Daily Tax Update - June 9, 2017: Miscellaneous Guidance

Miscellaneous Guidance:

Revenue Ruling 2017-13 provides the interest rates for tax overpayments and underpayments for the third calendar quarter of 2017, beginning July 1. The interest rates remain unchanged from last quarter at 4% for overpayments (3% in the case of a corporation), 4% for underpayments, 1.5% for the portion of a corporate overpayment exceeding $10,000, and 6% for large corporate underpayments.

Notice 2017-34 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under section 417(e)(3), and the 24-month average segment rates under section 430(h)(2). In addition, the notice provides guidance on the interest rate on 30-year Treasury securities under section 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008, and the 30-year Treasury weighted average rate under section 431(c)(E)(ii)(I).

Revenue Procedure 2017-34 provides a simplified method for certain taxpayer to obtain an extension of time to make a “portability” election under section 2010(c)(5)(A). This revenue procedure applies to estates that are not normally required to file an estate tax return because the value of the gross estate and adjusted taxable gifts is under the filing threshold in section 6018(a).