INCOME TAX

Rev. Rul. 2007–3, page 350. Executory contract liabilities. This ruling provides guidance on when a taxpayer using an accrual method of accounting incurs a liability for services or insurance under section 461 of the Code.

Rev. Rul. 2007–4, page 351. Section 1274A – Inflation adjusted numbers for 2007. This ruling provides the dollar amounts, increased by the 2007 inflation adjustment, for section 1274A of the Code. Rev. Rul. 2005–76 supplemented and superseded.

Notice 2007–10, page 354. This notice announces that the IRS and Treasury will amend regulations section 30l.7701–2(b)(8) to include a Bulgarian entity on the list of entities always treated as corporations under section 7701 of the Code.

Rev. Proc. 2007–12, page 354. This procedure supersedes Rev. Proc. 98–20, 1998–1 C.B. 549, and sets forth the acceptable form of the written assurances (certification) that a real estate reporting person must obtain from the seller of a principal residence to except the sale or exchange of such principal residence from the information reporting requirements for real estate transactions under section 6045(e)(5) of the Code. Rev. Proc. 98–20 superseded.

Rev. Proc. 2007–14, page 357. This document provides procedures by which a taxpayer may obtain automatic consent to change its method of accounting for services or insurance to comply with Rev. Rul. 2007–3, page 350, in this Bulletin. Rev. Proc. 2002–9 modified and amplified.

Finding Lists begin on page ii.