Final, temporary, and proposed regulations under sections 195, 248, and 709 of the Code provide guidance for making elections to amortize expenses.

Final, temporary, and proposed regulations under sections 195, 248, and 709 of the Code provide guidance for making elections to amortize expenses.

Final regulations under section 468B of the Code provide rules relating to the taxation of the income earned on escrow accounts, trusts, and other funds used during deferred exchanges of like-kind property. The regulations also provide rules under section 7872 regarding below-market loans to facilitators of these exchanges.

Proposed regulations under sections 401(a)(9) and 403(b) of the Code permit a governmental plan to comply with the required minimum distribution rules by using a reasonable and good faith interpretation of the statute.

This notice provides guidance relating to the energy credit under section 48 of the Code for fuel cells (fuel cell credit) and microturbines (microturbine credit).

Exclusive benefit rule; transfer of plan sponsorship; controlled groups. This ruling provides that the exclusive benefit rule of section 401(a) of the Code is violated if the sponsorship of a qualified retirement plan is transferred from an employer to an unrelated taxpayer and the transfer is not in connection with a transfer of business assets or operations from the employer to the unrelated taxpayer.

Proposed regulations under sections 401(a)(9) and 403(b) of the Code permit a governmental plan to comply with the required minimum distribution rules by using a reasonable and good faith interpretation of the statute.

Weighted average interest rate update; corporate bond indices; 30-year Treasury securities; segment rates. This notice contains updates for the corporate bond weighted average interest rate for plan years beginning in August 2008; the 24-month average segment rates; the funding transitional segment rates applicable for August 2008; and the minimum present value transitional rates for July 2008.

Final regulations relating to the discharge of liens under section 7425 of the Code and return of wrongfully levied-upon property under section 6343 clarify that such notices and claims should be sent to the IRS official and office specified in the relevant IRS publications.

This procedure contains the latest revision of Publication 1516, Specifications for Filing Form 8596, Information Return for Federal Contracts, Electronically. Rev. Proc. 2005-29 superseded.

This document contains a correction to an announcement published in I.R.B. 2008-32 (Announcement 2007-72, 2008-32 I.R.B. 321) for section 7428(c) validation of certain contributions made during pendency of declaratory judgment proceedings. The announcement number should read: Announcement 2008-72.