ADMINISTRATIVE—continued

penses arising from section 988 transactions denominated in hyperinflationary currencies. A public hearing is scheduled for May 17, 2000.

Rev. Proc. 2000–15, page 447. Innocent spouse; equitable relief. Guidance is provided for taxpayers seeking relief from federal tax liability under section 6015(f) or 66(c) of the Code. Notice 98–61 modified and superseded.

Notice 2000–9, page 449. Insurance companies; treatment of variable con- tracts, closing agreements. This notice reminds issuers of variable contracts that diversification rules for investments in U.S. Treasury securities by separate accounts

are different for variable annuity contracts than for variable life insurance contracts. For a limited time, the notice permits issuers of variable annuity contracts that did not satisfy the diversification requirements under section 817(h) of the Code, but which would have satisfied the more lenient diversification requirements for variable life insurance contracts, to obtain a closing agreement through a reduced payment amount.

Notice 2000–10, page 451. Guidance Priority List. Public comments are requested about items that should be included in the Guidance Priority List for 2000. All comments should be submitted by February 14, 2000.

January 31, 2000 2000–5 I.R.B.