INCOME TAX

Ct. D. 2087, page 845. Refund of taxes unlawfully assessed; administrative claim. The Supreme Court holds that the plain language of 26 U.S.C. sections 7422(a) and 6511 requires a taxpayer seeking a refund for a tax assessed in violation of the export clause, just as for any other unlawfully assessed tax, to file a timely administrative refund claim before bringing suit against the government. United States v. Clintwood Elkhorn Mining Co. et. al .

REG–209006–89, page 867. Proposed regulations under sections 367(a)(5), 367(b), and 1248(f) of the Code concern certain cross-border asset reorganizations and nonrecognition distributions of the stock of certain foreign corporations by domestic corporations. The regulations incorporate Notices 2008–10 and 87–64.

Notice 2008–78, page 851. Section 382. This notice provides guidance regarding capital contributions under section 382(l)(1) of the Code and requests comments on the subject.

Notice 2008–81, page 852. This notice provides guidance relating to a temporary program being provided by the Treasury Department to enable money market funds to maintain stable $1.00 per share net asset values. The notice provides that the Treasury Department and the Service will not assert that the program violates the restrictions against federal guarantees of tax-exempt bonds with respect to any tax-exempt bond assets held by tax-exempt money market funds participating in the program, and will not impair the ability of a money market fund participating in the program to designate exempt interest dividends or of the shareholders of