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INCOME TAX
Rev. Rul. 2007–69, page 1083.
This ruling provides that payments made by the U.S. Department
of Veterans Affairs under the compensated work therapy
program are exempt from federal income tax as veterans’ benefits.
Rev. Rul. 65–18 revoked, Rev. Rul. 72–605 amplified.
Notice 2007–95, page 1091.
This notice addresses regulations under section 901 of the
Code relating to the foreign tax credit. It announces revised
effective dates for regulations amending the “legal liability”
or “technical taxpayer” rule and the noncompulsory payment
rules.
Rev. Proc. 2007–68, page 1093.
Substitute tax forms and schedules. Requirements are set
forth for privately designed and printed federal tax forms and
conditions under which the Service will accept computer prepared
and computer-generated tax forms and schedules. Rev.
Proc. 2007–24 superseded.
Rev. Proc. 2007–69, page 1137.
This procedure informs small business refiners how to obtain
the certification required under section 45H(f) of the Code.
EMPLOYEE PLANS
REG–133300–07, page 1140.
Proposed regulations under section 401 of the Code provide
guidance relating to certain automatic contribution arrangements;
section 402(c) relating to eligible rollover distributions;
section 411(a) relating to forfeitures; and section 4979(f) relat

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INCOME TAX
T.D. 9362, page 1050.
REG–209020–86, page 1075.
Temporary and proposed regulations under section 905 of the
Code provide rules relating to a United States taxpayer’s obligation
to notify the Internal Revenue Service of a foreign tax redetermination,
which is a change in foreign tax liability that may
affect the taxpayer’s foreign tax credit. These regulations also
provide rules under section 6689 relating to the civil penalty
for failure to notify the IRS of a foreign tax redetermination.
Notice 2007–93, page 1072.
This notice describes how the amendment to section 6404(g)
made by the Small Business and Work Opportunity Act of 2007
applies to notices under section 6404(g)(1) that are provided
on or after November 26, 2007.
Rev. Proc. 2007–67, page 1072.
Change in accounting method. This document allows taxpayers,
under certain conditions, to request to revise the year
of change for a Form 3115, Application for Change in Accounting
Method, that is pending in the national office. It also
modifies the period for taking into account a net positive section
481(a) adjustment when the Commissioner approves the
taxpayer’s request to revise the year of change. Rev. Proc.
97–27 modified.
Announcement 2007–110, page 1082.
This announcement contains changes in filing procedures for
Form 1042–S, Foreign Person’s U.S. Source Income Subject
to Withholding, filed electronically or magnetically. These
changes are effective immediately.

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INCOME TAX
Ct. D. 2084, page 1032.
Abatement; interest accruals; federal income taxes. The
Supreme Court holds that the Tax Court provides the exclusive
forum for judicial review of failure to abate interest under section
6404(e)(1).
T.D. 9361, page 1026.
Final regulations under section 368 of the Code amend regulations
sections 1.368–1(d), 1.368–2(f) and 1.368–2(k) concerning
the tax treatment of post-reorganization transfers of
assets or stock of a party to the reorganization.
REG–134923–07, page 1037.
Proposed regulations under section 31 U.S.C. 9701 implement
new user fees for the initial and renewed enrollment to become
an enrolled actuary. The new user fees established by the regulations
reflect the IRS’s costs of overseeing the initial enrollment
and renewal of enrollment processes. The regulations establish
a $250 user fee for initial enrollment and a $250 user
fee for renewal of enrollment. A public hearing is scheduled for
November 26, 2007.
EXEMPT ORGANIZATIONS
Announcement 2007–108, page 1044.
A list is provided of organizations now classified as private foundations.

Notes:

This information was obtained from the IRS.gov website. E-File Magic does not warrant the accuracy of this information and provides it as a convenience to it’s customers. We encourage you to visit http://www.irs.gov/businesses/lists/0,,id=98230,00.html for the most recent copy of this information.

