HIGHLIGHTS OF THIS ISSUE

These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.

INCOME TAX

Notice 2008–72, page 998. 2008 Section 43 inflation adjustment factor. This notice announces the applicable inflation adjustment factor and phaseout amount for the enhanced oil recovery credit for the 2008 calendar year.

Notice 2008–89, page 999. 2008 marginal production rates. This notice announces the applicable percentage under section 613A of the Code to be used in determining percentage depletion for marginal properties for the 2008 calendar year.

Notice 2008–90, page 1000. Charitable contributions of inventory property under section 170(e)(3) of the Code. This notice announces that the Service and the Treasury Department intend to issue guidance under section 170(e) that will allow a taxpayer making a qualified contribution to compute the deductible amount and adjustment to cost of goods sold either under the special rules applicable to qualified contributions under section 170(e)(3) or under the general rules applicable to contributions under section 170(e)(1). The notice also provides that, pending the issuance of further guidance, the Service will not challenge a taxpayer that makes the computation under either set of rules provided all other applicable requirements are met.

Notice 2008–91, page 1001. This notice announces that a controlled foreign corporation (CFC) may choose to exclude certain obligations held by the CFC from the definition of the term “United States property” for purposes of section 956 of the Code.

Finding Lists begin on page ii. Index for July through October begins on page vi.