Internal Revenue Bulletin:  2007-9 

February 26, 2007 

INCOME TAX


Rev. Rul. 2007-11 Rev. Rul. 2007-11

LIFO; price indexes; department stores. The December 2006 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, December 31, 2006.

REG-159444-04 REG-159444-04

Proposed regulations under section 6325 of the Code outline specific procedures for obtaining a release of a federal tax lien or a discharge of a federal tax lien from property to which it has attached. The regulations incorporate changes to the Code that were made by the IRS Restructuring and Reform Act of 1998, which afford a means for a person whose property is encumbered by a federal tax lien, but who does not owe the tax giving rise to the lien, to have his property discharged from the lien.

Notice 2007-21 Notice 2007-21

Donor advised funds and supporting organizations. This notice requests public comments in connection with a study being conducted by the Department of the Treasury and the Service on the organization and operation of donor advised funds and supporting organizations. The study is required by section 1226 of the Pension Protection Act of 2006.

Announcement 2007-18 Announcement 2007-18

This announcement sets forth a compliance resolution program (Program) that permits employers to pay the additional section 409A taxes arising due to the exercise of certain stock options and stock appreciation rights (stock rights). The Program (1) applies only to discounted stock rights exercised during 2006, (2) applies only to certain employees and former employees who are not corporate insiders, and were not corporate insiders at the date of grant of the stock right, (3) requires the employer’s full payment of the section 409A taxes, (4) provides relief for the employees from the requirement to pay these taxes, and (5) requires treatment of the employer’s payment of the employee’s section 409A taxes as an additional payment of compensation. Employers wishing to participate in the Program must notify the IRS no later than February 28, 2007, and must notify affected employees within 15 days of notifying the IRS.


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