INCOME TAX

Rev. Rul. 2008–38, page 249. Limited partner’s distributive share. This ruling addresses whether a limited partner’s distributive share of interest expense attributable to indebtedness allocable to property held for investment described in section 163(d)(5)(A)(ii) of the Code is taken into account when determining the limited partner’s adjusted gross income. See Announcement 2008–65, in this Bulletin, for additional information. Rev. Rul. 2008–12 amplified.

Rev. Rul. 2008–39, page 252. Characterization of management fees. This ruling addresses the characterization of the management fees paid by an upper-tier investment partnership (UTP) and by lower-tier trader partnerships (LTPs) to their respective managers under sections 162 and 212 of the Code where the UTP’s activities consist solely of acquiring, holding, and disposing of interests in the LTPs and UTP’s management fee is not paid or incurred by UTP on behalf of any LTP in connection with the trades or businesses of the LTPs.

Rev. Rul. 2008–43, page 258. 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 August 2008.

Finding Lists begin on page ii.