Fringe benefits aircraft valuation formula. The Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charge in effect for the second 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.

Proposed regulations under section 40 of the Code provide guidance relating to credits and payments for alcohol mixtures, biodiesel mixtures, renewable diesel mixtures, alternative fuel mixtures, and alternative fuel sold for use or used as a fuel. The regulations also provide guidance relating to the definition of gasoline and diesel fuel.

Proposed regulations under section 108 of the Code provide guidance on the manner in which an S corporation reduces its tax attributes under section 108(b) for taxable years in which the S corporation has discharge of indebtedness income that is excluded from gross income under section 108(a). A public hearing is scheduled for December 8, 2008.

This notice delays the effective date of Rev. Rul. 2006-57. Rev. Rul. 2006-57 provides guidance to employers on the use of smartcards, debit or credit cards, or other electronic media to provide qualified transportation fringes under sections 132(a)(5) and (f) of the Code. This guidance is intended to provide relief to mass transit providers that are currently finding it difficult to update their present systems in order to comply with the Rev. Rul. guidelines prior to the current effective date of January 1, 2009. The effective date of Rev. Rul. 2006-57 is further delayed until January 1, 2010. Rev. Rul. 2006-57 modified.

This procedure provides guidance on the increased amount of IRC section 179 expensing and the 50% additional first year depreciation provided by sections 102 and 103, respectively, of the Economic Stimulus Act of 2008. Rev. Proc. 2007-66 modified and superseded. Notice 2007-36 clarified, modified, and amplified.

This announcement modifies the transition rules in the effective date provisions of Rev. Proc. 2008-52, 2008-36 I.R.B. 1, in general, to allow taxpayers to elect to apply the procedures of Rev. Proc. 2002-9 for applications to change a method of accounting filed on or after August 18, 2008, through September 15, 2008, subject to certain limitations. Rev. Proc. 2008-52 modified.

Final regulations under section 408A of the Code provide guidance concerning the tax consequences of converting a non-Roth IRA annuity to a Roth IRA.

This notice expands the availability of the transition relief for certain small pension plans that was originally provided in Notice 2008-21, 2008-7 I.R.B. 431. This expanded transition relief is needed because technical corrections to the Pension Protection Act of 2006 (PPA) have not yet been enacted. This guidance will expand the transition relief provided in Notice 2008-21 to apply to plans with end-of-year valuation dates for 2006 and 2007, regardless of the valuation date used for 2008.

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 September 2008; the 24-month average segment rates; the funding transitional segment rates applicable for September 2008; and the minimum present value transitional rates for August 2008.

Proposed regulations under section 40 of the Code provide guidance relating to credits and payments for alcohol mixtures, biodiesel mixtures, renewable diesel mixtures, alternative fuel mixtures, and alternative fuel sold for use or used as a fuel. The regulations also provide guidance relating to the definition of gasoline and diesel fuel.