Internal Revenue Bulletin:  2008-14 

April 7, 2008 

INCOME TAX


Rev. Rul. 2008-20 Rev. Rul. 2008-20

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 April 2008.

T.D. 9378 T.D. 9378

Final regulations under section 6325 of the Code outline specific procedures for obtaining a release of a federal tax lien or a discharge of a federal tax lien from property to which it has attached. The regulations incorporate changes to the Code that were made by the IRS Restructuring and Reform Act of 1998, which afford a means for a person whose property is encumbered by a federal tax lien, but who does not owe the tax giving rise to the lien, to have his property discharged from the lien.

T.D. 9379 T.D. 9379

Temporary and proposed regulations under section 1221 of the Code provide the time and manner for making an election to treat the sale or exchange of musical compositions or copyrights in musical works created by the taxpayer as the sale or exchange of a capital asset.

REG-153589-06 REG-153589-06

Temporary and proposed regulations under section 1221 of the Code provide the time and manner for making an election to treat the sale or exchange of musical compositions or copyrights in musical works created by the taxpayer as the sale or exchange of a capital asset.

T.D. 9381 T.D. 9381

Final regulations under section 199 of the Code concern the amendments made by the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) to section 199, which provides a deduction for income attributable to domestic production activities.

Notice 2008-40 Notice 2008-40

Amplification of Notice 2006-52; Deduction for Energy Efficient Commercial Buildings. This notice sets forth additional guidance relating to the deduction for energy efficient commercial buildings under section 179D of the Code and is intended to be used with Notice 2006-52. Several aspects of the deduction for energy efficient commercial buildings were not addressed in Notice 2006-52. This notice addresses some of these items including the allocation of the section 179D deduction to designers of government owned buildings, certification requirements for the interim lighting rule, and the application of the interim lighting rule to unconditioned garage space. Notice 2006-52 clarified and amplified.

Announcement 2008-25 Announcement 2008-25

This document withdraws a portion of proposed regulations (REG-107592-00, 2007-44 I.R.B. 908) under the consolidated return regulations. The withdrawn portion relates to the treatment of transactions involving the provision of insurance between members of a consolidated group.


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