INCOME TAX

Rev. Rul. 2008–23, page 852. Employee leasing arrangements. This ruling addresses which party is subject to the Code section 274(n) limitation when a trucking company leases truck drivers from a leasing company and the leasing company reimburses the drivers for meal and incidental expenses they incur in the course of performing services.

Rev. Rul. 2008–24, page 861. 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 May 2008.

REG–168745–03, page 871. Proposed regulations explain how section 263(a) of the Code applies to amounts paid to acquire, produce, or improve tangible property. The regulations clarify what amounts must be capitalized, rather than deducted currently, and how those capitalized amounts should be treated. The regulations withdraw and replace the proposed regulations issued in August 2006 under section 263(a). A public hearing is scheduled for June 24, 2008.

Notice 2008–46, page 868. This notice provides guidance regarding implementation of the tax return preparer penalty provisions under section 6694 of the Code. Notice 2008–13 supplemented.

Notice 2008–47, page 869. The Department of Treasury and the Service invite public comments on recommendations for items that should be included on the 2008–2009 Guidance Priority List. Taxpayers may sub

Finding Lists begin on page ii.