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

Rev. Rul. 2007–25, page 956. Low-income housing credit; satisfactory bond; “bond factor” amounts for the period January through June 2007. This ruling provides the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period January through June 2007.

Rev. Rul. 2007–26, page 970. ICE Futures; United Kingdom. This ruling holds that ICE Futures, which is a United Kingdom Recognised Investment Exchange, is a qualified board or exchange within the meaning of section 1256(g)(7)(C) of the Code.

T.D. 9316, page 962. REG–146247–06, page 977. Final, temporary, and proposed regulations under section 368 of the Code provide guidance regarding the satisfaction of the continuity of interest requirement for corporate reorganizations. The regulations provide that in determining whether a proprietary interest in the target corporation is preserved, the consideration to be exchanged for the proprietary interests in the target corporation shall be valued on the last business day before there is a binding contract that contains fixed consideration.

T.D. 9317, page 957. Final and temporary regulations concern the application of section 199 of the Code, which provides a deduction for income attributable to domestic production activities. The regulations provide guidance on certain transactions involving online software and clarify the rules regarding the application of section 199 to agricultural and horticultural cooperatives.

Announcements of Disbarments and Suspensions begin on page 978. Finding Lists begin on page ii.