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. 2009–24, page 306. Section 1256 contracts marked to market. This ruling holds that ICE Futures Canada, Inc., which is a regulated exchange of Canada, is a qualified board or exchange within the meaning of section 1256(g)(7)(C) of the Code.

Notice 2009–64, page 307. This notice proposes a revenue ruling that would hold that tangible assets used in converting corn to fuel grade ethanol are properly included in asset class 49.5 of Rev. Proc. 87–56 for depreciation purposes. Comments are requested by November 23, 2009.

Rev. Proc. 2009–37, page 309. This procedure provides guidance to taxpayers on electing to defer recognizing cancellation of indebtedness income under section 108(i) of the Code and section 1231 of the American Recovery and Reinvestment Tax Act of 2009.

EXEMPT ORGANIZATIONS

Announcement 2009–64, page 319. The IRS has revoked its determination that HFZ Charitable Supporting Organization of Santa Barbara, CA; Main Homes Community Development Corporation of Columbus, OH; North American Housing Foundation of Spokane, WA; and The Valcarce Foundation of Bountiful, UT, qualify as organizations described in sections 501(c)(3) and 170(c)(2) of the Code.

Announcements of Disbarments and Suspensions begin on page 319. Finding Lists begin on page ii.