Proposed regulations under Section 108 provide guidance on the manner in which an S corporation reduces its tax attributes under section 108(b) for taxable years in which the S corporation has discharge of indebtedness income that is excluded from gross income under Section 108(a). A public hearing is scheduled for December 8, 2008.
(ii) Then, determine the total credit and Notice of Proposed Internal Revenue Building, 1111 payment allowable by multiplying the vol- Rulemaking and Notice of Constitution Avenue, NW, Washington, ume of untaxed liquid used to produce the Public Hearing DC. mixture by the tax credit rate per gallon.
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