Internal Revenue Bulletin:  2007-2 

January 8, 2007 

INCOME TAX


T.D. 9300 T.D. 9300

Final regulations under section 6011 of the Code eliminate regulatory obstacles to the electronic filing of certain business income tax returns and other forms. Requiring signatures on attachments to a tax return, for example, can impede a taxpayer’s ability to file the return electronically. The regulations provide that in a number of situations, the signature on a taxpayer’s return covers attachments to that return.

T.D. 9301 T.D. 9301

Temporary and proposed regulations under section 63 of the Code provide rules relating to the reduction in taxable income under section 302 of the Katrina Emergency Tax Relief Act of 2005. The regulations affect taxpayers who provide housing in their principal residences to individuals displaced by Hurricane Katrina.

REG-152043-05 REG-152043-05

Temporary and proposed regulations under section 63 of the Code provide rules relating to the reduction in taxable income under section 302 of the Katrina Emergency Tax Relief Act of 2005. The regulations affect taxpayers who provide housing in their principal residences to individuals displaced by Hurricane Katrina.

Notice 2007-1 Notice 2007-1

This notice permits foreign corporations engaged, or treated as engaged, in a trade or business within the United States whose tax year end is on or after September 30, 2005, and whose original tax return due date (including extensions) was on or after June 15, 2006, and on or before August 17, 2006, to elect to apply the provisions of T.D. 9281, 2006-39 I.R.B. 517, for such tax return filing period. Such taxpayers may adopt the rules provided in T.D. 9281 only if the rules are adopted in their entirety on an amended return filed within 180 days of December 18, 2006.

Notice 2007-2 Notice 2007-2

This notice provides transition relief for the use of debit cards for medical expense reimbursements at certain merchants with non-health care related merchant category codes (MCC) and addresses the use of debit cards for medical expense reimbursements at stores with the Drug Stores and Pharmacies MCC. Rev. Rul. 2003-43 modified.

Notice 2007-4 Notice 2007-4

Extension of transition relief for certain partnerships and other pass-thru entities under section 470. This notice extends to taxable years that begin before January 1, 2007, the transition relief under section 470 of the Code provided under Notice 2005-29, 2005-1 C.B. 796, and Notice 2006-2, 2006-2 I.R.B. 278, to partnerships and certain other pass-thru entities that are treated as holding tax-exempt use property because of the application of section 168(h)(6). Notices 2005-29 and 2006-2 modified and superseded.


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