Bulletin No. 2007-14 April 2, 2007

T.D. 9314, page 845. Final regulations under section 168 of the Code relate to the depreciation of property subject to the accelerated cost recovery system (MACRS property). The regulations provide guidance on how to depreciate MACRS property acquired in a like-kind exchange under section 1031 or as a result of an involuntary conversion under section 1033 when both the acquired and relinquished property are subject to MACRS in the hands of the acquiring taxpayer.

Notice 2007–26, page 870. This notice solicits applications for allocation of the available volume cap for clean renewable energy bonds (CREBs) under section 54 of the Code. The notice also provides guidance on the CREB program requirements, volume cap allocation method, and certain aspects of applicable law regarding CREBs. Notice 2005–98 modified and superseded.

Notice 2007–29, page 881. Request for comments and interim guidance regarding allocation of costs under the simplified methods of accounting under section 263A. This notice invites public comment on changes to the simplified production method under regulations section 1.263A–2(b) and the simplified resale method under regulations section 1.263A–3(d). Pending the issuance of additional published guidance, the Service will not challenge the inclusion of negative amounts in computing additional costs under section 263A of the Code or the permissibility of aggregate negative additional section 263A costs.

Notice 2007–30, page 883. This notice lists positions identified as frivolous for purposes of section 6702(c) of the Code.

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