n-08-101.pdf

Preserve advance releases and the authoritative Internal Revenue Bulletin rendition; directory timestamps are file-publication metadata, not legal effective dates. HTML bulletins begin June 2003; earlier available issues require full PDF parsing.

This collection currently includes the publisher’s available advance-release directory. Historical bulletin renditions are discovered separately; an advance-release record alone does not certify the collection archive complete.

Part III - Administrative, Procedural, and Miscellaneous

Clarification of Troubled Asset Relief Program funds under section 597

Notice 2008-101

The purpose of this notice is to provide clarification on the treatment under
section 597 of the Internal Revenue Code (Code) of amounts furnished to a financial
institution pursuant to the Troubled Asset Relief Program (TARP) of the Emergency
Economic Stabilization Act of 2008, Div. A of Pub. Law No. 110-343 (EESA), which was
enacted on October 3, 2008.
Unless and until guidance is issued by the Department of the Treasury and the
Internal Revenue Service to the contrary, no amount furnished by the Department of the
Treasury to a financial institution pursuant to the TARP established by the Secretary
under EESA will be treated as the provision of Federal financial assistance within the
meaning of section 597 of the Code and the regulations thereunder. Any future contrary
guidance will not apply to transactions with the Department of the Treasury, or to
securities issued by financial institutions to the Department of the Treasury, prior to the
publication of that guidance, or pursuant to written binding contracts entered into prior
to that date.
Except with respect to the treatment of amounts furnished pursuant to TARP as

expressly described in this notice, no inference should be drawn from this notice
regarding the treatment under section 597 of the Code or the regulations thereunder of
any other program or payments.