Internal Revenue Bulletin: 2008-36 |
September 8, 2008 |
Table of Contents
- Highlights of This Issue
- Preface
- Part I. Rulings and Decisions Under the Internal Revenue Code of 1986
- Part III. Administrative, Procedural, and Miscellaneous
- Notice 2008-70
- SECTION 1. PURPOSE
- SECTION 2. INTRODUCTION
- SECTION 3. BACKGROUND AND GENERAL REQUIREMENTS
- SECTION 4. APPLICATION PROCESS AND DEADLINES
- SECTION 5. EXPRESSION OF INTEREST
- SECTION 6. FINAL APPLICATION
- SECTION 7. PRO FORMA APPLICATION
- SECTION 8. DRAFT OF FINAL APPLICATION
- SECTION 9. COORDINATION WITH FEDERAL AND STATE AGENCIES
- SECTION 10. CONSENT TO DISCLOSURE AND TO USE OF INFORMATION
- SECTION 11. ELECTION TO TREAT HALF OF THE ALLOCATION AS PAYMENT OF TAX
- SECTION 12. ISSUANCE OF THE QFCBS
- SECTION 13. EXTENSIONS OF TIME
- SECTION 14. TRANSFER OF REPLACEMENT LAND IN PARTIAL SATISFACTION OF SECTION 54B(e)(2) AND THE REQUIREMENTS OF THIS NOTICE
- SECTION 15. CERTIFICATIONS OF ACQUISITION AND TRANSFER OF LAND
- SECTION 16. REQUIRED DECLARATIONS
- SECTION 17. ADDRESSES
- SECTION 18. INFORMATION REPORTING
- SECTION 19. DRAFTING INFORMATION
- Rev. Proc. 2008-48
- Rev. Proc. 2008-52
- SECTION 1. PURPOSE
- SECTION 2. BACKGROUND
- .01 Change in method of accounting defined.
- .02 Securing permission to make a method change.
- .03 Terms and conditions of a method change.
- .04 No retroactive method change.
- .05 Method change with a § 481(a) adjustment.
- .06 Method change using a cut-off basis.
- .07 Consistency and clear reflection of income.
- .08 Separate trades or businesses.
- .09 Penalties.
- .10 Change made as part of an examination.
- SECTION 3. DEFINITIONS
- SECTION 4. SCOPE
- SECTION 5. TERMS AND CONDITIONS OF CHANGE
- SECTION 6. GENERAL APPLICATION PROCEDURES
- SECTION 7. AUDIT PROTECTION FOR TAXABLE YEARS PRIOR TO YEAR OF CHANGE
- SECTION 8. EFFECT OF CONSENT
- SECTION 9. REVIEW BY DIRECTOR
- SECTION 10. REVIEW BY NATIONAL OFFICE
- SECTION 11. APPLICABILITY OF REV. PROCS. 2008-1 AND 2008-4
- SECTION 12. EFFECTIVE DATE
- SECTION 13. EFFECT ON OTHER DOCUMENTS
- SECTION 14. PAPERWORK REDUCTION ACT
- SECTION 15. SIGNIFICANT CHANGES
- DRAFTING INFORMATION
- SECTION 1. GROSS INCOME (§ 61)
- SECTION 2. COMMODITY CREDIT LOANS (§ 77)
- SECTION 3. TRADE OR BUSINESS EXPENSES (§ 162)
- SECTION 4. BAD DEBTS (§ 166)
- SECTION 5. AMORTIZABLE BOND PREMIUM (§ 171)
- SECTION 6. DEPRECIATION OR AMORTIZATION (§ 56(a)(1),
56(g)(4)(A), 167, 168, 197, 280F(a), 1400I, 1400L, or 1400N(d), OR
FORMER § 168)
- .01 Impermissible to permissible method of accounting for depreciation or amortization.
- .02 Permissible to permissible method of accounting for depreciation.
- .03 Sale, lease, or financing transactions.
- .04 Modern golf course greens.
- .05 Original and replacement tire costs.
- .06 Depreciation of gas pump canopies.
- .07 Depreciation of utility assets.
- .08 Depreciation of cable TV fiber optics.
- .09 Change in general asset account treatment due to a change in the use of MACRS property.
- .10 Change in method of accounting for depreciation due to a change in the use of MACRS property.
- .11 Depreciation of qualified non-personal use vans and light trucks.
- .12 Depreciation of qualified revitalization building in the expanded area of a renewal community.
- .13 Loss disallowance rule upon a disposition of an insurance contract acquired in an assumption re-insurance transaction.
- .14 Income forecast method of depreciation.
- .15 GO Zone additional first year depreciation deduction.
- .16 Additional first year depreciation deduction.
- .17 Impermissible to permissible method of accounting for depreciation or amortization for disposed depreciable or amortizable property.
- .18 Depreciation of MACRS property acquired in a like-kind exchange or as a result of an involuntary conversion.
- .19 Lessor improvements abandoned at termination of lease.
- .20 Repairable and reusable spare parts.
- .21 Land.
- .22 Kansas additional first year depreciation.
- SECTION 7. RESEARCH AND EXPERIMENTAL EXPENDITURES (§ 174)
- SECTION 8. ELECTIVE EXPENSING PROVISIONS (§§ 179B(a), 181, and 194(b))
- SECTION 9. COMPUTER SOFTWARE EXPENDITURES (§§ 162, 167, and 197)
- SECTION 10. CAPITAL EXPENDITURES (§ 263)
- SECTION 11. UNIFORM CAPITALIZATION (UNICAP) METHODS (§ 263A)
- .01 Certain uniform capitalization (UNICAP) methods used by resellers and reseller-producers.
