Internal Revenue Bulletin:  2007-28 

July 9, 2007 

INCOME TAX


Rev. Rul. 2007-42 Rev. Rul. 2007-42

Section 355. Using different scenarios, this ruling addresses whether a corporation that holds a membership interest in a limited liability company that is classified as a partnership for federal tax purposes is engaged in the active conduct of a trade or business for purposes of section 355(b) of the Code. Rev. Rul. 92-17 modified.

Rev. Rul. 2007-44 Rev. Rul. 2007-44

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 July 2007.

REG-103842-07 REG-103842-07

Proposed regulations under section 199 of the Code modify the definition of a qualified film produced by a taxpayer under regulations section 1.199-3(k); correct section 1.199-7(e), Example 10, of the final regulations; and remove the section 199 closing of the books election for expanded affiliated groups under section 1.199-7(f)(1)(ii) of the final regulations. A public hearing is scheduled for October 2, 2007.


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