Tax evasion; return-of-capital treatment. The Supreme Court holds that a distributee accused of criminal tax evasion may claim return-of-capital treatment without producing evidence that, when the distribution occurred, either he or the corporation intended a return of capital. Boulware v. United States.

Final regulations under section 6050L of the Code provide guidance for the filing of information returns by donees relating to qualified intellectual property contributions. These regulations reflect changes to the law enacted in 2004.

Proposed regulations under section 6323 of the Code relate to the validity and priority of the federal tax lien against certain persons. The regulations that implement section 6323 have not been amended for some time. The most significant of the proposed changes reflect that most liens filed by the IRS are now self-releasing, and reflect the authority of the IRS to file liens electronically without obtaining the permission of the locality. Other changes update the regulations by making various incidental changes to dates and other language contained therein.

Proposed regulations under section 4971 of the Code provide guidance on the excise tax for failure to make certain required pension funding contributions. The regulations reflect changes made to section 4971 by the Pension Protection Act of 2006. A public hearing is scheduled for August 4, 2008.

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

Proposed regulations under section 2642 of the Code identify the standards that the IRS will apply in determining whether to grant a transferor or a transferor’s estate an extension of time under section 2642(g)(1) to: (1) allocate generation-skipping transfer (GST) exemption, as defined in section 2631, to a transfer; (2) elect under section 2632(b)(3) (the election not to have the deemed allocation of GST exemption apply to a direct skip); (3) elect under section 2632(c)(5)(A)(i) (the election not to have the deemed allocation of GST exemption apply to an indirect skip or transfers made to a particular trust); and (4) elect under section 2632(c)(5)(A)(ii) (the election to treat any trust as a GST trust for purposes of section 2632(c)). The regulations also identify situations with facts that do not satisfy the standards for granting relief and in which, as a result, the relief described above will not be granted. A public hearing is scheduled for August 5, 2008.

Proposed regulations under section 4971 of the Code provide guidance on the excise tax for failure to make certain required pension funding contributions. The regulations reflect changes made to section 4971 by the Pension Protection Act of 2006. A public hearing is scheduled for August 4, 2008.

This document contains a withdrawal of proposed regulations (REG-109367-06, 2006-2 C.B. 683) relating to the circumstances in which accounts or notes receivable are “acquired ... for services rendered” within the meaning of section 1221(a)(4) of the Code.

This document provides notice of public hearing on proposed regulations (REG-139236-07, 2008-9 I.R.B. 491) preparing guidance on the determination of plan assets and benefit liabilities for purposes of the funding requirements that apply to single employer defined benefit plans. The regulations affect sponsors, administrators, participants, and beneficiaries of single employer defined benefit plans. A public hearing is scheduled for May 29, 2008.

This document provides notice of public hearing on proposed regulations (REG-147290-05, 2008-10 I.R.B. 576) relating to deductions for contributions to trusts maintained for decommissioning nuclear power plants. A public hearing is scheduled for June 17, 2008.