INCOME TAX

Rev. Rul. 2007–50, page 311. 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 August 2007.

T.D. 9329, page 312. Final regulations under section 1502 of the Code simplify, clarify, or eliminate taxpayer reporting burdens. They also eliminate regulatory impediments to the electronic filing of certain statements that taxpayers are required to include on or with their federal income tax returns.

T.D. 9332, page 300. REG–138707–06, page 342. Final, temporary, and proposed regulations under sections 883(a) and (c) of the Code relate to the exclusion from gross income of income derived by certain foreign corporations engaged in the international operation of ships or aircraft. The regulations introduce a new qualified U.S. person ownership test to replace the income inclusion test and provide corresponding documentation and reporting rules. The regulations also identify in regulations section 1.883–1(g) certain services as activities that are incidental to the international operation of ships or aircraft. They also explain in regulations section 1.883–1(h) that a foreign country may grant an equivalent exemption solely by means of an income tax convention. A public hearing on the proposed regulations is scheduled for October 24, 2007. Rev. Rul. 2001–48 and Notice 2006–43 modified.

Finding Lists begin on page ii.