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.

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).

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.

Final regulations under section 338 of the Code relate to the determination of the adjusted basis of amortizable section 197 intangible assets in the hands of an insurance company resulting from certain reinsurance transactions, increases in an insurance company’s reserves after a deemed sale, and a carryover to the new (target) insurance company of an election to use the old (target) insurance company’s historical payment pattern to discount unpaid losses. The final regulations apply to insurance companies.

This notice updates procedures for issuers of tax-exempt bonds and tax credit bonds to submit requests for voluntary closing agreements to resolve violations of the Code. Notice 2001-60 modified and superseded.

This notice provides interim guidance on the treatment under section 67 of the Code of investment advisory costs and other costs subject to the 2-percent floor under section 67(a) that are bundled as part of one commission or fee paid to the trustee or executor and are incurred by a trust other than a grantor trust or an estate.

Proposed regulations provide guidance under sections 411(a)(13) and 411(b)(5) of the Code, which were added by the Pension Protection Act of 2006. Section 411(a)(13) provides rules relating to vesting and payment of benefits that must be satisfied in order for hybrid defined benefit plans to be tax-qualified. Section 411(b)(5) provides age discrimination rules for tax-qualified defined benefit plans, including hybrid defined benefit plans.

Proposed regulations under section 401 of the Code provide guidance relating to diversification requirements for certain defined contribution plans and to publicly traded employer securities.

The IRS has revoked its determination that Drive for Youth 2020 of Missouri City, TX; Rise and Shine, Inc., of Medical Lake, WA; Bluegrass Gymnastic Boosters, Inc., of Lexington, KY; DebtTech of Columbia, MD; Nexum Credit Counseling, Inc., of Vero Beach, FL; New Home Gallery, Inc., of Louisville, KY; Alban Community Services Foundation of Lititz, PA; Union Oaks, Inc., of Omaha, NE; Shiloh Ministries of Hagerstown, Inc., of Hagerstown, MD; Credicure, Inc., of Martinsburg, WV; Newton Family Foundation of West Jordan, UT; Alliance to Rebuild LA of Santa Monica, CA; The Down Payment Assistance Group of San Diego, CA; Phillip J. Kronzer Foundation for Religious Research of Los Gatos, CA; Credit Success Company of Jacksonville, FL; Mario C. and Elva G. Rapanotti Charitable Supporting Organization of San Antonio, TX; and Anthony & Megan Wolfenden Charitable Supporting Organization of Santa Clara, CA, qualify as organizations described in sections 501(c)(3) and 170(c)(2) of the Code.

Qualified mortgage bonds; mortgage credit certificates; national median gross income. Guidance is provided concerning the use of the national and area median gross income figures by issuers of qualified mortgage bonds and mortgage credit certificates in determining the housing cost/income ratio described in section 143(f) of the Code. Rev. Proc. 2007-31 obsoleted in part.

This announcement contains changes to Publication 1187 for filing procedures for Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, filed electronically or magnetically. These changes are effective immediately. Announcement 2008-6 superseded.