CCH Tax News HeadlinesJuly 11, 2008

CCH Tax News HeadlinesJuly 11, 2008

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FEDERAL NEWS Oil Company's Exchange of Assets for Subsidiary's Stock Was Valid Transfer to Controlled Corporation; Nonproducing Assets Constituted Property: IRS Could Not Reallocate Loss on Subsequent Stock Sale (Shell Petroleum Inc., DC Tex.)

Taxpayers in Bankruptcy Entitled to Stimulus Proceeds if Cash Exemptions Available (In re Alguire, BC-DC N.Y.)

Senate Closing in on Passage of Housing Bill

STATE NEWS Alaska -- Motor Fuel Tax: Legislature Considers Gas Pipeline Certification, Energy Relief

Virginia -- Multiple Taxes: Transportation Funding Legislation Fails to Pass House

West Virginia -- Corporate Income, Franchise Taxes: Deduction Allowed for Loans Secured by Nonresidential Collateral, Construction Loans

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John H. Fisher
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