HIGHLIGHTS OF THIS ISSUE

These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.

INCOME TAX

Notice 2000–58, page 491. Qualified subchapter S subsidiary election form. This notice provides election procedures for qualified subchapter S subsidiaries. Notice 97–4 superseded.

EMPLOYEE PLANS

Rev. Rul. 2000–53, page 488. Covered compensation tables; 2001. Covered compensation tables under section 401 of the Code for the year 2001 are provided for use in determining contributions to defined benefit plans and permitted disparity.

EMPLOYMENT TAX

Rev. Proc. 2000–49, page 491. Electronic filing; magnetic media. Specifications are set forth for the magnetic or electronic filing of Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips, for 2000. The forms may be filed with the Internal Revenue Service using 1/2-inch magnetic tape; IBM 3480/3490 or AS400 compatible tape cartridges; or 5 1/4-, 3 1/2-inch diskettes. Rev. Proc. 99–46 superseded.

Finding Lists begin on page ii.

Department of the Treasury Internal Revenue Service