Bulletin No. 2008-10 March 10, 2008

Notice 2008–27, page 543. This notice provides interim guidance to issuers of state and local bonds to clarify when certain tax-exempt bonds are treated as reissued or retired for purposes of section 103 and sections 141–150 of the Code. The notice modifies certain special reissuance standards for qualified tender bonds under Notice 88–130, 1988–2 C.B. 543, and sets forth conditions under which certain changes to the bonds will not result in the bonds being reissued. The notice also clarifies the application of regulations section 1.1001–3 to certain changes to the bond terms, provides temporary relief for certain waivers of interest rate caps, and provides limited guidance for certain modifications of qualified hedges for purposes of section 148 of the Code.

Notice 2008–28, page 546. This notice informs certain individuals not otherwise required to file an income tax return how to request the economic stimulus payment authorized by H.R. 5140, the Economic Stimulus Act of 2008.

Rev. Proc. 2008–16, page 547. Like-kind exchanges of rental property that is used for personal purposes. This procedure provides a safe harbor under which the Service will not challenge whether a property that is rented to others but also occasionally used by the owners for personal purposes qualifies as property that may be exchanged in a like-kind exchange under section 1031 of the Code.

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