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SPECIAL ANNOUNCEMENT
Announcement 2007–106, page 1021.
The announcement for the 2008 IRS Individual e-file Partnership
Program will solicit applications from potential partners
for participation in the program. The partnership opportunities
are a result of RRA 98, which authorized the IRS Commissioner
to promote the benefits of and encourage the use of
e-file products and services through partnerships with various
entities that offer low-cost tax preparation and electronic filing
of individual income tax returns for qualified taxpayers. Those
applicants that are accepted into the program will have a link(s)
and offer description(s) for their products and services posted
to IRS.gov (Partners Page).
INCOME TAX
Ct. D. 2083, page 986.
Levies upon third party property to collect taxes owed by
another; wrongful levy action. The Supreme Court holds
that the Trust missed section 7426(a)(1)’s deadline for challenging
a levy, and may not bring the challenge as a tax refund
claim under section 1346(a)(1).
REG–140206–06, page 1006.
Proposed regulations under section 1441 of the Code provide
guidance regarding the withholding and reporting obligations
of a withholding agent in the case of a self tender by a publicly
traded corporation, when a determination is required under
section 301 as to whether the distribution is treated as a
dividend or a distribution in part or full payment in exchange
for stock. A public hearing is scheduled for February 6, 2008.

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INCOME TAX
Rev. Rul. 2007–64, page 953.
2007 base period T-bill rate. The “base period T-bill rate”
for the period ending September 30, 2007, is published as
required by section 995(f) of the Code.
Rev. Rul. 2007–66, page 956.
Federal rates; adjusted federal rates; adjusted federal
long-term rate and the long-term exempt rate. For purposes
of sections 382, 642, 1274, 1288, and other sections
of the Code, tables set forth the rates for November 2007.
Rev. Proc. 2007–65, page 967.
This procedure under sections 704(b) and 45 of the Code provides
the necessary requirements for partnerships to meet a
safe harbor in allocating wind energy production tax credits.
Rev. Proc. 2007–66, page 970.
Cost-of-living adjustments for 2008. This procedure sets
forth the cost-of-living adjustments to certain items for 2008
as required under various provisions of the Code and Service
guidance. Rev. Procs. 90–12 and 2002–41 modified.
EMPLOYEE PLANS
Rev. Rul. 2007–65, page 949.
Employer’s deduction for contributions; limitation on
employer’s deduction; welfare benefit funds. This ruling
discusses whether an employer’s deductions for contributions
to a welfare benefit fund under section 419 of the Code are
“qualified direct costs” with respect to premiums paid by a
welfare benefit fund on cash value life insurance policies.

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SPECIAL ANNOUNCEMENT
Announcement 2007–100, page 922.
The Twentieth Annual Institute on Current Issues in International
Taxation, jointly sponsored by the Internal Revenue Service and
the George Washington University Law School, will be held on
December 13 and 14, 2007, at the Grand Hyatt Washington
Hotel in Washington, DC.
INCOME TAX
REG–107592–00, page 908.
Proposed regulations under section 1502 of the Code provide
guidance regarding the treatment of transactions involving debt
obligations and securities between members of a consolidated
group, and involving the provision of insurance between members
of a consolidated group. REG–105964–98 withdrawn.
EMPLOYEE PLANS
Notice 2007–81, page 899.
Interest rate modifications; Pension Protection Act of
2006; targeted segments. As required by section 430(h)(2)
of the Code, as added by the Pension Protection Act of 2006,
the corporate bond yield curve; the corporate bond yield curve
with modifications; and the methodology used to determine
these yield curves are set forth. In addition, this notice provides
guidance in determining minimum present values under
section 417(e)(3).

.

Notes:

This information was obtained from the IRS.gov website. E-File Magic does not warrant the accuracy of this information and provides it as a convenience to it’s customers. We encourage you to visit http://www.irs.gov/businesses/lists/0,,id=98230,00.html for the most recent copy of this information.

