INCOME TAX

Rev. Rul. 2008–46, page 572. 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 September 2008.

T.D. 9415, page 570. Final regulations under section 860G of the Code relate to income that is associated with a residual interest in a Real Estate Mortgage Investment Conduit (REMIC) and that is allocated through certain entities to foreign persons who have invested in those entities. The regulations accelerate the time when income is recognized for withholding tax purposes to conform to the timing of income recognition for general income tax purposes.

Notice 2008–70, page 575. Under section 54B of the Code, up to $500,000,000 qualified forestry conservation bonds (QFCBs) may be issued for qualified forestry conservation purposes. The Secretary of the Department of Treasury must allocate the QFCB limitation amount among qualified applicants seeking any portion of the limitation. This notice solicits applications from qualified issuers of QFCBs for an allocation of the limitation and sets forth application requirements.

Rev. Proc. 2008–48, page 586. This procedure provides how, for purposes of sections 105(b), 106(a), 132(h)(2)(B), 220(d)(2), and 223(d)(2) of the Code, the IRS will treat a child of parents who are divorced, separated, or living apart as a dependent of both parents, when the custodial parent has not released the claim to the personal exemption for the child under section 152(e)(2).

Finding Lists begin on page ii.