INCOME TAX

Rev. Rul. 2007–9, page 422. Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for February 2007.

T.D. 9304, page 423. REG–161919–05, page 463. Final, temporary, and proposed regulations under section 1561 of the Code affect component members of controlled groups and consolidated groups filing life-nonlife returns. They provide guidance regarding the apportionment of tax benefit items and the amount and type of information these members are required to submit with their federal income tax returns.

T.D. 9306, page 420. Final regulations under 31 USC 9701 increase the amount of the user fees imposed under sections 300.1 and 300.2 for entering into and restructuring or reinstating installment agreements. The regulations bring the fees in line with the actual costs to the IRS. Currently, the IRS charges $43 for entering into an installment agreement and $24 for restructuring or reinstating an installment agreement that is in default. The IRS recently completed a review of the installment agreement program and determined that the full cost of an installment agreement is $105, and the full cost of restructuring or reinstating an installment agreement is $45. The regulations reflect these costs, with one exception; the fee for entering into an installment agreement paid by way of a direct debit from the taxpayer’s checking account will be $52, to encourage this type of payment arrangement.