Bulletin No. 2007-29 — Internal Revenue Bulletin 2007-29

Rev. Proc. 2007–47, page 108. This procedure sets forth conditions under which a research agreement does not result in private business use under section 141(b) of the Code. Rev. Proc. 97–14 modified and superseded.

Rev. Proc. 2007–48, page 110. Safe harbor method of accounting for rotable spare parts. This procedure provides a safe harbor method of accounting to treat rotable spare parts as depreciable assets in accordance with Rev. Rul. 2003–37, 2003–1 C.B. 717, and provides procedures for taxpayers to obtain automatic consent to change to the safe harbor method of accounting. Rev. Proc. 2002–9 modified and amplified.

Announcement 2007–62, page 115. This announcement alerts the public to the fact that proposed revisions to Form 1118, Foreign Tax Credit — Corporations, are being posted on the IRS website and solicits comments thereon. The revisions of Form 1118 were necessitated by statutory changes made to section 904 of the Code as part of the American Jobs Creation Act of 2004 relating to the number of separate foreign tax credit limitation categories and the effect of overall domestic losses.