Internal Revenue Bulletin:  2010-25 

June 21, 2010 

INCOME TAX


REG-106750-10 REG-106750-10

Proposed regulations under section 1001 of the Code clarify the extent to which the deterioration in an issuer’s financial condition is taken into account to determine whether a modified debt instrument will be recharacterized as an instrument that is not debt. A public hearing is scheduled for September 8, 2010.

Rev. Proc. 2010-24 Rev. Proc. 2010-24

Changes to cost-of-living adjustments for 2010. This procedure modifies the inflation adjusted amounts in Rev. Proc. 2009-50, 2009-45 I.R.B. 617, that apply to taxpayers who elect to expense certain depreciable assets under section 179 of the Code. The modification reflects statutory amendments enacted subsequent to the publication of Rev. Proc. 2009-50 made by the Hiring Incentives to Restore Employment Act of 2010 (the HIRE Act). Section 3.20 of Rev. Proc. 2009-50 modified and superseded.


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