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. 2007–64, page 953. 2007 base period T-bill rate. The “base period T-bill rate” for the period ending September 30, 2007, is published as required by section 995(f) of the Code.

Rev. Rul. 2007–66, page 956. 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 November 2007.

Rev. Proc. 2007–65, page 967. This procedure under sections 704(b) and 45 of the Code provides the necessary requirements for partnerships to meet a safe harbor in allocating wind energy production tax credits.

Rev. Proc. 2007–66, page 970. Cost-of-living adjustments for 2008. This procedure sets forth the cost-of-living adjustments to certain items for 2008 as required under various provisions of the Code and Service guidance. Rev. Procs. 90–12 and 2002–41 modified.

EMPLOYEE PLANS

Rev. Rul. 2007–65, page 949. Employer’s deduction for contributions; limitation on employer’s deduction; welfare benefit funds. This ruling discusses whether an employer’s deductions for contributions to a welfare benefit fund under section 419 of the Code are “qualified direct costs” with respect to premiums paid by a welfare benefit fund on cash value life insurance policies.

Announcements of Disbarments and Suspensions begin on page 979. Finding Lists begin on page ii.