- .02 Certain uniform capitalization (UNICAP) methods used by producers and reseller-producers.
- .03 Change to no longer capitalize research and experimental expenditures under § 263A.
- .04 Impact fees.
- .05 Change to capitalizing environmental remediation costs under § 263A.
- .06 Change in allocating environmental remediation costs under § 263A.
- SECTION 12. LOSSES, EXPENSES AND INTEREST WITH RESPECT TO TRANSACTIONS BETWEEN RELATED TAXPAYERS (§ 267)
- SECTION 13. DEFERRED COMPENSATION (§ 404)
- SECTION 14. METHODS OF ACCOUNTING (§ 446)
- .01 Change in overall method from the cash method to an accrual method.
- .02 Multi-year insurance policies for multi-year service warranty contracts.
- .03 Taxpayers changing to overall cash method.
- .04 Nonaccrual-experience method.
- .05 Interest accruals on short-term consumer loans-Rule of 78’s method.
- .06 Film producer’s treatment of certain creative property costs.
- .07 Deduction of incentive payments to health care providers.
- .08 Change by bank for uncollected interest.
- .09 Change from the cash method to an accrual method for specific items.
- .10 Multi-year service warranty contracts.
- .11 Overall cash method for specified transportation industry taxpayers.
- .12 Change to overall cash/hybrid method for certain banks.
- .13 Change to overall cash method for farmers.
- .14 Nonshareholder contributions to capital under § 118.
- SECTION 15. TAXABLE YEAR OF INCLUSION (§ 451)
- .01 Accrual of interest on nonperforming loans.
- .02 Advance rentals.
- .03 State or local income or franchise tax refunds.
- .04 Capital cost reduction payments.
- .05 Credit card annual fees.
- .06 Credit card late fees.
- .07 Advance payments.
- .08 Credit card cash advance fees.
- .09 Sales or dispositions to implement Federal Energy Regulatory Commission or state electric restructuring policy.
- .10 Retainages.
- SECTION 16. OBLIGATIONS ISSUED AT DISCOUNT (§ 454)
- SECTION 17. PREPAID SUBSCRIPTION INCOME (§ 455)
- SECTION 18. SPECIAL RULES FOR LONG-TERM CONTRACTS (§ 460)
- SECTION 19. TAXABLE YEAR OF DEDUCTION (§ 461)
- .01 Timing of incurring liabilities for employee compensation.
- .02 Timing of incurring liabilities for real property taxes, personal property taxes, state income taxes, and state franchise taxes.
- .03 Timing of incurring liabilities under a workers’ compensation act, tort, breach of contract, or violation of law.
- .04 Timing of incurring certain liabilities for payroll taxes.
- .05 Cooperative advertising.
- .06 Timing of incurring certain liabilities for services or insurance.
- .07 Rebates and allowances.
- SECTION 20. RENT (§ 467)
- SECTION 21. INVENTORIES (§ 471)
- .01 Cash discounts.
- .02 Estimating inventory “shrinkage”.
- .03 Small taxpayer exception from requirement to account for inventories under § 471.
- .04 Qualifying volume-related trade discounts.
- .05 Impermissible methods of identification and valuation.
- .06 Core Alternative Valuation Method.
- .07 Replacement cost for automobile dealers’ parts inventory.
- .08 Replacement cost for heavy equipment dealers’ parts inventory.
- .09 Rotable spare parts.
- .10 Advance Trade Discount Method.
- .11 Permissible methods of identification and valuation.
- .12 Change in the official used vehicle guide utilized in valuing used vehicles.
- .13 Invoiced advertising association costs for new vehicle retail dealerships.
- .14 Rolling-average method of accounting for inventories.
- SECTION 22. LAST-IN, FIRST-OUT (LIFO) INVENTORIES (§ 472)
- .01 Change from the LIFO inventory method.
- .02 Determining current-year cost under the LIFO inventory method.
- .03 Alternative LIFO inventory method for retail automobile dealers.
- .04 Used vehicle alternative LIFO method.
- .05 Determining the cost of used vehicles purchased or taken as a trade-in.
- .06 Change to the inventory price index computation (IPIC) method.
- .07 Changes within the inventory price index computation (IPIC) method.
- .08 Changes to the Vehicle-Pool Method.
- .09 Changes within the used vehicle alternative LIFO method.
- .10 Changes to dollar-value pools of manufacturers.
- SECTION 23. MARK-TO-MARKET ACCOUNTING METHOD FOR DEALERS IN SECURITIES (§ 475)
- SECTION 24. BANK RESERVES FOR BAD DEBTS (§ 585)
- SECTION 25. INSURANCE COMPANY PREMIUM ACQUISITION EXPENSES (§ 832)
- SECTION 26. DISCOUNTED UNPAID LOSSES (§ 846)
- SECTION 27. REAL ESTATE MORTGAGE INVESTMENT CONDUIT (REMIC) (§§ 860A-860G)
- SECTION 28. INCOME FROM SOURCES WITHIN THE UNITED STATES (§ 861)
- SECTION 29. FUNCTIONAL CURRENCY (§ 985)
- SECTION 30. BASIS OF CERTAIN SECURITIES SOLD OR TRANSFERRED (§ 1012)
- SECTION 31. ORIGINAL ISSUE DISCOUNT (§§ 1272, 1273)
- SECTION 32. MARKET DISCOUNT BONDS (§ 1278)
- SECTION 33. SHORT-TERM OBLIGATIONS (§ 1281)
- Rev. Proc. 2008-53
- Notice 2008-70
- Part IV. Items of General Interest
- Definition of Terms and Abbreviations
- Numerical Finding List
- Effect of Current Actions on Previously Published Items
- How to get the Internal Revenue Bulletin
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