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

T.D. 9481, page 605. Final regulations under section 162 of the Code provide guidance regarding the deduction of deemed living expenses while away from home for a state legislator who makes an election under section 162(h).

Notice 2010–33, page 609. This notice lists positions identified as frivolous for purposes of section 6702(c) of the Code. Notice 2008–14 modified and superseded.

Notice 2010–34, page 612. This notice provides guidance about reporting obligations for certain shareholders of passive foreign investment companies (PFICs) who are subject to the annual filing requirement set forth in new section 1298(f) of the Code.

EMPLOYEE PLANS

Notice 2010–36, page 612. 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 April 2010; the 24-month average segment rates; the funding transitional segment rates applicable for April 2010; and the minimum present value transitional rates for March 2010.

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