President Signs Tax Technical Corrections Act

On December 29, 2007, the President signed the Tax Technical Corrections Act of 2007. The legislation is composed of technical corrections to nine prior tax acts going as far back as the IRS Restructuring and Reform Act of 1998. Topics addressed include the AMT refundable credit amount, several provisions related to charitable contributions, several energy-related provisions, a couple of international provisions, the active business definition for distributions of stock and securities of a controlled corporation, the straddle rules, Real Estate Investment Trusts, Chief Counsel Advice, several excise taxes, and a large number of clerical corrections. The effective dates for the technical corrections generally relate back to the effective date for the act provision which a particular technical correction is amending.