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 March 2008.

Application of section 163(d) to limited partners in a trader partnership. This ruling explains how section 163(d) of the Code applies to a noncorporate limited partner’s distributive share of the interest expense allocable to the partnership’s trade or business of trading securities, if the limited partner does not materially participate.

Performance-based compensation. This ruling holds that compensation paid to an executive is not qualified performance-based compensation for purposes of section 162(m) of the Code, even if the compensation is paid upon the attainment of the performance goal, if the plan agreement or contract provides for payment of compensation to an executive upon the attainment of a performance goal or for (1) termination without “cause” or for “good reason” or (2) voluntary retirement.

Final, temporary, and proposed regulations under section 468A of the Code provide guidance regarding contributions to qualified nuclear decommissioning trusts, including changes made to that section by the Energy Policy Act of 2005.

Final, temporary, and proposed regulations under section 468A of the Code provide guidance regarding contributions to qualified nuclear decommissioning trusts, including changes made to that section by the Energy Policy Act of 2005.

This notice provides interim guidance to issuers of state and local bonds to clarify when certain tax-exempt bonds are treated as reissued or retired for purposes of section 103 and sections 141-150 of the Code. The notice modifies certain special reissuance standards for qualified tender bonds under Notice 88-130, 1988-2 C.B. 543, and sets forth conditions under which certain changes to the bonds will not result in the bonds being reissued. The notice also clarifies the application of regulations section 1.1001-3 to certain changes to the bond terms, provides temporary relief for certain waivers of interest rate caps, and provides limited guidance for certain modifications of qualified hedges for purposes of section 148 of the Code.

This notice informs certain individuals not otherwise required to file an income tax return how to request the economic stimulus payment authorized by H.R. 5140, the Economic Stimulus Act of 2008.

Like-kind exchanges of rental property that is used for personal purposes. This procedure provides a safe harbor under which the Service will not challenge whether a property that is rented to others but also occasionally used by the owners for personal purposes qualifies as property that may be exchanged in a like-kind exchange under section 1031 of the Code.

Performance-based compensation. This ruling holds that compensation paid to an executive is not qualified performance-based compensation for purposes of section 162(m) of the Code, even if the compensation is paid upon the attainment of the performance goal, if the plan agreement or contract provides for payment of compensation to an executive upon the attainment of a performance goal or for (1) termination without “cause” or for “good reason” or (2) voluntary retirement.

Like-kind exchanges of rental property that is used for personal purposes. This procedure provides a safe harbor under which the Service will not challenge whether a property that is rented to others but also occasionally used by the owners for personal purposes qualifies as property that may be exchanged in a like-kind exchange under section 1031 of the Code.

This procedure provides issuers of qualified mortgage bonds (QMBs) and qualified mortgage credit certificates (MCCs) with average area purchase price safe harbors for statistical areas in the United States and with a nationwide average purchase price for residences in the United States for purposes of the QMB rules under section 143 of the Code and the MCC rules under section 25. Rev. Proc. 2007-26 obsoleted in part.

The Small Business and Work Opportunity Act of 2007 added section 1361(g) of the Code, which provides that, in the case of a bank which changes from the reserve method of accounting for bad debts described in section 585 for its first taxable year for which an election under section 1362(a) is in effect, the bank may elect to take into account any adjustments under section 481 by reason of such change for the taxable year immediately preceding such first taxable year. This procedure explains how a bank may make the election under section 1361(g). Generally, the procedure is effective for taxable years beginning after December 31, 2006. Rev. Proc. 2002-9 modified.