Internal Revenue Bulletin: 2008-43
October 27, 2008
Table of Contents
2008 Section 43 inflation adjustment factor. This notice announces the applicable inflation adjustment factor and phase-out amount for the enhanced oil recovery credit for the 2008 calendar year.
2008 marginal production rates. This notice announces the applicable percentage under section 613A of the Code to be used in determining percentage depletion for marginal properties for the 2008 calendar year.
Charitable contributions of inventory property under section 170(e)(3) of the Code. This notice announces that the Service and the Treasury Department intend to issue guidance under section 170(e) that will allow a taxpayer making a qualified contribution to compute the deductible amount and adjustment to cost of goods sold either under the special rules applicable to qualified contributions under section 170(e)(3) or under the general rules applicable to contributions under section 170(e)(1). The notice also provides that, pending the issuance of further guidance, the Service will not challenge a taxpayer that makes the computation under either set of rules provided all other applicable requirements are met.
This notice announces that a controlled foreign corporation (CFC) may choose to exclude certain obligations held by the CFC from the definition of the term “United States property” for purposes of section 956 of the Code.
Insurance-dedicated money market funds. This notice provides guidance that an insurance-dedicated money market fund’s participation in Treasury’s Temporary Guarantee Program for Money Market Funds won’t result in a violation of the section 817(h) diversification requirements in the case of a segregated asset account that invests in the insurance-dedicated money market fund.
This procedure informs all taxpayers who hold a surety bond or a Treasury Direct Account (TDA) pursuant to former section 42(j)(6) of the Code how to make the election, allowed by section 3004(i)(2)B)(ii) of the Housing Assistance Tax Act of 2008, to discontinue the surety bond or TDA.
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