INCOME TAX

T.D. 9353, page 721. Final regulations under section 1045 of the Code relate to partnerships and their partners. The regulations provide rules regarding the deferral of gain on a partnership’s sale of qualified small business stock (QSB stock) and a partner’s sale of QSB stock distributed by a partnership. The regulations also provide rules for a taxpayer (other than a C corporation) who sells QSB stock and purchases replacement QSB stock through a partnership. Rev. Proc. 98–48 modified.

Notice 2007–70, page 735. This notice provides guidance to taxpayers to file all Forms 1098–C, Contributions of Motor Vehicles, Boats, and Air- planes, along with Form 1096, Annual Summary and Trans- mittal of U.S. Information Returns, at the Kansas City Service Center after December 31, 2007. The Internal Revenue Service Center at Ogden remains the location for Forms 1098–C filed on or before December 31, 2007. The Form 1098–C is an information form used by a donee organization to report a contribution of a qualified vehicle with a claimed value of more than $500. Notice 2006–1 modified.

Notice 2007–76, page 735. This notice delays the effective date of Rev. Rul. 2006–57, 2006–47 I.R.B. 911. Rev. Rul. 2007–57 provides guidance to employers on the use of smartcards or other electronic media to provide qualified transportation fringes under sections 132(a)(5) and (f) of the Code. The guidance is intended to provide relief to mass transit providers that are currently finding it difficult to update their present systems in order to comply with the Rev. Rul. 2006–57 guidelines prior to the effective date. Rev. Rul. 2006–57 modified.