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T.D. 9360, page 860.
Final regulations under section 1291 of the Code provide certain
elections for taxpayers that continue to be subject to the
passive foreign investment company (PFIC) excess distribution
regime even though the foreign corporation in which they own
stock is no longer treated as a PFIC under section 1297(a) or
(e).
REG–143326–05, page 873.
Proposed regulations under sections 1361, 1362, and 1366
of the Code provide guidance regarding changes to the rules
governing S corporations under the American Jobs Creation
Act of 2004 (AJCA) and the Gulf Opportunity Zone Act of 2005
(GOZA). The regulations provide guidance on the family shareholder
rules, the treatment of electing small business trusts,
the allowance of suspended losses to spouses and former
spouses of S corporation shareholders, and relief for inadvertently
terminated or invalid qualified subchapter S subsidiary
elections. The regulations also remove or update various obsolete
references in the current regulations. A public hearing
is scheduled for January 16, 2008.
REG–106143–07, page 881.
Proposed regulations under section 148 of the Code provide
arbitrage guidance for tax-exempt bonds. A public hearing is
scheduled for January 30, 2008.
REG–129916–07, page 891.
Proposed regulations under section 6011 of the Code add
the patented transactions category of reportable transaction
to regulations section 1.6011–4. A patented transaction is
a transaction for which a taxpayer pays (directly or indirectly)
a fee in any amount to a patent holder or the patent holder’s

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Rev. Rul. 2007–61, page 799.
This ruling suspends Rev. Rul. 2007–54, 2007–38 I.R.B. 604,
and informs taxpayers that Treasury and the Service intend
to address the issues considered in Rev. Rul. 2007–54 by
regulations. Rev. Rul. 2007–54 suspended.
Notice 2007–79, page 809.
This notice allows Electronic Return Originators (EROs) to sign
the following forms by rubber stamp, mechanical device (such
as signature pen), or computer software program: Form 8453,
U.S. Individual Income Tax Declaration for an IRS e-file Return;
Form 8878, IRS e-file Signature Authorization for Form 4868 or
Form 2350; and Form 8879, IRS e-file Signature Authorization.
Announcement 2007–88, page 801.
This announcement contains an official copy of the diplomatic
notes exchanged between the United States and Angola providing
for a reciprocal exemption from taxation for income from
the international operation of ships and aircraft. It includes the
United States offer and the Angola acceptance in Portuguese
and an English translation of the Angolan note.
EMPLOYEE PLANS
REG–113891–07, page 821.
Proposed regulations under section 436 of the Code provide
guidance regarding benefit restrictions for certain underfunded
defined benefit pension plans and regarding the use of certain
funding balances maintained for defined benefit pension plans.

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INCOME TAX
Rev. Rul. 2007–62, page 767.
Low-income housing credit; satisfactory bond; “bond
factor” amounts for the period January through December
2007. This ruling provides the monthly bond factor
amounts to be used by taxpayers who dispose of qualified
low-income buildings or interests therein during the period
January through December 2007.
Rev. Rul. 2007–63, page 778.
Federal rates; adjusted federal rates; adjusted federal
long-term rate and the long-term exempt rate. For purposes
of sections 382, 642, 1274, 1288, and other sections
of the Code, tables set forth the rates for October 2007.
T.D. 9354, page 759.
Final regulations under section 21 of the Code conform the
rules relating to the child and dependent care credit to statutory
changes, including amendments under the Working Families
Tax Relief Act of 2004, and address significant issues
that have arisen administratively. The regulations are renumbered
to conform to the renumbering of the statute. Rev. Ruls.
76–278 and 76–288 obsoleted.
T.D. 9357, page 773.
Final regulations under section 853 of the Code generally eliminate
country-by-country reporting, by a regulated investment
company (RIC) to its shareholders, of foreign source income
that the RIC takes into account and foreign taxes that it pays.
T.D. 9358, page 769.
Final regulations under section 338 of the Code permit taxpayers
to elect to modify the application of the ADSP and AGUB
allocation rules of regulations section 1.338–6 as regards nuclear

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