Bulletin No. 2008-11 March 17, 2008

T.D. 9377, page 578. Final regulations under section 338 of the Code relate to the determination of the adjusted basis of amortizable section 197 intangible assets in the hands of an insurance company resulting from certain reinsurance transactions, increases in an insurance company’s reserves after a deemed sale, and a carryover to the new (target) insurance company of an election to use the old (target) insurance company’s historical payment pattern to discount unpaid losses. The final regulations apply to insurance companies.

Notice 2008–31, page 592. This notice updates procedures for issuers of tax-exempt bonds and tax credit bonds to submit requests for voluntary closing agreements to resolve violations of the Code. Notice 2001–60 modified and superseded.

Notice 2008–32, page 593. This notice provides interim guidance on the treatment under section 67 of the Code of investment advisory costs and other costs subject to the 2-percent floor under section 67(a) that are bundled as part of one commission or fee paid to the trustee or executor and are incurred by a trust other than a grantor trust or an estate.

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