Final regulations under section 1045 of the Code relate to partnerships and their partners. The regulations provide rules regarding the deferral of gain on a partnership’s sale of qualified small business stock (QSB stock) and a partner’s sale of QSB stock distributed by a partnership. The regulations also provide rules for a taxpayer (other than a C corporation) who sells QSB stock and purchases replacement QSB stock through a partnership. Rev. Proc. 98-48 modified.

This notice provides guidance to taxpayers to file all Forms 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes, along with Form 1096, Annual Summary and Transmittal of U.S. Information Returns, at the Kansas City Service Center after December 31, 2007. The Internal Revenue Service Center at Ogden remains the location for Forms 1098-C filed on or before December 31, 2007. The Form 1098-C is an information form used by a donee organization to report a contribution of a qualified vehicle with a claimed value of more than $500. Notice 2006-1 modified.

This notice delays the effective date of Rev. Rul. 2006-57, 2006-47 I.R.B. 911. Rev. Rul. 2007-57 provides guidance to employers on the use of smartcards or other electronic media to provide qualified transportation fringes under sections 132(a)(5) and (f) of the Code. The guidance is intended to provide relief to mass transit providers that are currently finding it difficult to update their present systems in order to comply with the Rev. Rul. 2006-57 guidelines prior to the effective date. Rev. Rul. 2006-57 modified.

This notice provides adjusted limitations on housing expenses for tax year 2007 for purposes of section 911 of the Code.

This procedure permits certain partnerships to aggregate gains and losses from an expanded class of qualified financial assets for purposes of making reverse section 704(c) allocations under regulations section 1.704-3(e)(3).

This procedure provides a safe harbor under which companies taxable under Subchapter L do not have to include any portion of the increase for the taxable year in policy cash values of life insurance contracts described in section 264(f)(4)(A) of the Code (ICOLI Contracts) for purposes of applying the insurance company proration rules in sections 807(a)(2), 807(b)(1), 805(a)(4), 812, or 832(b)(5). Stakeholders are asked to comment on the need for additional guidance in this area, specifically with regard to the existence of any non-tax regulatory rules or other requirements that limit an insurance company’s ability to invest in ICOLI Contracts and the effect of any experience rating, inter-insurance, reciprocal, or reinsurance arrangement on transactions involving ICOLI Contracts.

This notice provides guidance to taxpayers to file all Forms 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes, along with Form 1096, Annual Summary and Transmittal of U.S. Information Returns, at the Kansas City Service Center after December 31, 2007. The Internal Revenue Service Center at Ogden remains the location for Forms 1098-C filed on or before December 31, 2007. The Form 1098-C is an information form used by a donee organization to report a contribution of a qualified vehicle with a claimed value of more than $500. Notice 2006-1 modified.

A list is provided of organizations now classified as private foundations.

This announcement describes rules under section 509 of the Code that the Treasury Department and the IRS anticipate proposing in a notice of proposed rulemaking (REG-155929-06) regarding (1) the payout requirements for Type III supporting organizations that are not functionally integrated, and (2) the criteria for determining whether a Type III supporting organization is functionally integrated. It also addresses some additional matters regarding Type III supporting organizations in response to changes in the law made by the Pension Protection Act of 2006.

This notice delays the effective date of Rev. Rul. 2006-57, 2006-47 I.R.B. 911. Rev. Rul. 2007-57 provides guidance to employers on the use of smartcards or other electronic media to provide qualified transportation fringes under sections 132(a)(5) and (f) of the Code. The guidance is intended to provide relief to mass transit providers that are currently finding it difficult to update their present systems in order to comply with the Rev. Rul. 2006-57 guidelines prior to the effective date. Rev. Rul. 2006-57 modified.

This document contains corrections to proposed regulations (REG-138707-06, 2007-32 I.R.B. 342) that modify final regulations issued under sections 883(a) and (c) of the Code, relating to income derived by foreign corporations from the international operation of ships or aircraft.

This document contains a correction to final and temporary regulations (T.D. 9332, 2007-32 I.R.B. 300) that relate to the exclusion from gross income derived by certain foreign corporations engaged in the international operation of ships or aircraft.