INCOME TAX

Rev. Rul. 98–10, page 11. Reorganizations; exchange of securities. An acquisition of stock for solely voting stock, accompanied under the reorganization plan by an exchange of securities for securities that are of equal fair market value and equal principal amount, qualifies as a corporate reorganization under section 368(a)(1)(B) of the Code. Section 354(a)(1) nonrecognition applies to the securities-for-securities exchange.

Rev. Rul. 98–11, page 13. Federal rates; adjusted federal rates; adjusted federal long-term rate, and the long-term exempt rate. For purposes of sections 1274, 1288, 382, and other sections of the Code, tables set forth the rates for March 1998.

Rev. Rul. 98–12, page 5. Election in respect of losses attributable to a disaster. This ruling lists the areas declared by the President to qualify as major disaster areas under the Disaster Relief and Emergency Assistance Act since the publication of Rev. Rul. 97–11.

T.D. 8751, page 23. REG–104062–97, page 34. Temporary and proposed regulations under section 1502 of the Code relate to the use of tax credits of a consolidated group and its members. A public hearing on the proposed regulations will be held on May 7, 1998.

T.D. 8754, page 15. Final regulations under section 1275 of the Code relate to the federal income tax treatment of certain annuity contracts.

T.D. 8755, page 21. REG–119449–97, page 35. Temporary and proposed regulations under section 1397E of the Code relate to the federal income tax treatment of