Internal Revenue Bulletin: 2007-39
September 24, 2007
Interest rates; underpayments and overpayments. The rates of interest determined under section 6621 of the Code for the calendar quarter beginning October 1, 2007, will be 8 percent for overpayments (7 percent in the case of a corporation), 8 percent for underpayments, and 10 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 5.5 percent.
This document removes temporary regulations under section 125 of the Code relating to benefits that may be offered to participants under a cafeteria plan.
This procedure corrects the inflation adjusted amounts set forth in Rev. Proc. 2006-53, 2006-48 I.R.B. 996, that apply to taxpayers who elect to expense certain depreciable assets under section 179 of the Code. This correction reflects statutory changes enacted subsequent to the publication of Rev. Proc. 2006-53. Rev. Proc. 2006-53 modified.
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