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. 2007–29, page 1223. 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 May 2007.

Announcement 2007–44, page 1238. This announcement provides that for purposes of the Archer Medical Savings Account (Archer MSA) pilot program under section 220(j)(2) of the Code, 2005 and 2006 are not cut-off years.

EMPLOYEE PLANS

T.D. 9321, page 1123. Final regulations set forth guidance on the application of section 409A to nonqualified deferred compensation plans. The regulations provide a definition of a nonqualified deferred compensation plan subject to section 409A, including rules related to the statutory effective date, and rules governing initial and subsequent deferral elections, the establishment of the time and form of payment, and the acceleration of payments under a plan. Notice 2005–1 obsoleted in part. Notice 2006–4 superseded in part. Notice 2006–64 superseded for taxable years on or after January 1, 2008.

EXEMPT ORGANIZATIONS

Announcement 2007–46, page 1239. The IRS has revoked its determination that World Project, Inc., of Brooklyn, NY; Izaak Walton League of America, Calumet Re