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February 2007 Plain Language Regulations

Section 181 - Deduction for Qualified Film and Television Production Costs
This temporary regulation explains the rules and requirements regarding the deduction available under section 181 for the cost of producing film and television productions. The regulations provide guidance in determining which productions qualify for the deduction, rules concerning elections and revocations, and definitions of terms used in the statute.  TD 9312.  Published February 9, 2007.
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Section 181 - Deduction for Qualified Film and Television Production Costs
The temporary regulation to which this cross-reference notice of proposed rulemaking relates explains the rules and requirements regarding the deduction available under section 181 for the cost of producing film and television productions.  The regulations provide guidance in determining which productions qualify for the deduction, rules concerning elections and revocations, and definitions of terms used in the status.
REG-115403-05.  Published February 9, 2007.
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Section 367 Gain Recognition Agreements
The Internal Revenue Code provides that certain transfers of property by U.S. persons to foreign corporations are taxable.  However, the Code also provides an exception when the property transferred is stock or securities and the U.S. person enters into an agreement to recognize gain if within five years the transferee foreign corporation disposes of the transferred stock or securities or certain other events occur.  The regulations revise the current regulations to clarify when the U.S. person that entered into the gain recognition agreement must recognize gain.  The regulations also clarify when a gain recognition agreement terminates.
REG-147144-06.  Published February 5, 2007.
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Section 367 Gain Recognition Agreements
The Internal Revenue Code provides that certain transfers of property by U.S. persons to foreign corporations are taxable.  However, the Code also provides an exception when the property transferred is stock or securities and the U.S. person enters into an agreement to recognize gain if within five years the transferee foreign corporation disposes of the transferred stock or securities or certain other events occur.  The regulations revise the current regulations to clarify when the U.S. person that entered into the gain recognition agreement must recognize gain.  The regulations also clarify when a gain recognition agreement terminates. 
TD 9311.  Published February 5, 2007.
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Updated Mortality Tables for Determining Current Liability
These final regulations provide mortality tables to be used in determining current liability for purposes of applying certain pension funding requirements for plan years beginning on or after January 1, 2007.  The regulations permit plans to use either separate annuitant and nonannuitant tables or blended tables.
TD 9310.  Published February 2, 2007.
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Page Last Reviewed or Updated: 22-Jan-2014