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. 2010–4, page 309. Section 7216—Disclosure or use of information by pre- parers of returns. This ruling provides guidance on whether a tax return preparer is liable for criminal and civil penalties under sections 7216 and 6713 of the Code when the tax return preparer discloses or uses tax return information in certain circumstances in communicating with taxpayers and in certain other circumstances.

Rev. Rul. 2010–5, page 312. Section 7216—Disclosure or use of information by pre- parers of returns. This ruling provides guidance on whether a tax return preparer is liable for criminal and civil penalties under sections 7216 and 6713 of the Code when the tax return preparer discloses or uses tax return information under certain circumstances in connection with professional liability insurance.

T.D. 9474, page 322. Final regulations under 26 CFR Part 1 provide rules relating to the reduction in taxable income for housing displaced individuals under the Katrina Emergency Tax Relief Act of 2005 and the Heartland Disaster Tax Relief Act of 2008.

T.D. 9475, page 304. Final regulations under section 368 of the Code provide guidance regarding the qualification of certain transactions as reorganizations described in section 368(a)(1)(D) where no stock and/or securities of the acquiring corporation is issued and distributed in the transaction.

Finding Lists begin on page ii. Index for January begins on page iv.