Final, temporary, and proposed regulations under section 6050P of the Code relate to information returns for cancellation of indebtedness by certain entities. The regulations will avoid premature information reporting from certain businesses that are currently required to report and will reduce the number of information returns required to be filed. A public hearing on the proposed regulations is scheduled for March 13, 2009.

Final, temporary, and proposed regulations under section 6050P of the Code relate to information returns for cancellation of indebtedness by certain entities. The regulations will avoid premature information reporting from certain businesses that are currently required to report and will reduce the number of information returns required to be filed. A public hearing on the proposed regulations is scheduled for March 13, 2009.

This procedure provides real estate investment trusts (REITs) with a method of applying the prohibited transactions safe harbor under section 857(b)(6) of the Code for a taxable year that begins on or before July 30, 2008, and ends on or after July 31, 2008.

The Fast Track Settlement (FTS) for TE/GE Taxpayers program is based on the LMSB and SB/SE FTS programs. The existing FTS programs promote early and timely settlements with taxpayers through the use of alternative dispute resolution techniques. The LMSB and SB/SE programs are designed to commence prior to the issuance of the 30-day letter and to reach a result within 120 days and 60 days respectively. The TE/GE FTS program will use the same procedures and have a 60-day period within which to reach settlement.

This document describes issues that the IRS and Treasury Department are considering addressing in a notice of proposed rulemaking (REG-130342-08) regarding the definition of an interest in real property. The notice of proposed rulemaking would address certain rights granted by a governmental unit that are related to the lease, ownership, or use of real property.

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

This document sets forth the procedure by which the sponsor of a multiemployer pension plan may request and obtain approval of an extension of an amortization period in accordance with section 431(d) of the Code and section 304(d) of the Employee Retirement Income Security Act of 1974 (ERISA). Rev. Proc. 2004-44 superseded. Rev. Proc. 2008-4 modified.

The Fast Track Settlement (FTS) for TE/GE Taxpayers program is based on the LMSB and SB/SE FTS programs. The existing FTS programs promote early and timely settlements with taxpayers through the use of alternative dispute resolution techniques. The LMSB and SB/SE programs are designed to commence prior to the issuance of the 30-day letter and to reach a result within 120 days and 60 days respectively. The TE/GE FTS program will use the same procedures and have a 60-day period within which to reach settlement.

The Fast Track Settlement (FTS) for TE/GE Taxpayers program is based on the LMSB and SB/SE FTS programs. The existing FTS programs promote early and timely settlements with taxpayers through the use of alternative dispute resolution techniques. The LMSB and SB/SE programs are designed to commence prior to the issuance of the 30-day letter and to reach a result within 120 days and 60 days respectively. The TE/GE FTS program will use the same procedures and have a 60-day period within which to reach settlement.

The Fast Track Settlement (FTS) for TE/GE Taxpayers program is based on the LMSB and SB/SE FTS programs. The existing FTS programs promote early and timely settlements with taxpayers through the use of alternative dispute resolution techniques. The LMSB and SB/SE programs are designed to commence prior to the issuance of the 30-day letter and to reach a result within 120 days and 60 days respectively. The TE/GE FTS program will use the same procedures and have a 60-day period within which to reach settlement.

The Fast Track Settlement (FTS) for TE/GE Taxpayers program is based on the LMSB and SB/SE FTS programs. The existing FTS programs promote early and timely settlements with taxpayers through the use of alternative dispute resolution techniques. The LMSB and SB/SE programs are designed to commence prior to the issuance of the 30-day letter and to reach a result within 120 days and 60 days respectively. The TE/GE FTS program will use the same procedures and have a 60-day period within which to reach settlement.

This announcement will extend the test of the Fast Track Settlement (FTS) for SB/SE Taxpayers Pilot Program for an additional two years to further evaluate the program and seek additional cases for fast track settlement.

This announcement modifies Revenue Procedures 2002-44, 2002-2 C.B. 10, and 2006-44, 2006-2 C.B. 800, by establishing a two-year test of the mediation and arbitration procedures for Offer in Compromise and Trust Fund Recovery Penalty cases that are under the jurisdiction of the Office of Appeals. Rev. Procs. 2002-44 and 2006-44 modified.

This document contains corrections to final regulations under section 1502 of the Code (T.D. 9424, 2008-44 I.R.B. 1012) that provide rules for determining the tax consequences of a member’s transfer (including by deconsolidation and worthlessness) of loss shares of subsidiary stock. The regulations also provide that section 362(e)(2) generally does not apply to transactions between members of a consolidated group.

This document cancels a public hearing on proposed regulations (REG-102822-08, 2008-38 I.R.B. 744) that 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).