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

Ct. D. 2084, page 1032. Abatement; interest accruals; federal income taxes. The Supreme Court holds that the Tax Court provides the exclusive forum for judicial review of failure to abate interest under section 6404(e)(1).

T.D. 9361, page 1026. Final regulations under section 368 of the Code amend regulations sections 1.368–1(d), 1.368–2(f) and 1.368–2(k) concerning the tax treatment of post-reorganization transfers of assets or stock of a party to the reorganization.

REG–134923–07, page 1037. Proposed regulations under section 31 U.S.C. 9701 implement new user fees for the initial and renewed enrollment to become an enrolled actuary. The new user fees established by the regulations reflect the IRS’s costs of overseeing the initial enrollment and renewal of enrollment processes. The regulations establish a $250 user fee for initial enrollment and a $250 user fee for renewal of enrollment. A public hearing is scheduled for November 26, 2007.

EXEMPT ORGANIZATIONS

Announcement 2007–108, page 1044. A list is provided of organizations now classified as private foundations.