Bulletin No. 2008-21 May 27, 2008

Rev. Proc. 2008–26, page 1014. This procedure sets forth circumstances under which the IRS will not challenge whether a security is “readily marketable” for purposes of section 956(c)(2)(J).

EMPLOYEE PLANS

Notice 2008–50, page 1010. Weighted average interest rate update; corporate bond indices; 30-year Treasury securities; segment rates. This notice contains updates for the corporate bond weighted average interest rate for plan years beginning in May 2008; the 24-month average segment rates; the funding transitional segment rates applicable for May 2008; and the minimum present value transitional rates for April 2008.

EXEMPT ORGANIZATIONS

Announcement 2008–49, page 1024. The IRS has revoked its determination that Heritage Christian Schools for Children of Stone Mountain, GA, and Lima Legionnaires Charitable Foundation, Inc., of Lima, OH, qualify as organizations described in sections 501(c)(3) and 170(c)(2) of the Code.

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ESTATE TAX

REG–112196–07, page 1021. Proposed regulations under section 2032 of the Code clarify that the election to use the alternate valuation method is available to estates that qualify under section 2032(c) and that experience a reduction in the value of the decedent’s gross estate due to market conditions. The regulations also define the term “market conditions,” clarify that post-death events may not be taken into account in valuing the gross estate on the alternate valuation date, and provide examples, which are not intended to be exclusive.

ADMINISTRATIVE

REG–208199–91, page 1017. Proposed regulations under section 6503 of the Code pertain to the use of designated summonses and related summonses, particularly as they suspend the period of limitations on assessment when a case is brought with respect to the designated or related summonses.

Rev. Proc. 2008–27, page 1014. This procedure provides a simplified method for taxpayers to request relief for certain late filings under sections 897 and 1445 of the Code. The provisions of this procedure apply to certain nonrecognition transactions and transfers of domestic corporations that are not United States real property holding corporations.

Announcement 2008–50, page 1024. The Office of Professional Responsibility intends to publish announcements of disciplinary sanctions in a redesigned format that will list specific violations of Treasury Department Circular No. 230. A new "Disciplinary Sanction" column of the announcements will include the relevant section number of Circular 230 and a brief description of misconduct.

May 27, 2008 2008–21 I.R.B.