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. Proc. 2009–33, page 150. Section 168(k)(4) extension property guidance. This procedure provides guidance with respect to section 168(k)(4) of the Code, which was extended by section 1201(b) of the American Recovery and Reinvestment Tax Act of 2009 (the Act) to allow corporations to elect not to claim the 50–percent additional first year depreciation deduction by section 168(k)(1) for certain property placed in service generally before January 1, 2010, and instead to increase their business credit limitation under section 38(c) and alternative minimum tax (AMT) credit limitation under section 53(c). This procedure provides guidance to corporations regarding the property eligible for this election, the time and manner for making the elections provided by new section 168(k)(4)(H), and the computation of the amount by which the business credit limitation and the AMT credit limitation may be increased if the elections provided by section 168(k)(4)(H) are or are not made. Rev. Procs. 2008–65 and 2009–16 modified.

EMPLOYEE PLANS

Notice 2009–57, page 147. Weighted average interest rate update; corporate bond indices; 30-year Treasury securities; segment rates. This notice contains updates for the corporate bond weighted average interest rate for plan years beginning in July 2009; the 24–month average segment rates; the funding transitional segment rates applicable for July 2009; and the minimum present value transitional rates for June 2009.

Announcements of Disbarments and Suspensions begin on page 158. Finding Lists begin on page ii.