Bulletin No. 2007-34 August 20, 2007

T.D. 9335, page 380. Temporary regulations under section 6033 of the Code provide rules regarding the form, manner, and timing of disclosure obligations with respect to prohibited tax shelter transactions to which tax-exempt entities are parties. The text of these regulations also serves as the text of the proposed regulations (REG–142039–06; REG–139268–06) in this Bulletin.

EXEMPT ORGANIZATIONS

T.D. 9334, page 382. REG–142039–06, page 415. Final, temporary, and proposed regulations under section 4965 of the Code provide guidance relating to the requirement of a return to accompany payment of excise taxes, the time for filing that return, and entity-level and manager-level excise taxes with respect to prohibited tax shelter transactions to which tax-exempt entities are parties.

T.D. 9335, page 380. Temporary regulations under section 6033 of the Code provide rules regarding the form, manner, and timing of disclosure obligations with respect to prohibited tax shelter transactions to which tax-exempt entities are parties. The text of these regulations also serves as the text of the proposed regulations (REG–142039–06; REG–139268–06) in this Bulletin.

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Announcement 2007–73, page 435. The IRS has revoked its determination that The Dale and Johanna Brunken Foundation of Salt Lake City, UT; Osterville Village Association of Osterville, MA; Epley Family Foundation of Salt Lake City, UT; Ohio Veterans Coalition, Inc., of Akron, OH; United States Historical Society of Richmond, VA; MOP Non-Profit, Inc., of Detroit, MI; and Del Sol Foundation of Downey, CA, qualify as organizations described in sections 501(c)(3) and 170(c)(2) of the Code.

EXCISE TAX

T.D. 9334, page 382. REG–142039–06, page 415. Final, temporary, and proposed regulations under section 4965 of the Code provide guidance relating to the requirement of a return to accompany payment of excise taxes, the time for filing that return, and entity-level and manager-level excise taxes with respect to prohibited tax shelter transactions to which tax-exempt entities are parties.

T.D. 9335, page 380. Temporary regulations under section 6033 of the Code provide rules regarding the form, manner, and timing of disclosure obligations with respect to prohibited tax shelter transactions to which tax-exempt entities are parties. The text of these regulations also serves as the text of the proposed regulations (REG–142039–06; REG–139268–06) in this Bulletin.

ADMINISTRATIVE

REG–149036–04, page 411. Proposed regulations under section 6404 of the Code concern the suspension of interest, penalties, additions to tax, or additional amounts under section 6404(g) and explain the general rules for suspension as well as exceptions to those general rules. A public hearing is scheduled for October 11, 2007.

Notice 2007–66, page 387. The Service is providing an extension of time under section 42(j)(4)(E) of the Code for the restoration of low-income housing credit projects located within the Gulf Opportunity Zone (GO Zone) that were damaged by Hurricane Katrina.

Rev. Proc. 2007–56, page 388. This procedure provides an updated list of time-sensitive acts, the performance of which may be postponed under sections 7508 and 7508A of the Code. Section 7508 postpones specified acts for individuals serving in the Armed Forces of the United States, or in support of such Armed Forces in a combat zone, or with respect to a contingency operation (as defined in 10 U.S.C. section 101(a)(13)). Section 7508A permits a postponement to perform specified acts for taxpayers affected by a Presidentially declared disaster or a terroristic or military action. The list of acts in this procedure supplements the list of postponed acts in section 7508(a)(1) of the Code and section 301.7508A–1(c)(1)(vii) of the regulations. Rev. Proc. 2005–27 superseded.

August 20, 2007 2007–34 I.R.B.