New Guidance on Dependency
Exemption for a Child
The IRS has issued Rev.
Proc. 2008-48 that describes the circumstances under which the IRS will
treat a child of parents who are divorced, separated, or living apart
as the dependent of both parents for purposes of
§§105(b), 106(a), 132(h)(2)(B), 213(d)(5), 220(d)(2)
and 223(d)(2) when the custodial parent has not released the claim to
the exemption for the child under §152(e)(2).
This revenue procedure is
effective as of August 18, 2008, although taxpayers can apply it to tax
years beginning after December 31, 2004, where the limitations period
for filing a claim for refund under IRC Sec. 6511 has not expired.
The full text of Rev. Proc