This document contains proposed regulations that explain how section 263(a) of the Internal Revenue Code (Code) applies to amounts paid to acquire, produce, or improve tangible property. The proposed regulations clarify and expand the standards in the current regulations under section 263(a), as well as provide some brightline tests (for example,

DEPARTMENT OF THE TREASURY : Veterans Affairs Department

This document contains corrections to final regulations (TD 9398) that were published in the Federal Register on Monday, May 19, 2008 (73 FR 28699) providing rules for testing whether the economic effect of an allocation is substantial within the meaning of section 704(b) where partners are lookthrough entities or members of a consolidated group.

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains final regulations that amend the utility allowances regulations concerning the lowincome housing tax credit. The final regulations update the utility allowance regulations to provide new options for estimating tenant utility costs. The final regulations affect owners of lowincome housing projects who claim the credit, the

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains corrections to a notice of proposed rulemaking (REG16874503) that was published in the Federal Register on Monday, March 10, 2008 (73 FR 12838) explaining how section 263(a) of the Internal Revenue Code applies to amounts paid to acquire, produce, or improve tangible property. The proposed regulations clarify and expand the

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains a temporary regulation that provides the time and manner for making an election to treat the sale or exchange of musical compositions or copyrights in musical works created by the taxpayer (or received by the taxpayer from the works' creator in a transferred basis transaction) as the sale or exchange of a capital asset. The

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains final regulations relating to a claim that a child is a dependent by parents who are divorced, legally separated under a decree of separate maintenance, or separated under a written separation agreement, or who live apart at all times during the last 6 months of the calendar year. The regulations reflect amendments under the

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document corrects a notice of proposed rulemaking by crossreference to temporary regulations (REG16169504) that was published in the Federal Register on Tuesday, July 22, 2008 (73 FR 42538) relating to the averaging of farm and fishing income in computing income tax liability.

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains corrections to final and temporary regulations (TD 9368) that were published in the Federal Register on [[Page 15064]]
Friday, December 21, 2007 (72 FR 72582) regarding the reduction of the number of separate foreign tax credit limitation categories under section 904(d) of the Internal Revenue Code. These regulations affect

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document provides notice of public hearing on proposed regulations providing guidance relating to sections 411(a)(13) and 411(b)(5) of the Internal Revenue Code concerning certain hybrid defined benefit plans.

DEPARTMENT OF THE TREASURY : Internal Revenue Service

In the Rules and Regulations section in this issue of the Federal Register, the IRS is issuing temporary regulations that provide guidance relating to the determination of the amount of taxes paid for purposes of the foreign tax credit. The regulations affect taxpayers that claim direct and indirect foreign tax credits. The text of those temporary

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains final and temporary regulations concerning the treatment of certain intercompany gain with respect to consolidated group member stock. These amendments provide for the redetermination of an intercompany gain as excluded from gross income in certain member stock transactions. These regulations affect corporations filing

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains a correction to final regulations (TD 9398) that were published in the Federal Register on Monday, May 19, 2008 (73 FR 28699) providing rules for testing whether the economic effect of an allocation is substantial within the meaning of section 704(b) where partners are lookthrough entities or members of a consolidated group.

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains final regulations providing guidance regarding the mortality tables to be used in determining present value or making any computation for purposes of applying certain pension funding requirements. These regulations affect sponsors,
administrators, participants, and beneficiaries of certain retirement plans.

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document corrects a notice of proposed rulemaking (REG- 15113507) that was published in the Federal Register on Tuesday, March 18, 2008 (73 FR 14417), that provides additional rules for certain multiemployer defined benefit plans that are in effect on July 16, 2006.

DEPARTMENT OF THE TREASURY : Internal Revenue Service

In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing a temporary regulation that provides the time and manner for making an election to treat the sale or exchange of musical compositions or copyrights in musical works created by the taxpayer (or received by the taxpayer from the works' creator in a

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains a correction to a notice of public hearing on a notice of proposed rulemaking that was published in the Federal Register on Friday, June 27, 2008 (73 FR 36476) providing additional rules for certain multiemployer defined benefit plans that are in effect on July 16, 2006. These proposed regulations affect sponsors and

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains corrections to final and temporary regulations (TD 9368) that were published in the Federal Register on Friday, December 21, 2007 (72 FR 72582) regarding the reduction of the number of separate foreign tax credit limitation categories under section 904(d) of the Internal Revenue Code. These regulations affect taxpayers

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains final regulations relating to the assumption of liabilities under section 358(h) of the Internal Revenue Code (Code). Section 358(h) provides that, after application of section 358(d), the basis in stock received in a nonrecognition transaction shall be reduced to the fair market value of the stock by the amount of any

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains corrections to a notice of proposed rulemaking (REG10125808) that was published in the Federal Register on Wednesday, June 18, 2008 (73 FR 34670) providing guidance under Internal Revenue Code section 642(c) with regard to the Federal tax consequences of an ordering provision in a trust, a will, or a provision of local law

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains corrections to final regulations (TD 9390) that were published in the Federal Register on Friday, March 28, 2008 (73 FR 16519) clarifying the substantive requirements for tax exemption under section 501(c)(3) of the Internal Revenue Code. These final regulations also contain provisions that clarify the relationship between

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains final regulations concerning the diversification requirements of section 817(h) of the Internal Revenue Code (Code). The regulations expand the list of holders whose beneficial interests in an investment company, partnership, or trust do not prevent a segregated asset account from looking through to the assets of the

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains final and temporary regulations relating to the election and calculation of the alternative simplified credit under section 41(c)(5) of the Internal Revenue Code. The final and temporary regulations implement changes to the credit for increasing research activities under section 41 made by the Tax Relief and Health Care Act

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains proposed regulations amending the regulations under Sec. 1.460 to provide guidance to taxpayers in the home construction industry regarding accounting for certain longterm construction contracts that qualify as home construction contracts under section 460(e)(6) of the Internal Revenue Code (Code) and to provide guidance to

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains a correction to final regulations (TD 9387) that were published in the Federal Register on Thursday, March 20, 2008 (73 FR 14934), providing guidance on the normalization requirements applicable to public utilities that benefit (or have benefited) from accelerated depreciation methods or from the investment tax credit

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains a correction to temporary regulations (TD 9369) that were published in the Federal Register on Wednesday, December 26, 2007 (72 FR 72929) affecting component members of a controlled group of corporations and consolidated groups filing life nonlife Federal income tax returns. These regulations provide guidance for calculating

DEPARTMENT OF THE TREASURY : Internal Revenue Service