Proposed regulations under section 706 of the Code relate to the determination of partners’ distributive shares of partnership items of income, gain, loss, deduction and credit when a partner’s interests varies during a partnership taxable year. The regulations also modify the existing regulations regarding the required taxable year of a partnership.

This notice announces the phase-out of the new qualified hybrid motor vehicle credit and the new advanced lean burn technology motor vehicle credit for passenger automobiles and light trucks manufactured by Ford Motor Company that are purchased for use or lease in the United States beginning on April 1, 2009.

Section 382. This notice provides additional guidance regarding the application of section 382 of the Code and other provisions of law to corporations whose instruments are acquired by the Treasury Department pursuant to the Emergency Economic Stabilization Act of 2008 (EESA). Notice 2009-14 amplified and superseded.

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 April 2009; the 24-month average segment rates; the funding transitional segment rates applicable for April 2009; and the minimum present value transitional rates for March 2009.

Request for comments on revenue procedure for section 403(b) prototype plans. The Service intends to establish a program for the pre-approval of prototype plans under section 403(b) of the Code. This announcement includes a draft revenue procedure that contains the Service’s proposed procedures for issuing opinion letters as to the acceptability under section 403(b) of the form of prototype plans. The Service posted draft sample plan language on the irs.gov website for use in drafting section 403(b) prototype plan. The Service seeks public input before finalizing these procedures and sample plan language, and invites interested persons to submit comments.

Differential wage payments to active duty members of the uniformed services. This ruling provides that differential pay that employers pay to their employees who leave their job to go on active military duty is subject to income tax withholding, but is not subject to Federal Insurance Contributions Act (FICA) or Federal Unemployment Tax Act (FUTA) taxes. Additionally, the ruling provides that employers may use the aggregate procedure or optional flat rate withholding to calculate the amount of income taxes required to be withheld on these payments, and that these payments must be reported on Form W-2. Rev. Rul. 69-136 modified and superseded.

This document cancels a public hearing on proposed regulations (REG-150066-08, 2009-5 I.R.B. 423) relating to the foreign base company sales income, in cases in which personal property sold by a controlled foreign corporation (CFC) is manufactured, produced, or constructed pursuant to a contract manufacturing arrangement or by one or more branches of the CFC. The temporary regulations modify the foreign base company sales income regulations to address current business structures and practices, particulary the growing importance of contract manufacturing and other manufacturing arrangements. The temporary regulations, in general, will affect CFCs and their United States shareholders.