Internal Revenue Bulletin:  2008-27 

July 7, 2008 

INCOME TAX


Rev. Rul. 2008-32 Rev. Rul. 2008-32

Corporations; “outside director” definition. This ruling provides guidance for determining whether an individual qualifies as an “outside director” for purposes of section 162(m) of the Code. The ruling holds that an individual does not qualify as an “outside director” of a corporation when the individual has served as the corporation’s interim chief executive officer in regular and continued service with the full authority vested in that office.

Rev. Rul. 2008-33 Rev. Rul. 2008-33

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 July 2008.

T.D. 9401 T.D. 9401

Final, temporary, and proposed regulations under section 41 of the Code implement changes to the credit for increasing research activities made by the Tax Relief and Health Care Act of 2006. A public hearing on the proposed regulations is scheduled for September 25, 2008.

REG-149405-07 REG-149405-07

Final, temporary, and proposed regulations under section 41 of the Code implement changes to the credit for increasing research activities made by the Tax Relief and Health Care Act of 2006. A public hearing on the proposed regulations is scheduled for September 25, 2008.

Notice 2008-55 Notice 2008-55

This notice provides guidance regarding the effect of adding certain liquidity facilities to support certain auction rate preferred stock on the equity character of the stock for federal income tax purposes.


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