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

T.D. 9333, page 350. REG–149036–04, page 365. Temporary and proposed regulations under section 6404 of the Code provide guidance on the suspension of interest, penalty, addition to tax, or additional amounts with respect to listed transactions or undisclosed reportable transactions. A public hearing on the proposed regulations is scheduled for October 11, 2007.

REG–128274–03, page 356. Proposed regulations under section 42 of the Code, which concern the low-income housing credit, would amend the utility allowances regulations under section 1.42–10. A public hearing is scheduled for October 9, 2007.

REG–163195–05, page 366. Proposed regulations under section 3406(g) of the Code provide amendments to the existing regulations for backup withholding for reportable payments made through a Qualified Payment Card Agent (QPCA). See related Notice 2007–59, 2007–30 I.R.B. 135, containing a proposed revenue procedure for guidance on QPCA determinations. A public hearing is scheduled for November 7, 2007.

Notice 2007–63, page 353. Repayment of Commodity Credit Corporation (CCC) loans. This notice provides guidance regarding the tax treatment and information reporting of “market gain” associated with the repayment of nonrecourse marketing assistance loans made by the CCC under the Farm Security and Rural Investment Act of 2002.

Announcements of Disbarments and Suspensions begin on page 373. Finding Lists begin on page ii.