Notice 2016-39 provides guidance as to whether payments received by an employee from a qualified retirement plan during phased retirement are amounts received as an annuity under section 72.

Revenue Procedure 2016-36 provides that Notice 2016-39 (described above) does not apply to amounts that are received from a non-qualified contract.

Revenue Ruling 2016-15 clarifies when a real estate developer may exclude cancellation of debt (COD) income under the qualified real property business indebtedness (QRPBI) exclusion in section 108(a)(1)(D).  In particular, this revenue ruling provides examples to clarify that QRPBI includes indebtedness relating only to depreciable property used in a taxpayer’s trade or business, and not property held for sale to customers.