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. 2007–57, page 531. 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 September 2007.

T.D. 9340, page 487. Final regulations provide updated guidance on tax-shelter annuities, custodial accounts of public schools and section 501(c)(3) tax-exempt organizations, and church retirement income accounts, authorized under section 403(b) of the Code. The regulations provide the public with the guidance necessary to comply with the law and will affect sponsors of section 403(b) contracts, administrators, participants and beneficiaries. The regulations also provide guidance relating to the controlled group rules under section 414(c) for entities that are tax-exempt under section 501(a).

T.D. 9343, page 533. Final regulations under section 1502 of the Code allow the Service to appoint a domestic substitute agent for a consolidated group when the group’s parent is a foreign corporation that is treated as a domestic corporation under section 7872 or as the result of a section 953(d) election.

T.D. 9344, page 535. REG–148951–05, page 550. Final, temporary, and proposed regulations under section 7425 of the Code relate to discharge of liens and return of wrongfully levied property under section 6343. The regulations clarify that notices and claims are to be sent to the IRS office and official specified in the relevant IRS publications.

Announcements of Disbarments and Suspensions begin on page 554. Finding Lists begin on page ii.