Internal Revenue Bulletin:  2007-15 

April 9, 2007 

INCOME TAX


Rev. Rul. 2007-23 Rev. Rul. 2007-23

Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for April 2007.

T.D. 9315 T.D. 9315

Final regulations under section 1503 of the Code address various dual consolidated loss issues, including exceptions to the general prohibition against using a dual consolidated loss to reduce the taxable income of any other member of the affiliated group. Section 1503(d) generally provides that a dual consolidated loss of a dual resident corporation cannot reduce the taxable income of any other member of the affiliated group unless, to the extent provided in regulations, such loss does not offset the income of any foreign corporation. Similar rules apply to losses of separate units of domestic corporations. Notice 2006-13 obsoleted. Rev. Proc. 2000-42 obsoleted in part.

Notice 2007-35 Notice 2007-35

This notice alerts taxpayers to common mistakes made on individual income tax returns.

Announcement 2007-35 Announcement 2007-35

Escrow accounts, trusts, and other funds used during deferred exchanges of like-kind property. A revised initial regulatory flexibility analysis discusses the impact on small businesses of proposed regulations (REG-113365-04, 2006-10 I.R.B. 580) relating to the current taxation of qualified escrow accounts, qualified trusts, and other escrow accounts, trusts, and funds used during deferred exchanges of like-kind property. The proposed regulations were published in the Federal Register on February 6, 2006.

Announcement 2007-39 Announcement 2007-39

This announcement publishes a copy of the news release issued by the Office of the Deputy Commissioner, International, on March 22, 2007. It provides a further extension, until June 30, 2007, of the deadline for current and former U.S.-based employees of foreign embassies, consular offices and missions, and international organizations to participate in a one-time settlement initiative to resolve outstanding tax matters related to their employment.


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