SECTION 2. BACKGROUND

.01 Section 5 of Rev. Proc. 2008–3 lists specific areas for which the Internal Revenue Service (Service) temporarily is not issuing rulings and determinations because those matters are under study.

bonds” (as defined in § 3.2 of Notice 2008–41) ( e.g., variable rate demand bonds with seven-day put options) and tax-exempt commercial paper. In the case of commercial paper, a special rule under § 1.150–1(c)(4)(ii) allows certain short-term tax-exempt bonds issued pursuant to the same commercial paper program to be treated as part of the same issue. For purposes of this notice, references to “tax-exempt commercial paper” means tax-exempt bonds issued pursuant to the same commercial paper program that are treated as a single issue under this special rule in § 1.150–1(c)(4)(ii).

This notice expands the circumstances and time periods during which governmental issuers may purchase their own taxexempt bonds to include the purchase and holding of all qualified tender bonds and tax-exempt commercial paper through the end of 2009. This notice also extends certain other time deadlines for special rules in Notice 2008–41.