INCOME TAX

Rev. Rul. 2007–1, page 265. Credit card nonsufficient funds (NSF) fee. This ruling provides that a credit card nonsufficient funds (NSF) fee as described in the ruling is not interest for federal income tax purposes. Also, this ruling holds that a credit card NSF fee is includible in income by the issuer of the credit card when the NSF Event, as defined therein, occurs.

Rev. Rul. 2007–2, page 266. Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for January 2007.

Notice 2007–5, page 269. This notice partially modifies the effective date and provides other clarifications of the section 482 temporary services regulations which were published in the Federal Register on August 4, 2006. Rev. Proc. 2007–13 is issued contemporaneously with this notice.

Rev. Proc. 2007–9, page 278. Insurance companies; loss reserves; discounting unpaid losses. The loss payment patterns and discount factors are set forth for the 2006 accident year. These factors will be used to compute discounted unpaid losses under section 846 of the Code.

Finding Lists begin on page ii.