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TIFD III-E, Inc. v. United States: Second Circuit Rejects Debt Holder as Partner, Enforces § 6662 Penalties

The Second Circuit recently found that partners whose interests are bound by overwhelmingly debt-like features are not partners for tax purposes. In TIFD III-E, Inc. v. United States, 666 F.3d 836 (2d. Cir. 2012), the Second Circuit rejected taxpayer’s argument that I.R.C. § 704(e)(1) broadened existing law to include debt… More...

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IRS Issues New Revenue Procedure on Salvage Discount Factors for Use by Insurance Companies

Revenue Procedure 2008-71 | 26 CFR 601.201 | 11/19/2008

The Internal revenue Service ("IRS") has issued Revenue Procedure 2008-71 that sets forth for purposes of section 832 of the Internal Revenue Code ("IRC") the salvage discount factors for each property and casualty line of business for the 2008 accident year. More...

IRS Issues Revenue Procedure for Extension of Amortization Period by Pension Plan Sponsor

Revenue Procedure 2008-67 | 2008-1 I.R.B. 240 | 11/12/2008

This revenue procedure describes the procedure by which the plan sponsor of a multi-employer pension plan may request and obtain approval of an extension of an amortization period in accordance with § 431(d) of the Internal Revenue Code of 1986 ("IRC"). More...

IRS Clarifies Applicable Percentage Floor for Buildings under Housing Tax Assistance Act of 2008

Notice 2008-106 | Issue Number N-2008-106 | 11/13/2008

Notice 2008-106 informs taxpayers that the new 9 percent applicable percentage floor for certain buildings that are placed in service after July 30, 2008, and before December 31, 2008, enacted pursuant to § 3002(a)(1) of the Housing Assistance Tax Act of 2008, applies notwithstanding a pre-Act irrevocable election by the taxpayer to apply to these buildings an applicable percentage that is less than 9 percent. More...

IRS Issues Guidance on the Corporate Bond Weighted Above Interest Rate

Notice 2008-105 | IRB 2008-48 | 11/7/2008

This notice provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under § 412(b)(5)(B)(ii)(II) of the Internal Revenue Code ("IRC") as in effect for plan years beginning before 2008. It also provides guidance on the corporate bond monthly yield curve (and the corresponding spot segment rates), the 24-month average segment rates, and the funding transitional segment rates under § 430(h)(2). More...

IRS Issues PLR on US Residency and Citizenship Status of Puerto Rican Citizen for Estate Tax Purposes

Private Letter Ruling 200848014 | Doc 2008-25117 | 8/18/2008

In this private letter ruling, the Internal Revenue Service ("IRS") held that a resident and citizen of Puerto Rico, who derived U.S. citizenship solely from being a citizen of a possession of the United States, is considered a "nonresident not a citizen of the United States" for estate tax purposes under sections 2101 and 2209. More...

Payment to Tribal Members Not Includable In Recipients’ Gross Income -- IRS

Private Letter Ruling 200845025 | Doc 2008-23715 | 7/30/2008

The Internal Revenue Service ("IRS") has ruled that payments made by an Indian tribal government ("Tribe") for tribal for tribal members displaced by a federal public works project are not includable in the recipients' gross income, and the tribal members are not subject to information reporting requirements or withholding obligations under sections 6041 or 3402(r) of the Internal Revenue Code ("IRC"). More...

IRS Issues New Revenue Procedure Prescribing Loss Payment Patterns and Discount Factors for 2008 Accident Year

Revenue Procedure 2008-70 | 26 CFR 601.201 | 11/19/2008

The Internal Revenue Service ("IRS") has issued Revenue Procedure 2008-70 that sets forth for purposes of section 846 of the Internal Revenue Code ("IRC") the loss payment patterns and discount factors for each property and casualty line of business for the 2008 accident year. More...

Newly Signed Law Provides Tax Breaks for Cash Donations for Midwest Disaster Relief

Heartland Disaster Tax Relief Act of 2008 | H.R. 6587, H.R. 1424 | 10/3/2008

Taxpayers who make qualifying cash contributions for disaster relief efforts in the Midwest could benefit from a recently passed law that suspends the percentage-of-income limits that would normally apply when taxpayers deduct the contributions on their 2008 federal tax returns, the Internal Revenue Service ("IRS") has announced. More...

IRS Rules That Investment Company's Taxable Income Should Include its Dividend Deductions

Private Letter Ruling 200845007 | Doc 2008-23697 | 7/20/2008

The Internal Revenue Service ("IRS") has ruled that a regulated investment company's ("RIC") deduction for dividends paid under section 561 of the Internal Revenue Code ("IRC") must be taken into account in determining the taxable income of a corporation for purposes of section 170(b)(2)(A) of the IRC. More...

Bill to Provide Tax Benefits to Military Personnel on Their Pension Plans Now in Effect

Heroes Earnings Assistance and Relief Tax Act of 2008 | Pub. L. No. 110-245 | 6/17/2008

A legislation that seeks to provide tax benefits and incentives to military personnel is now in effect after U.S. President George Bush signed H.R. No. 6081 into law. The new law, denominated as Public Law No. 110-245, otherwise known as Heroes Earnings Assistance and Relief Tax ("HEART") Act of 2008, has a number of provisions that apply to pension plans. More...

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