SUMMARY: The IRS has issued a procedure that sets forth conditions under which modifications to the terms of certain commercial mortgage loans that are at risk of default will not cause the IRS to challenge the tax status of certain securitization vehicles (real estate mortgage investment conduits (REMICs) or investment trusts) that hold the loans or to assert that those modifications give rise to prohibited transactions.

TOPIC: REMICS RICS REITS

SECTION: 860D. REMIC defined

CITATION: Rev. Proc. 2009-45, I.R.B. 2009-40, September 15, 2009

DATE: 2009-09-14

DOC TYPE: Revenue Procedure

EXPLANATION:

SUMMARY: IRS clarifies treatment of disregarded entities for excise tax administration.

TOPIC: Disregarded Entities

SECTION: 7701. Definitions

CITATION: T.D. 9462 (Sep. 14, 2009)

DATE: 2009-09-13

DOC TYPE: Treasury Decisions (Regulations)

EXPLANATION:

SUMMARY: IRS updates and expands mediation program for cases in appeals.

TOPIC: Practice and Procedure

SECTION: 7123. Appeals dispute resolution procedures

CITATION: Rev. Proc. 2009-44, I.R.B. 2009-40, September 11, 2009

DATE: 2009-09-10

DOC TYPE: Revenue Procedure

EXPLANATION:

SUMMARY: IRS releases final gift tax declaratory judgment regs.

TOPIC: Gift Tax

SECTION: 7477. Declaratory judgments relating to value of certain gifts

CITATION: T.D. 9460 (Sep. 8, 2009)

DATE: 2009-09-07

DOC TYPE: Treasury Decisions (Regulations)

EXPLANATION:

SUMMARY: Appeals court denies like-kind treatment to exchange of properties with related parties.

TOPIC: Like Kind Exchange

SECTION: 1031. Exchange of property held for productive use or investment

CITATION: Teruya Brothers, Ltd. v. Commissioner of Internal Revenue, 2009-2 U.S.T.C. 50,624 (9th Cir. Sept. 8, 2009)

DATE: 2009-09-07

DOC TYPE: Cases

EXPLANATION:

SUMMARY: New regs avoid gain being triggered on consolidated group`s intercompany sale.

TOPIC: Consolidated Returns

SECTION: 1502. Regulations

CITATION: T.D. 9458 (Sep. 4, 2009)

DATE: 2009-09-03

DOC TYPE: Treasury Decisions (Regulations)

EXPLANATION:

SUMMARY: IRS eases late check-the-box election procedures.

TOPIC: Entity Classification

SECTION: 7701. Definitions

CITATION: Rev. Proc. 2009-41, I.R.B. 2009-39, September 3, 2009

DATE: 2009-09-02

DOC TYPE: Revenue Procedure

EXPLANATION:

SUMMARY: Tax court denies shelter litigant access to opinion letters sent to other investors.

TOPIC: Practice and Procedure

SECTION: 6103. Confidentiality and disclosure of returns and return information

CITATION: 3K Investment Partners v. Commissioner., 133 T.C. No. 6, (Sept. 3, 2009)

DATE: 2009-09-02

DOC TYPE: Cases

EXPLANATION: