Table of Contents

• Highlights of This Issue
  • INCOME TAX
    • Rev. Rul. 2007-46
    • Rev. Rul. 2007-47
    • Rev. Rul. 2007-48
    • Notice 2007-59
    • Rev. Proc. 2007-53
  • EMPLOYEE PLANS
    • Rev. Rul. 2007-48
    • Notice 2007-61
    • Rev. Proc. 2007-49
    • Announcement 2007-63
  • EXEMPT ORGANIZATIONS
    • Rev. Proc. 2007-52
    • Announcement 2007-65
  • EMPLOYMENT TAX
    • Rev. Rul. 2007-48
  • ADMINISTRATIVE
    • Rev. Proc. 2007-51
• Preface
  • The IRS Mission
  • Introduction
• • Actions Relating to Decisions of the Tax Court
• Part I. Rulings and Decisions Under the Internal Revenue Code of 1986
  • Rev. Rul. 2007-46
    • DRAFTING INFORMATION
  • Rev. Rul. 2007-47
    • ISSUE
    • FACTS
    • LAW
    • ANALYSIS
    • HOLDING
    • EFFECT ON OTHER DOCUMENTS
    • REQUEST FOR COMMENTS
    • DRAFTING INFORMATION
  • Rev. Rul. 2007-48
    • ISSUE
    • FACTS
    • LAW AND ANALYSIS
      • Income Tax Treatment
      • Employment Tax Treatment
    • HOLDING
    • EFFECT ON OTHER REVENUE RULING
    • DRAFTING INFORMATION
• Part III. Administrative, Procedural, and Miscellaneous
  • Notice 2007-59
    • SECTION 1. IN GENERAL
    • SECTION 2. SIGNIFICANT CHANGES
    • SECTION 3 . BACKGROUND
    • SECTION 4. SCOPE
    • SECTION 5. DEFINITIONS AND RELATED RULES
    • SECTION 6. APPLICATION AND REQUIREMENTS FOR QPCA DETERMINATION
    • SECTION 7. TIN SOLICITATION ACTIVITIES
    • SECTION 8. OTHER REQUIREMENTS
    • SECTION 9. TERM, RENEWALS, AND TERMINATION
    • SECTION 10. Rev. Proc. 2004-42 is superseded.
    • SECTION 11. EFFECTIVE DATE
    • SECTION 12. DRAFTING INFORMATION
  • Notice 2007-61
    • • CORPORATE BOND WEIGHTED AVERAGE INTEREST RATE
      • 30-YEAR TREASURY SECURITIES INTEREST RATE
    • Drafting Information
  • Rev. Proc. 2007-49
    • SECTION 1. PURPOSE
    • SECTION 2. BACKGROUND
    • SECTION 3. VCP STREAMLINED SUBMISSION PROCEDURE FOR THE FAILURE TO ADOPT TIMELY CERTAIN AMENDMENTS
    • SECTION 4. LATE SUBMISSIONS FOR OPINION OR ADVISORY LETTERS
    • SECTION 5. EFFECTIVE DATE
    • SECTION 6. EFFECT ON OTHER DOCUMENTS
    • DRAFTING INFORMATION
  • Rev. Proc. 2007-51
    • Part A. General
      • Sec. 1. Purpose
      • Sec. 2. Nature of Changes — Current Year (Tax Year 2007)
      • Sec. 3. Where To File and How to Contact the IRS, Enterprise Computing Center — Martinsburg
      • Sec. 4. Filing Requirements
      • Sec. 5. Vendor List
      • Sec. 6. Form 4419, Application for Filing Information Returns Electronically
      • Sec. 7. Filing of Information Returns Magnetically and Retention Requirements
      • Sec. 8. Due Dates
      • Sec. 9. Replacement Tape Cartridges
      • Sec. 10. Corrected Returns
      • Sec. 11. Effect on Paper Returns and Statements to Recipients
      • Sec. 12. Combined Federal/State Filing Program
      • Sec. 13. Penalties Associated With Information Returns
      • Sec. 14. State Abbreviations
      • Sec. 15. Major Problems Encountered
    • Part B. Electronic Filing Specifications
      • Sec. 1. General
      • Sec. 2. Advantages of Filing Electronically
      • Sec. 3. Electronic Filing Approval Procedure
      • Sec. 4. Test Files
      • Sec. 5. Electronic Submissions
      • Sec. 6. PIN Requirements
      • Sec. 7. Electronic Filing Specifications
      • Sec. 8. Connecting to the FIRE System
      • Sec. 9. Common Problems and Questions Associated with Electronic Filing
    • Part C. Tape Cartridge Specifications
    • Part D. Record Format Specifications and Record Layouts
      • Sec. 1. General
      • Sec. 2. Transmitter “T” Record — General Field Descriptions
      • Sec. 3. Transmitter “T” Record — Record Layout
      • Sec. 4. Payer “A” Record — General Field Descriptions
      • Sec. 5. Payer “A” Record — Record Layout
      • Sec. 6. Payee “B” Record — General Field Descriptions and Record Layouts
      • Sec. 7. End of Payer “C” Record — General Field Descriptions and Record Layout
      • Sec. 8. State Totals “K” Record — General Field Descriptions and Record Layout
      • Sec. 9. End of Transmission “F” Record — General Field Descriptions and Record Layout
      • Sec. 10. File Layout Diagram
    • Part E. Extensions of Time and Waivers
      • Sec. 1. General — Extensions
      • Sec. 2. Specifications for Electronic Filing or Tape Cartridge Extensions of Time
      • Sec. 3. Record Layout — Extension of Time
      • Sec. 4. Extension of Time for Recipient Copies of Information Returns
      • Sec. 5. Form 8508, Request for Waiver From Filing Information Returns Electronically/Magnetically
  • Rev. Proc. 2007-52
    • SECTION 1. WHAT IS THE PURPOSE OF THIS REVENUE PROCEDURE?
