Internal Revenue Bulletin 2007-33 Weekly

Excerpt:

T.D. 9333, page 350.
REG–149036–04, page 365.
Temporary and proposed regulations under section 6404 of the
Code provide guidance on the suspension of interest, penalty,
addition to tax, or additional amounts with respect to listed
transactions or undisclosed reportable transactions. A public
hearing on the proposed regulations is scheduled for October
11, 2007.
REG–128274–03, page 356.
Proposed regulations under section 42 of the Code, which concern
the low-income housing credit, would amend the utility allowances
regulations under section 1.42–10. A public hearing
is scheduled for October 9, 2007.
REG–163195–05, page 366.
Proposed regulations under section 3406(g) of the Code
provide amendments to the existing regulations for backup
withholding for reportable payments made through a Qualified
Payment Card Agent (QPCA). See related Notice 2007–59,
2007–30 I.R.B. 135, containing a proposed revenue procedure
for guidance on QPCA determinations. A public hearing
is scheduled for November 7, 2007.
Notice 2007–63, page 353.
Repayment of Commodity Credit Corporation (CCC)
loans. This notice provides guidance regarding the tax treatment
and information reporting of “market gain” associated
with the repayment of nonrecourse marketing assistance
loans made by the CCC under the Farm Security and Rural
Investment Act of 2002.

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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