Excerpt:

INCOME TAX
Rev. Rul. 2008–14, page 578.
Fringe benefits aircraft valuation formula. The Standard
Industry Fare Level (SIFL) cents-per-mile rates and terminal
charge in effect for the first half of 2008 are set forth for
purposes of determining the value of noncommercial flights
on employer-provided aircraft under section 1.61–21(g) of the
regulations.
Rev. Rul. 2008–16, page 585.
S corporations; charitable contributions. This ruling provides
guidance for S corporations that made charitable contributions
of appreciated property during a taxable year beginning
after December 31, 2005 and before January 1, 2008.
The ruling provides that the amount of the charitable deduction
the shareholder may claim may not exceed the sum of (i) the
shareholder’s pro rata share of the fair market value of the contributed
property over the shareholder’s pro rata share of the
contributed property’s adjusted tax basis, and (ii) the amount
of the Code section 1366(d) loss limitation amount that is allocable
to the contributed property’s basis under regulations
section 1.1366–2(a)(4).
T.D. 9376, page 587.
Final regulations under section 1502 of the Code provide guidance
regarding the manner in which the items (including items
described in section 381(c) but excluding intercompany items
under regulations section 1.1502–13) of a liquidating corporation
are succeeded to and taken into account in cases in which
multiple members acquire the assets of the liquidating corporation
in a complete liquidation to which section 332 applies.
The regulations affect corporations filing consolidated returns.

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. Download our Free 1098/1099/5498/W2G Software by Downloading the Free Business E-File Software Here