Internal Revenue Bulletin:  2008-38 

September 22, 2008 

INCOME TAX


Rev. Rul. 2008-48 Rev. Rul. 2008-48

Fringe benefits aircraft valuation formula. The Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charge in effect for the second half of 2008 are set forth for purposes of determining the value of noncommercial flights on employer-provided aircraft under section 1.61-21(g) of the regulations.

REG-155087-05 REG-155087-05

Proposed regulations under section 40 of the Code provide guidance relating to credits and payments for alcohol mixtures, biodiesel mixtures, renewable diesel mixtures, alternative fuel mixtures, and alternative fuel sold for use or used as a fuel. The regulations also provide guidance relating to the definition of gasoline and diesel fuel.

REG-102822-08 REG-102822-08

Proposed regulations under section 108 of the Code provide guidance on the manner in which an S corporation reduces its tax attributes under section 108(b) for taxable years in which the S corporation has discharge of indebtedness income that is excluded from gross income under section 108(a). A public hearing is scheduled for December 8, 2008.

Notice 2008-74 Notice 2008-74

This notice delays the effective date of Rev. Rul. 2006-57. Rev. Rul. 2006-57 provides guidance to employers on the use of smartcards, debit or credit cards, or other electronic media to provide qualified transportation fringes under sections 132(a)(5) and (f) of the Code. This guidance is intended to provide relief to mass transit providers that are currently finding it difficult to update their present systems in order to comply with the Rev. Rul. guidelines prior to the current effective date of January 1, 2009. The effective date of Rev. Rul. 2006-57 is further delayed until January 1, 2010. Rev. Rul. 2006-57 modified.

Rev. Proc. 2008-54 Rev. Proc. 2008-54

This procedure provides guidance on the increased amount of IRC section 179 expensing and the 50% additional first year depreciation provided by sections 102 and 103, respectively, of the Economic Stimulus Act of 2008. Rev. Proc. 2007-66 modified and superseded. Notice 2007-36 clarified, modified, and amplified.

Announcement 2008-84 Announcement 2008-84

This announcement modifies the transition rules in the effective date provisions of Rev. Proc. 2008-52, 2008-36 I.R.B. 1, in general, to allow taxpayers to elect to apply the procedures of Rev. Proc. 2002-9 for applications to change a method of accounting filed on or after August 18, 2008, through September 15, 2008, subject to certain limitations. Rev. Proc. 2008-52 modified.


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