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Internal Revenue Bulletin:  2008-21 

May 27, 2008 


Rev. Rul. 2008-25 Rev. Rul. 2008-25

Section 338. This ruling discusses an integrated transaction where stock of a target corporation is acquired in a taxable reverse subsidiary merger, followed by liquidation of target. The ruling addresses the proper treatment and application of the step transaction doctrine in light of the policies behind section 338 of the Code.

Rev. Rul. 2008-26 Rev. Rul. 2008-26

Medicaid rebates. This ruling holds that Medicaid rebates paid by a pharmaceutical manufacturer are adjustments to the sales price in calculating gross receipts, rather than deductions from gross income under section 162 of the Code. Rev. Rul. 2005-28 clarified and superseded.

T.D. 9394 T.D. 9394

Final regulations under section 1446 of the Code provide rules permitting a partnership under certain circumstances to consider partner-level items when computing its section 1446 withholding tax obligation on income that is effectively connected with its U.S. trade or business, which is allocable under section 704 to foreign partners.

Notice 2008-48 Notice 2008-48

Renewable electricity production, refined coal production, and Indian coal production; calendar year 2008 inflation adjustment factors and reference prices. This notice announces the calendar year 2008 inflation adjustment factors and reference prices for the renewable electricity production credit, refined coal production credit, and Indian coal production credit under section 45 of the Code.

Rev. Proc. 2008-26 Rev. Proc. 2008-26

This procedure sets forth circumstances under which the IRS will not challenge whether a security is “readily marketable” for purposes of section 956(c)(2)(J).

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