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. 9412, page 687. REG–146895–05, page 700. Temporary and proposed regulations under section 179C of the Code provide guidance on making an election to deduct 50 percent of the costs of certain refineries and guidance related to the associated reporting requirements. A public hearing on the proposed regulations is scheduled for November 20, 2008.

T.D. 9417, page 693. REG–161695–04, page 699. Final, temporary, and proposed regulations under section 1301 of the Code provide rules under the American Jobs Creation Act of 2004 relating to the averaging of farm and fishing income.

REG–103146–08, page 701. Proposed regulations provide guidance under section 6039 of the Code, which requires corporations to file an information return with the IRS and furnish a written statement to each employee regarding: (i) the corporation’s transfer of stock pursuant to the employee’s exercise of an incentive stock option described in section 422(b); and (ii) transfers of stock by the employee where the stock was acquired pursuant to the exercise of an option described in section 423(c). The time and manner for filing a return and furnishing statements to employees, as well as the information to be contained in the return and furnished to employees, are addressed in these proposed regulations.

EMPLOYEE PLANS

REG–103146–08, page 701. Proposed regulations provide guidance under section 6039 of the Code, which requires corporations to file an information