B. 337
2021-35, 2021-35 I.R.B. 355
2021-36, 2021-35 I.R.B. 357
2021-37, 2021-38 I.R.B. 385
2021-38, 2021-38 I.R.B. 425
2021-39, 2021-38 I.R.B. 426
2021-40, 2021-38 I.R.B. 426
2021-41, 2021-39 I.R.B. 443
2021-32, 2021-42 I.R.B. 465
2021-44, 2021-42 I.R.B. 469
2021-42, 2021-43 I.R.B. 666
2021-46, 2021-47 I.R.B. 740
2021-45, 2021-48 I.R.B. 764
2021-47, 2021-48 I.R.B. 775

Revenue Rulings:
2021-12, 2021-27 I.R.B. 1
2021-13, 2021-30 I.R.B. 152
2021-14, 2021-31 I.R.B. 164
2021-19, 2021-42 I.R.B. 470
2021-15, 2021-35 I.R.B. 331
2021-16, 2021-36 I.R.B. 359
2021-17, 2021-37 I.R.B. 362
2021-18, 2021-40 I.R.B. 447
2021-21, 2021-44 I.R.B. 704
2021-22, 2021-47 I.R.B. 726

Treasury Decisions:
9951, 2021-30 I.R.B. 25
9952, 2021-39 I.R.B. 428
9953, 2021-39 I.R.B. 430
9956, 2021-41 I.R.B. 449
9957, 2021-41 I.R.B. 452
9955, 2021-42 I.R.B. 471

Proposed Regulations:
REG-107705-21, 2021-30 I.R.B. 162
REG-102951-16, 2021-32 I.R.B. 272
REG-109077-21, 2021-39 I.R.B. 445
REG-100718-21, 2021-42 I.R.B. 653
REG-107707-21, 2021-42 I.R.B. 657

Revenue Procedures:
2021-28, 2021-27 I.R.B. 5
2021-29, 2021-27 I.R.B. 12
2021-24, 2021-29 I.R.B. 19
2021-14, 2021-30 I.R.B. 158
2021-30, 2021-31 I.R.B. 172
2021-31, 2021-33 I.R.B. 324
2021-33, 2021-34 I.R.B. 327

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

November 29, 2021

ii

Bulletin No. 2021–48

Finding List of Current Actions on
Previously Published Items1
Bulletin 2021–48

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

Bulletin No. 2021–48

iii

November 29, 2021

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
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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Airs%3A5b0be8fcb292d835. Public record. Not legal advice.