Corporations; “outside director” definition. This ruling provides guidance for determining whether an individual qualifies as an “outside director” for purposes of section 162(m) of the Code. The ruling holds that an individual does not qualify as an “outside director” of a corporation when the individual has served as the corporation’s interim chief executive officer in regular and continued service with the full authority vested in that office.

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 July 2008.

Final, temporary, and proposed regulations under section 41 of the Code implement changes to the credit for increasing research activities made by the Tax Relief and Health Care Act of 2006. A public hearing on the proposed regulations is scheduled for September 25, 2008.

Final, temporary, and proposed regulations under section 41 of the Code implement changes to the credit for increasing research activities made by the Tax Relief and Health Care Act of 2006. A public hearing on the proposed regulations is scheduled for September 25, 2008.

This notice provides guidance regarding the effect of adding certain liquidity facilities to support certain auction rate preferred stock on the equity character of the stock for federal income tax purposes.

Corporations; “outside director” definition. This ruling provides guidance for determining whether an individual qualifies as an “outside director” for purposes of section 162(m) of the Code. The ruling holds that an individual does not qualify as an “outside director” of a corporation when the individual has served as the corporation’s interim chief executive officer in regular and continued service with the full authority vested in that office.

The IRS has revoked its determination that The Neil & Patricia Chiarello Charitable Supporting Organization of West Milford, NJ; The Jonathan Dreier Foundation of Paradise Valley, AZ; Fanwood-Scotch Plains Recycling Association, Inc., of Fanwood, NJ; A Mother’s Love Child Care Center of West Memphis, AR; Northstar Family Foundation of W. Valley City, UT; and Metro Fire Dept., Ltd., of Warren, MI, qualify as organizations described in sections 501(c)(3) and 170(c)(2) of the Code.

Proposed regulations under sections 6694 and 6695 of the Code implement the amendments to the tax return preparer penalties and the related definitional provisions, as enacted by the Small Business and Work Opportunity Tax Act of 2007. A public hearing is scheduled for August 18, 2008.

This procedure contains revisions to Publication 1239, Specifications for Filing Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips, Electronically (revised 7-2008). Rev. Proc. 2006-29 superseded.