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. 2009–3, page 382. Insurance companies; interest rate tables. Prevailing state assumed interest rates are provided for the determination of reserves under section 807 of the Code for contracts issued in 2008 and 2009. Rev. Rul. 92–19 supplemented. Rev. Rul. 2008–19 modified.

Rev. Rul. 2009–4, page 408. Section 1256 contracts marked to market. This ruling holds that Dubai Mercantile Exchange, which is a United Arab Emirates Authorized Market Institution, is a qualified board or exchange within the meaning of section 1256(g)(7)(C) of the Code.

T.D. 9438, page 387. REG–150066–08, page 423. Final, temporary, and proposed regulations under section 954 of the Code relate to foreign base company sales income in cases in which personal property sold by a controlled foreign corporation is manufactured, produced, or constructed pursuant to a contract manufacturing arrangement or by one or more branches of the controlled foreign corporation. A public hearing on the proposed regulations is scheduled for April 20, 2009.

Notice 2009–10, page 419. This notice serves to extend the application of the future regulations described in Notice 2008–91, 2008–43 I.R.B. 1001, to a third taxable year in certain cases and to extend Rev. Proc. 2008–26, 2008–21 I.R.B. 1014, to calendar year 2009.

Announcements of Disbarments and Suspensions begin on page 424. Finding Lists begin on page ii.