Internal Revenue Bulletin: 2008-3
January 22, 2008
Table of Contents
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 January 2008.
Loss from wash sales of stock or securities. This ruling provides that if an individual sells stock or securities for a loss and causes his or her IRA or Roth IRA to purchase substantially identical stock or securities within a specified period, the loss on the sale of the stock or securities is disallowed under section 1091 of the Code, and the individual’s basis in the IRA or Roth IRA is not increased by virtue of section 1091(d).
Indian Housing Block Grant (IHBG) Program. This ruling advises taxpayers that certain rental assistance payments made to a building owner on behalf or in respect of a tenant under the Indian Housing Block Grant (IHBG) Program are not grants made with respect to a building or its operation under section 42(d)(5) of the Code.
This notice clarifies that the information reporting requirements under section 6039 of the Code apply to certain stock transfers occurring on or after January 1, 2007. Because new regulations under section 6039 have not yet been issued, the IRS is waiving the obligation to make an information return for 2007 stock transfers governed by section 6039. This notice explains, however, that corporations should continue to furnish to employees the information, required by and in accordance with existing section 1.6039-1, with respect to such stock transfers.
Section 1502. This notice provides that final regulations under section 1.1502-36 will not apply to a transfer to an unrelated person if the transfer is pursuant to an agreement that is binding before the date the regulations are published and at all times thereafter.
This notice announces the intention to issue regulations under section 367(a) of the Code to clarify that certain outbound reorganizations that effectively repatriate earnings of foreign corporations to U.S. corporations will be subject to recognition of gain under section 367(a)(1).
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