Limited partner’s distributive share. This ruling addresses whether a limited partner’s distributive share of interest expense attributable to indebtedness allocable to property held for investment described in section 163(d)(5)(A)(ii) of the Code is taken into account when determining the limited partner’s adjusted gross income. See Announcement 2008-65, in this Bulletin, for additional information. Rev. Rul. 2008-12 amplified.

Characterization of management fees. This ruling addresses the characterization of the management fees paid by an upper-tier investment partnership (UTP) and by lower-tier trader partnerships (LTPs) to their respective managers under sections 162 and 212 of the Code where the UTP’s activities consist solely of acquiring, holding, and disposing of interests in the LTPs and UTP’s management fee is not paid or incurred by UTP on behalf of any LTP in connection with the trades or businesses of the LTPs.

Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for August 2008.

Final, temporary, and proposed regulations under section 956 of the Code provide guidance to determine the basis in property acquired by a controlled foreign corporation as a result of certain transactions that otherwise qualify for nonrecognition treatment.

Final, temporary, and proposed regulations under section 956 of the Code provide guidance to determine the basis in property acquired by a controlled foreign corporation as a result of certain transactions that otherwise qualify for nonrecognition treatment.

This notice sets forth and requests comments on a proposed revenue ruling concerning the income, gift, estate, and generation-skipping transfer tax consequences in situations in which family members create a private trust company to serve as the trustee of trusts in which family members are grantors and beneficiaries.

This notice solicits comments on a proposal to require taxpayers to disclose to the IRS their groupings and regroupings of activities and the addition and disposition of specific activities within the chosen groupings of activities for purposes of section 469 of the Code and regulations section 1.469-4.

This notice provides for the suspension of certain requirements under section 42 of the Code for low-income housing credit projects in the United States in order to provide emergency housing relief needed as a result of the devastation caused by severe storms and flooding in Missouri beginning on June 1, 2008.

This procedure describes the conditions under which changes to certain subprime mortgage loans will not cause the Service to challenge the tax status of certain securitization vehicles holding the loans. Rev. Proc. 2007-72, 2007-52 I.R.B. 1257, provided similar guidance regarding fast-track loan modifications that were effected in a manner consistent with certain principles, recommendations, and guidelines (the “Framework”), which the American Securitization Forum (ASF) released on December 6, 2007. On July 8, 2008, the ASF released an updated Framework, which covers additional fast-track loan modifications. Rev. Proc. 2007-72 amplified and superseded.

This announcement clarifies that the limited partner described in Rev. Rul. 2008-12, 2008-10 I.R.B. 520, properly includes the allowable amount of his distributive share of the trading partnership’s interest expense in computing the limited partner’s ordinary business income or loss on Schedule E of the partner’s Form 1040. Rev. Rul. 2008-12 clarified.