NEWS ITEMS

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NEWS ITEMS

Final regulations under concerning the determination of the interest expense deduction of foreign corporations engaged in a trade or business within the United States.

SUMMARY: Final regulations under concerning the determination of the interest expense deduction of foreign corporations engaged in a trade or business within the United States.

TOPIC: Foreign Tax Issues

SECTION: 882. Tax on income of foreign corporations connected with United States business

CITATION: T.D. 9465 (Sep. 25, 2009)

DATE: 2009-09-24

DOC TYPE: Treasury Decisions (Regulations)

EXPLANATION:

IRS issues temporary regulations (replacing an existing final regulation) defining an omission from gross income for purposes of the six-year minimum period for assessment of tax attributable to partnership items and the six-year period for assessing tax.

SUMMARY: IRS issues temporary regulations (replacing an existing final regulation) defining an omission from gross income for purposes of the six-year minimum period for assessment of tax attributable to partnership items and the six-year period for assessing tax.

TOPIC: Statute of Limitations

SECTION: 6229. Period of limitations for making assessments

CITATION: T.D. 9466, filed with the Federal Register on September 24, 2009

DATE: 2009-09-23

DOC TYPE: Treasury Decisions (Regulations)

EXPLANATION:

The IRS has issued guidance related to the waiver of required minimum distributions for 2009 as presented in Code Sec. 401(a)(9) for plans falling within the Worker, Retiree, and Employer Recovery Act of 2008 (P.L. 110-458).

SUMMARY: The IRS has issued guidance related to the waiver of required minimum distributions for 2009 as presented in Code Sec. 401(a)(9) for plans falling within the Worker, Retiree, and Employer Recovery Act of 2008 (P.L. 110-458).

TOPIC: Pension and IRA

SECTION: 401. Qualified pension, profit-sharing, and stock bonus plans

CITATION: Notice 2009-82, I.R.B. 2009-41, September 24, 2009

DATE: 2009-09-23

DOC TYPE: Notice

EXPLANATION:

IRS issues guidance on mandatory acceptance of OICs; urges quick processing Of pending applications

SUMMARY: IRS issues guidance on mandatory acceptance of OICs; urges quick processing Of pending applications

TOPIC: Offer in Compromise

SECTION: 7122. Compromises

CITATION: IRS Small Business/Self-Employed Interim Guidance for Offer in Compromise Mandatory Acceptance, SBSE-05-0809-019, 2009ARD 183-4, (Sep. 23, 2009)

DATE: 2009-09-22

DOC TYPE: SBSE Memo

EXPLANATION:

IRS chief counsel asserts that foreign corporation`s interest income from U.S. loans is taxable as effectively connected income.

SUMMARY: IRS chief counsel asserts that foreign corporation`s interest income from U.S. loans is taxable as effectively connected income.

TOPIC: Foreign Tax Issues

SECTION: 864. Definitions and special rules

CITATION: IRS Generic Legal Advice Memorandum (GLAM): Lending in the United States by Foreign Person Giving Rise to Effectively Connected Income, 2009ARD 183-3 (Sep. 23, 2009)

DATE: 2009-09-22

DOC TYPE: Chief Counsel Advice (CCA)

EXPLANATION:

The IRS has announced that regulations will be issued identifying certain stock of a foreign corporation that is not taken into account to determine ownership of the foreign corporation for purposes of Code Sec. 7874(a)(2)(B)(ii).

SUMMARY: The IRS has announced that regulations will be issued identifying certain stock of a foreign corporation that is not taken into account to determine ownership of the foreign corporation for purposes of Code Sec. 7874(a)(2)(B)(ii).

TOPIC: Foreign Tax Issues

SECTION: 7874. Rules relating to expatriated entities and their foreign parents

CITATION: Notice 2009-78, I.R.B. 2009-40, September 17, 2009

DATE: 2009-09-16

DOC TYPE: Notice

EXPLANATION:

Sixth circuit holds IRS deficiency procedures proper In son of BOSS case.

SUMMARY: Sixth circuit holds IRS deficiency procedures proper In son of BOSS case.

TOPIC: Tax Shelters

SECTION: 6230. Additional administrative provisions

CITATION: Desmet v. Commissioner of Internal Revenue, 2009-2 U.S.T.C. 50,639 (6th Cir 2009)

DATE: 2009-09-16

DOC TYPE: Cases

EXPLANATION:

IRS Reduces Reporting Of Cancellation of Indebtedness Income Under 36-Month Rule

SUMMARY: IRS Reduces Reporting Of Cancellation of Indebtedness Income Under 36-Month Rule

TOPIC: Tax Return Preparation

SECTION: 6050P. Returns relating to the cancellation of indebtedness by certain entities

CITATION: T.D. 9461 (Sep. 16, 2009)

DATE: 2009-09-15

DOC TYPE: Treasury Decisions (Regulations)

EXPLANATION:

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 e

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:

IRS clarifies treatment of disregarded entities for excise tax administration.

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