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

REG–149036–04, page 411. Proposed regulations under section 6404 of the Code concern the suspension of interest, penalties, additions to tax, or additional amounts under section 6404(g) and explain the general rules for suspension as well as exceptions to those general rules. A public hearing is scheduled for October 11, 2007.

Notice 2007–64, page 385. 2007 Section 43 inflation adjustment factor. This notice announces the inflation adjustment factor and phase-out amount for the enhanced oil recovery credit for the 2007 calendar year.

Notice 2007–65, page 386. 2007 marginal production rates. The notice announces the applicable percentage under section 613A of the Code to be used in determining percentage depletion for marginal properties for the 2007 calendar year.

EMPLOYEE PLANS

T.D. 9334, page 382. REG–142039–06, page 415. Final, temporary, and proposed regulations under section 4965 of the Code provide guidance relating to the requirement of a return to accompany payment of excise taxes, the time for filing that return, and entity-level and manager-level excise taxes with respect to prohibited tax shelter transactions to which tax-exempt entities are parties.

Announcements of Disbarments and Suspensions begin on page 429. Finding Lists begin on page ii.