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

T.D. 9411, page 398. REG–164965–04, page 450. Final, temporary, and proposed regulations under sections 195, 248, and 709 of the Code provide guidance for making elections to amortize expenses.

T.D. 9413, page 404. Final regulations under section 468B of the Code provide rules relating to the taxation of the income earned on escrow accounts, trusts, and other funds used during deferred exchanges of like-kind property. The regulations also provide rules under section 7872 regarding below-market loans to facilitators of these exchanges.

REG–142040–07, page 451. Proposed regulations under sections 401(a)(9) and 403(b) of the Code permit a governmental plan to comply with the required minimum distribution rules by using a reasonable and good faith interpretation of the statute.

Notice 2008–68, page 418. This notice provides guidance relating to the energy credit under section 48 of the Code for fuel cells (fuel cell credit) and microturbines (microturbine credit).

EMPLOYEE PLANS

Rev. Rul. 2008–45, page 403. Exclusive benefit rule; transfer of plan sponsorship; con- trolled groups. This ruling provides that the exclusive benefit rule of section 401(a) of the Code is violated if the sponsorship

Finding Lists begin on page ii. Index for July through August begins on page iv.