SUMMARY: Swiss to share UBS account information; IRS may gain access to 4,450 accounts.

TOPIC: Practice and Procedure

SECTION: 7602. Examination of books and witnesses

CITATION: IRS News Release IR-2009-75, August 19, 2009

DATE: 2009-08-18

DOC TYPE: Announcement

EXPLANATION:

SUMMARY: Billion-dollar tax shelter loss deductions denied; no penalties enforced.

TOPIC: Tax Shelters

SECTION: 0000. No specific section

CITATION: Southgate Master Fund, LLC v. United States, 2009-2 U.S.T.C. 50,593, (DC N.D. Texas 2009)

DATE: 2009-08-17

DOC TYPE: Cases

EXPLANATION:

SUMMARY: Over- and underpayment interest rates remain unchanged for fourth quarter 2009.

TOPIC: Interest on Tax Debts

SECTION: 6601. Interest on underpayment, nonpayment, or extensions of time for payment, of tax

CITATION: IRS News Release IR-2009-73, August 14, 2009

DATE: 2009-08-13

DOC TYPE: IRS News Item

EXPLANATION:

SUMMARY: En banc first circuit rules for IRS in TEXTRON accrual disclosures.

TOPIC: Summons

SECTION: 7525. Confidentiality privileges relating to taxpayer communications

CITATION: U.S. v. Textron Inc., 2009-2 U.S.T.C. 50,574 (1st Cir. 2009)

DATE: 2009-08-12

DOC TYPE: Cases

EXPLANATION:

SUMMARY: Chief counsel restricts use of protective agreements for inadvertent privilege waivers.

TOPIC: Privileges and workpapers

SECTION: 7453. Rules of practice, procedure, and evidence

CITATION: Chief Council Notice CC-2009-023,2009ARD 155-6 (Aug. 13, 2009)

DATE: 2009-08-12

DOC TYPE: Chief Counsel (CC) Notices

EXPLANATION:

SUMMARY: Tax court denies summary judgment to IRS and partnership in dispute over extended limitations period.

TOPIC: Statute of Limitations

SECTION: 988. Treatment of certain foreign currency transactions

CITATION: Highwood Partners, 133 T.C. No. 1 (Aug. 13, 2009)

DATE: 2009-08-12

DOC TYPE: Cases

EXPLANATION:

SUMMARY: Tax court rules overstatement of basis no trigger for extended limitations period.

TOPIC: Statute of Limitations

SECTION: 6501. Limitations on assessment and collection

CITATION: Beard v. Commissioner., T.C. Memo. 2009-184, 98 T.C.M. 95 (Aug. 11, 2009)

DATE: 2009-08-10

DOC TYPE: Cases

EXPLANATION:

SUMMARY: Fifth circuit finds no independent limitations period for issuance of FPAA.

TOPIC: Statute of Limitations

SECTION: 6229. Period of limitations for making assessments

CITATION: Curr-Spec Partners, L.P. v. Commissioner of Internal Revenue, 2009-2 U.S.T.C. 50,578 (5th Cir 2009)

DATE: 2009-08-10

DOC TYPE: Cases

EXPLANATION: