Internal Revenue Bulletin:  2009-4 

January 26, 2009 

INCOME TAX


T.D. 9434 T.D. 9434

Final regulations under section 368 of the Code provide guidance on when and to what extent creditors of a corporation will be treated as proprietors of the corporation in determining whether continuity of interest is preserved in a potential reorganization.

T.D. 9435 T.D. 9435

Final, temporary, and proposed regulations under section 355 of the Code narrow the reach of section 355(a)(3)(B) to harmonize its application with the application of section 355(b), consistent with the 2006 amendments to section 355(b), the 2007 proposed regulations under section 355(b), and the 2007 grant of authority that was provided in the Tax Technical Corrections Act of 2007. Rev. Ruls. 65-286 and 76-54 obsoleted by T.D. 9435.

REG-150670-07 REG-150670-07

Final, temporary, and proposed regulations under section 355 of the Code narrow the reach of section 355(a)(3)(B) to harmonize its application with the application of section 355(b), consistent with the 2006 amendments to section 355(b), the 2007 proposed regulations under section 355(b), and the 2007 grant of authority that was provided in the Tax Technical Corrections Act of 2007. Rev. Ruls. 65-286 and 76-54 obsoleted by T.D. 9435.

REG-113462-08 REG-113462-08

Proposed regulations under section 7701(1) of the Code clarify that a disregarded entity is a person for purposes of regulations section 1.881-3.

Notice 2009-8 Notice 2009-8

This notice provides interim guidance on recently enacted section 457A of the Code which became effective January 1, 2009. Section 457A generally provides that compensation deferred under a nonqualified deferred compensation plan of a nonqualified entity is includible in gross income when there is no substantial risk of forfeiture of the right to such compensation. For this purpose, the term nonqualified deferred compensation plan has the meaning provided under section 409A(d), subject to some modifications, and the term nonqualified entity means (a) any foreign corporation unless substantially all of its income is (i) effectively connected with the conduct of a trade or business in the U.S., or (ii) subject to a comprehensive foreign income tax, and (b) any partnership unless substantially all of its income is allocated to persons other than (i) foreign persons with respect to whom such income is not subject to a comprehensive foreign income tax, and (ii) tax-exempt organizations.

Rev. Proc. 2009-15 Rev. Proc. 2009-15

Section 305. This procedure provides temporary guidance regarding section 305 treatment of a stock distribution by a publicly traded regulated investment company (RIC) or real estate investment trust (REIT) in which the shareholders have an election to receive money or stock, subject to an aggregate limitation on the amount of money to be distributed. Rev. Proc. 2008-68 amplified and superseded.


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