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. 2010–9, page 461. Interest rates; underpayments and overpayments. The rates for interest determined under section 6621 of the Code for the calender quarter beginning April 1, 2010, will be 4 percent for overpayments (3 percent in the case of a corporation), 4 percent for underpayments, and 6 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 1.5 percent.

Rev. Rul. 2010–10, page 461. Fringe benefits aircraft valuation formula. The Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charge in effect for the first half of 2010 are set forth for purposes of determining the value of noncommercial flights on employer-provided aircraft under section 1.61–21(g) of the regulations.

Rev. Proc. 2010–21, page 473. Substitute tax forms and schedules. Requirements are set forth for privately designed and printed federal tax forms and conditions under which the Service will accept computer prepared, and computer-generated tax forms and schedules. Rev. Proc. 2009–17 superseded.

TAX CONVENTIONS

Rev. Proc. 2010–19, page 469. This procedure provides guidance for taxpayers emigrating from Canada who wish to make an election for U.S. federal income tax purposes under paragraph 7 of Article XIII (Gains) of the US-Canada Treaty with respect to property that is subject to Canadian departure tax under Canada’s deemed disposition

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