      • Description of terms used in this revenue procedure
      • Updated annually
    • SECTION 2. NATURE OF CHANGES AND RELATED REVENUE PROCEDURES
      • Rev. Proc. 90-27 is superseded and the processing of applications is now centralized
      • Related revenue procedures
    • SECTION 3. WHAT ARE THE PROCEDURES FOR REQUESTING RECOGNITION OF EXEMPT STATUS?
      • In general
      • User fee
      • Form 1023 application
      • Form 1024 application
      • Letter application
      • Form 1028 application
      • Form 8871 notice for political organizations
      • Requirements for a substantially completed application
      • Terrorist organizations not eligible to apply for recognition of exemption
    • SECTION 4. WHAT ARE THE STANDARDS FOR ISSUING A DETERMINATION LETTER OR RULING ON EXEMPT STATUS?
      • Exempt status must be established in application and supporting documents
      • Determination letter or ruling based solely on administrative record
      • Exempt status may be recognized in advance of actual operations
      • No letter if exempt status issue in litigation or under consideration within the Service
      • Incomplete application
      • Even if application is complete, additional information may be required
      • Expedited handling
    • SECTION 5. WHAT OFFICES ISSUE AN EXEMPT STATUS DETERMINATION LETTER OR RULING?
      • EO Determinations issues a determination letter in most cases
      • Certain applications referred to EO Technical
      • Technical advice may be requested in certain cases
      • Technical advice must be requested in certain cases
    • SECTION 6. WITHDRAWAL OF AN APPLICATION
      • Application may be withdrawn prior to issuance of a determination letter or ruling
      • § 7428 implications of withdrawal of application under § 501(c)(3)
    • SECTION 7. WHAT ARE THE PROCEDURES WHEN EXEMPT STATUS IS DENIED?
      • Proposed adverse determination letter or ruling
      • Appeal of a proposed adverse determination letter issued by EO Determinations
      • Protest of a proposed adverse ruling issued by EO Technical
      • Final adverse determination letter or ruling where no appeal or protest is submitted
      • How EO Determinations handles an appeal of a proposed adverse determination letter
      • Consideration by the Appeals Office
      • If a protest of a proposed adverse ruling is submitted to EO Technical
      • An appeal or protest may be withdrawn
      • Appeal or protest and conference rights not applicable in certain situations
    • SECTION 8. DISCLOSURE OF APPLICATIONS AND DETERMINATION LETTERS AND RULINGS
      • Disclosure of applications, supporting documents, and favorable determination letters or rulings
      • Disclosure of adverse determination letters or rulings
      • Disclosure to State officials when the Service refuses to recognize exemption under § 501(c)(3)
      • Disclosure to State officials of information about § 501(c)(3) applicants
    • SECTION 9. REVIEW OF DETERMINATION LETTERS BY EO TECHNICAL
      • Determination letters may be reviewed by EO Technical to assure uniformity
      • Procedures for cases where EO Technical takes exception to a determination letter
    • SECTION 10. DECLARATORY JUDGMENT PROVISIONS OF § 7428
      • Actual controversy involving certain issues
      • Exhaustion of administrative remedies
      • Not earlier than 270 days after seeking determination
      • Service must have reasonable time to act on an appeal or protest
      • Final determination to which § 7428 applies
    • SECTION 11. EFFECT OF DETERMINATION LETTER OR RULING RECOGNIZING EXEMPTION
      • Effective date of exemption
      • Reliance on determination letter or ruling
    • SECTION 12. REVOCATION OR MODIFICATION OF DETERMINATION LETTER OR RULING RECOGNIZING EXEMPTION
      • Revocation or modification of a determination letter or ruling may be retroactive
      • Appeal and conference procedures in the case of revocation or modification of exempt status letter
    • SECTION 13. EFFECT ON OTHER REVENUE PROCEDURES
    • SECTION 14. EFFECTIVE DATE
    • SECTION 15. PAPERWORK REDUCTION ACT
    • DRAFTING INFORMATION
  • Rev. Proc. 2007-53
    • SECTION 1. PURPOSE
    • SECTION 2. BACKGROUND
    • SECTION 3. SCOPE
    • SECTION 4. ADVANCE TRADE DISCOUNT METHOD
    • SECTION 5. AUDIT PROTECTION FOR TAXPAYERS CURRENTLY USING THE ADVANCE TRADE DISCOUNT METHOD
    • SECTION 6. CHANGE IN ACCOUNTING METHOD
    • SECTION 7. EFFECT ON OTHER DOCUMENTS
    • DRAFTING INFORMATION
• Part IV. Items of General Interest
  • Announcement 2007-63
    • Drafting Information
  • Announcement 2007-65
• Definition of Terms and Abbreviations
  • Definition of Terms
  • Abbreviations
• Numerical Finding List
  • Numerical Finding List
• Effect of Current Actions on Previously Published Items
  • Finding List of Current Actions on Previously Published Items
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