Bulletin No. 2008-44 — Internal Revenue Bulletin 2008-44

from Hurricanes Katrina, Wilma, or Rita and who later received certain grants in compensation.

Notice 2008–96, page 1077. This notice updates and amplifies the procedures for the allocation of credits under the qualifying advanced coal project program of section 48A of the Code. Notice 2007–52 updated and amplified.

Notice 2008–97, page 1080. This notice provides that no allocation of credits will be conducted in 2008–09 under the qualifying gasification project program of section 48B of the Code. Notice 2007–53 updated.

Notice 2008–100, page 1081. Section 382. This document provides guidance regarding section 382 treatment of interests in a loss corporation acquired by the federal government pursuant to the Emergency Economic Stabilization Act of 2008.

Notice 2008–101, page 1082. This notice provides clarification that, unless and until guidance is issued to the contrary, no amount furnished by the Treasury Department to a financial institution pursuant to the Troubled Asset Relief Program (TARP) established by the Secretary of the Treasury under the Emergency Economic Stabilization Act of 2008 will be treated as the provision of federal financial assistance within the meaning of section 597 of the Code.

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Announcements of Disbarments and Suspensions begin on page 1090. Finding Lists begin on page ii.

Rev. Proc. 2008–65, page 1082. Section 168(k)(4) guidance. This procedure clarifies the effects of making the Code section 168(k)(4) election to forgo additional first year depreciation and accelerate pre-2006 research and alternative minimum tax credits, the property eligible for the election, and the computation of the amount by which the business credit limitation under section 38(c) and alternative minimum tax credit limitation under section 53(c) may be increased if the election is made.

Announcement 2008–98, page 1087. This announcement proposes amendments to the Qualified Intermediary (QI) Agreement and to the QI Guidance for External Auditors of Qualified Intermediaries. The amendments are intended to ensure that qualified intermediaries are taking the necessary steps to fully comply with their obligations under the QI agreement. The announcement also solicits public comments regarding the amendments.

EMPLOYEE PLANS

Notice 2008–94, page 1070. This notice provides guidance on certain executive compensation provisions of the Emergency Economic Stabilization Act of 2008 (EESA). Section 302 of EESA added new sections 162(m)(5) and 280G(e) to the Code. Section 162(m) limits the deductibility of compensation paid to certain corporate executives and section 280G provides that a corporate executive’s excess parachute payments are not deductible and imposes (under Code section 4999) an excise tax on the executive for those amounts.

Notice 2008–98, page 1080. This notice provides that the IRS and Treasury intend to amend the normal retirement age regulations to change the effective date for governmental plans to plan years beginning on or after January 1, 2011. This will give governmental plans two additional years to comply with the requirements in the normal retirement age regulations.

EXEMPT ORGANIZATIONS

Announcement 2008–100, page 1090. The IRS has revoked its determination that the Gordon Space Foundation of Detroit, MI, qualifies as an organization described in sections 501(c)(3) and 170(c)(2) of the Code.

ADMINISTRATIVE

Announcement 2008–99, page 1089. This document contains a correction to temporary regulations (T.D. 8073, 1986–1 C.B. 45) relating to effective dates and certain other issues arising under sections 91, 223, and 511–561 of the Tax Reform Act of 1984. This action is necessary because of changes to the applicable tax law made by the Tax Reform Act of 1984. The regulations will affect qualified employee benefit plans, welfare benefit funds, and employees receiving benefits through such plans.

November 3, 2008 2008–44 I.R.B.