Internal Revenue Bulletin: 2007-34
August 20, 2007
Proposed regulations under section 6404 of the Code concern the suspension of interest, penalties, additions to tax, or additional amounts under section 6404(g) and explain the general rules for suspension as well as exceptions to those general rules. A public hearing is scheduled for October 11, 2007.
The Service is providing an extension of time under section 42(j)(4)(E) of the Code for the restoration of low-income housing credit projects located within the Gulf Opportunity Zone (GO Zone) that were damaged by Hurricane Katrina.
This procedure provides an updated list of time-sensitive acts, the performance of which may be postponed under sections 7508 and 7508A of the Code. Section 7508 postpones specified acts for individuals serving in the Armed Forces of the United States, or in support of such Armed Forces in a combat zone, or with respect to a contingency operation (as defined in 10 U.S.C. section 101(a)(13)). Section 7508A permits a postponement to perform specified acts for taxpayers affected by a Presidentially declared disaster or a terroristic or military action. The list of acts in this procedure supplements the list of postponed acts in section 7508(a)(1) of the Code and section 301.7508A-1(c)(1)(vii) of the regulations. Rev. Proc. 2005-27 superseded.
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