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Part I

SECTION 5. SCOPE

Internal Revenue Bulletin 2008-31 · 2026-10-03 edition · updated 2026-10-04 · United States

.01 This revenue procedure applies to the following transactions occurring on or before July 31, 2010—

(1) A fast track modification of a Loan pursuant to the July 2008 Framework; and

(2) A second-lien holder’s action of subordinating its lien to any new lien that may arise under a Loan as the result of such a fast track modification.

.02 If the July 2008 Framework is materially modified after July 8, 2008, this revenue procedure does not necessarily apply to fast track modifications under the modified Framework or to second-lien subordinations to accommodate those modifications.

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▸Contents — Internal Revenue Bulletin 2008-31
Internal Revenue Bulletin 2008-31

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