Internal Revenue Bulletin:  2008-48 

December 1, 2008 

INCOME TAX


T.D. 9430 T.D. 9430

Final, temporary, and proposed regulations under section 6050P of the Code relate to information returns for cancellation of indebtedness by certain entities. The regulations will avoid premature information reporting from certain businesses that are currently required to report and will reduce the number of information returns required to be filed. A public hearing on the proposed regulations is scheduled for March 13, 2009.

REG-118327-08 REG-118327-08

Final, temporary, and proposed regulations under section 6050P of the Code relate to information returns for cancellation of indebtedness by certain entities. The regulations will avoid premature information reporting from certain businesses that are currently required to report and will reduce the number of information returns required to be filed. A public hearing on the proposed regulations is scheduled for March 13, 2009.

Rev. Proc. 2008-69 Rev. Proc. 2008-69

This procedure provides real estate investment trusts (REITs) with a method of applying the prohibited transactions safe harbor under section 857(b)(6) of the Code for a taxable year that begins on or before July 30, 2008, and ends on or after July 31, 2008.

Announcement 2008-105 Announcement 2008-105

The Fast Track Settlement (FTS) for TE/GE Taxpayers program is based on the LMSB and SB/SE FTS programs. The existing FTS programs promote early and timely settlements with taxpayers through the use of alternative dispute resolution techniques. The LMSB and SB/SE programs are designed to commence prior to the issuance of the 30-day letter and to reach a result within 120 days and 60 days respectively. The TE/GE FTS program will use the same procedures and have a 60-day period within which to reach settlement.

Announcement 2008-115 Announcement 2008-115

This document describes issues that the IRS and Treasury Department are considering addressing in a notice of proposed rulemaking (REG-130342-08) regarding the definition of an interest in real property. The notice of proposed rulemaking would address certain rights granted by a governmental unit that are related to the lease, ownership, or use of real property.


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