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. 2007–39, page 1449. Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning July 1, 2007, will be 8 percent for overpayments (7 percent in the case of a corporation), 8 percent for underpayments, and 10 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 5.5 percent.

REG–143797–06, page 1495. Proposed regulations provide guidance on employer comparable contributions to Health Savings Accounts (HSAs) under section 4980G of the Code in instances where an employee has not established an HSA by December 31st and in instances where an employer accelerates contributions for the calendar year for employees who have incurred qualified medical expenses. A public hearing is scheduled for September 27, 2007.

Notice 2007–52, page 1456. This notice updates the procedures for the allocation of credits after 2006 under the qualifying advanced coal project program of section 48A of the Code, and defines certain terms for purposes of section 48A. Notice 2006–24 clarified, modified, amplified, and superseded.

Notice 2007–53, page 1474. This notice updates the procedures for the allocation of credits after 2006 under the qualifying gasification project program of section 48B of the Code, and defines certain terms for purposes of section 48B. Notice 2006–25 clarified, modified, amplified, and superseded.

Finding Lists begin on page ii. Index for January through June begins on page vii.