INCOME TAX

Rev. Rul. 2007–54, page 604. Life insurance reserves. This ruling provides guidance regarding (1) the amount of life insurance reserves taken into account for a variable contract where some or all of the reserves are accounted for as part of a life insurance company’s separate account reserves and (2) what interest rate is used to calculate required interest under section 812(b)(2)(A) of the Code on life insurance reserves in situations where the amount of those reserves is the tax reserve determined under section 807(d)(2).

Rev. Rul. 2007–55, page 604. Fringe benefits aircraft valuation formula. The Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charge in effect for the second half of 2007 are set forth for purposes of determining the value of noncommercial flights on employer-provided aircraft under section 1.61–21(g) of the regulations.

Rev. Rul. 2007–60, page 606. Revenue rulings obsolete. This ruling obsoletes Rev. Rul. 75–425, 1975–2 C.B. 291, which provides guidance related to the effect of signing a waiver (USCIS Form I–508) under section 247(b) of the Immigration and Nationality Act (8 U.S.C. section 1257(b)) by alien individuals employed in the United States by a foreign government or international organization. Rev. Rul. 75–425 obsoleted.

T.D. 9347, page 624. Final regulations under section 6655 of the Code provide guidance with respect to estimated tax payments by corporations. Rev. Ruls. 67–93, 76–450, and 78–257 obsoleted.

Finding Lists begin on page ii.