Internal Revenue Bulletin:  2007-50 

December 10, 2007 

INCOME TAX


Rev. Rul. 2007-70 Rev. Rul. 2007-70

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 December 2007.

Rev. Rul. 2007-72 Rev. Rul. 2007-72

Diagnostic medical procedures. This ruling holds that amounts paid by individuals for certain diagnostic and similar procedures and devices are medical care expenses deductible under section 213 of the Code.

REG-127770-07 REG-127770-07

Proposed regulations under section 860G of the Code expand the list of permitted loan modifications to include certain modifications of commercial mortgages. Changes to the regulations are necessary to better accommodate evolving commercial mortgage industry practices. These changes will affect lenders, borrowers, servicers, and sponsors of securitizations of mortgages in REMICs.

Notice 2007-98 Notice 2007-98

This notice announces the phase-out of the qualified hybrid motor vehicle credit and the new advanced lean burn technology motor vehicle credit for passenger automobiles and light trucks manufactured by American Honda Motor Company, Inc., that are purchased for use or lease in the United States beginning on January 1, 2008.

Rev. Proc. 2007-70 Rev. Proc. 2007-70

Optional standard mileage rates. This procedure announces 50.5 cents as the optional rate for deducting or accounting for expenses for business use of an automobile, 14 cents as the optional rate for use of an automobile as a charitable contribution, and 19 cents as the optional rate for use of an automobile as a medical or moving expense for 2008. The procedure also provides rules for substantiating the deductible expenses of using an automobile for business, moving, medical, or charitable purposes. Rev. Proc. 2006-49 superseded.

Announcement 2007-112 Announcement 2007-112

This announcement revises Revenue Procedure 2007-65, 2007-45 I.R.B. 967, by adding the following language to Section 3: “The requirements set forth in this revenue procedure that must be satisfied in order to qualify for the Safe Harbor, however, are not intended to provide substantive rules and are not to be used as audit guidelines,” and replacing “will not challenge” with “will respect” in Section 6.

Announcement 2007-114 Announcement 2007-114

This document announces that proposed Form 8926, Disqualified Corporate Interest Expense Disallowed Under Section 163(j) and Related Information, is being posted to the IRS website.


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