Internal Revenue Bulletin: 2008-44
November 3, 2008
Table of Contents
Final regulations under section 1502 of the Code provide rules for determining the tax consequences of a member’s transfer (including by deconsolidation and worthlessness) of loss shares of subsidiary stock. The regulations also provide that section 362(e)(2) generally does not apply to transactions between members of a consolidated group.
This document contains a partial withdrawal of proposed regulations under section 1502 of the Code. Proposed section 1.1502-13(e)(4), which would have suspended the application of section 362(e)(2) in the case of intercompany transactions, and section 1502-32(c)(1)(ii), relating to the treatment of items attributable to property transferred in an intercompany section 362(e)(2) transaction, are withdrawn.
This notice provides guidance on certain executive compensation provisions of the Emergency Economic Stabilization Act of 2008 (EESA). Section 302 of EESA added new sections 162(m)(5) and 280G(e) to the Code. Section 162(m) limits the deductibility of compensation paid to certain corporate executives and section 280G provides that a corporate executive’s excess parachute payments are not deductible and imposes (under Code section 4999) an excise tax on the executive for those amounts.
This notice provides instructions on how and where to file amended returns to take advantage of section 3082(a) of Public Law 110-289. This notice also provides a benefit to certain taxpayers who took casualty loss deductions resulting from Hurricanes Katrina, Wilma, or Rita and who later received certain grants in compensation.
This notice updates and amplifies the procedures for the allocation of credits under the qualifying advanced coal project program of section 48A of the Code. Notice 2007-52 updated and amplified.
This notice provides that no allocation of credits will be conducted in 2008-09 under the qualifying gasification project program of section 48B of the Code. Notice 2007-53 updated.
Section 382. This document provides guidance regarding section 382 treatment of interests in a loss corporation acquired by the federal government pursuant to the Emergency Economic Stabilization Act of 2008.
This notice provides clarification that, unless and until guidance is issued to the contrary, no amount furnished by the Treasury Department to a financial institution pursuant to the Troubled Asset Relief Program (TARP) established by the Secretary of the Treasury under the Emergency Economic Stabilization Act of 2008 will be treated as the provision of federal financial assistance within the meaning of section 597 of the Code.
Section 168(k)(4) guidance. This procedure clarifies the effects of making the Code section 168(k)(4) election to forgo additional first year depreciation and accelerate pre-2006 research and alternative minimum tax credits, the property eligible for the election, and the computation of the amount by which the business credit limitation under section 38(c) and alternative minimum tax credit limitation under section 53(c) may be increased if the election is made.
This announcement proposes amendments to the Qualified Intermediary (QI) Agreement and to the QI Guidance for External Auditors of Qualified Intermediaries. The amendments are intended to ensure that qualified intermediaries are taking the necessary steps to fully comply with their obligations under the QI agreement. The announcement also solicits public comments regarding the amendments.
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