1 Part III: Treasury Department, Internal Revenue Service,
This document contains proposed regulations that explain how section 263(a) of the Internal Revenue Code (Code) applies to amounts paid to acquire, produce, or improve tangible property. The proposed regulations clarify and expand the standards in the current regulations under section 263(a), as well as provide some brightline tests (for example,
2 RULES: Partner's Distributive Share; Correction,
This document contains corrections to final regulations (TD 9398) that were published in the Federal Register on Monday, May 19, 2008 (73 FR 28699) providing rules for testing whether the economic effect of an allocation is substantial within the meaning of section 704(b) where partners are lookthrough entities or members of a consolidated group.
3 RULES: Section 42 Utility Allowance Regulations Update,
This document contains final regulations that amend the utility allowances regulations concerning the lowincome housing tax credit. The final regulations update the utility allowance regulations to provide new options for estimating tenant utility costs. The final regulations affect owners of lowincome housing projects who claim the credit, the
4 RULES: Correction,
This document contains corrections to final regulations (TD 9424) that were published in the Federal Register on Wednesday, September 17, 2008 (73 FR 53934) under sections 358, 362(e)(2), and 1502 of the Internal Revenue Code. The final regulations apply to corporations filing consolidated returns, and corporations that enter into certain taxfree
5 PROPOSED RULES: Guidance Regarding Deduction and Capitalization of Expenditures Related to
This document contains corrections to a notice of proposed rulemaking (REG16874503) that was published in the Federal Register on Monday, March 10, 2008 (73 FR 12838) explaining how section 263(a) of the Internal Revenue Code applies to amounts paid to acquire, produce, or improve tangible property. The proposed regulations clarify and expand the
6 RULES: Time and Manner for Electing Capital Asset Treatment for Certain Self-Created
This document contains a temporary regulation that provides the time and manner for making an election to treat the sale or exchange of musical compositions or copyrights in musical works created by the taxpayer (or received by the taxpayer from the works' creator in a transferred basis transaction) as the sale or exchange of a capital asset. The
7 RULES: Dependent Child of Divorced or Separated Parents or Parents Who Live Apart,
This document contains final regulations relating to a claim that a child is a dependent by parents who are divorced, legally separated under a decree of separate maintenance, or separated under a written separation agreement, or who live apart at all times during the last 6 months of the calendar year. The regulations reflect amendments under the
8 PROPOSED RULES: Farmer and Fisherman Income Averaging; Correction,
This document corrects a notice of proposed rulemaking by crossreference to temporary regulations (REG16169504) that was published in the Federal Register on Tuesday, July 22, 2008 (73 FR 42538) relating to the averaging of farm and fishing income in computing income tax liability.
9 RULES: Section 1367 Regarding Open Account Debt; Correction,
This document contains corrections to final regulations (TD 9428) that were published in the Federal Register on Monday, October 20, 2008 (73 FR62199) relating to the treatment of open account debt between S corporations and their shareholders. These final regulations provide rules regarding the definition of open account debt and the adjustments
10 RULES: Reduction of Foreign Tax Credit Limitation Categories Under Section 904(d);
This document contains corrections to final and temporary
regulations (TD 9368) that were published in the Federal Register on [[Page 15064]]
Friday, December 21, 2007 (72 FR 72582) regarding the reduction of the
number of separate foreign tax credit limitation categories under
section 904(d) of the Internal Revenue Code. These regulations affect