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. 2010–18, page 1. Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, and 1288, and other sections of the Code, tables set forth the rates for July 2010.

Notice 2010–49, page 10. Section 382. This notice invites public comments relating to possible modifications to the regulations under section 382 of the Code regarding the treatment of shareholders who are not 5-percent shareholders (Small Shareholders).

Notice 2010–50, page 12. Section 382. This notice provides guidance under section 382 of the Code for measuring owner shifts of loss corporations that have more than one class of stock outstanding, and, in particular, regarding the effect of fluctuations in the value of one class of stock relative to another class of stock.

EMPLOYEE PLANS

Notice 2010–48, page 9. This notice provides relief to sponsors of defined contribution pre-approved plans ( i.e., master and prototype (M&P) and volume submitter (VS) plans) affected by recent federally declared disasters. The relief provided by this notice extends the April 30, 2010, deadline for restating affected pre-approved defined contribution plans and, if applicable, for submitting determination letters to the Service to July 30, 2010. The section 401(b) remedial amendment period with respect to these plans is also extended to July 30, 2010. Rev. Proc. 2007–44 modified.

Announcements of Disbarments and Suspensions begin on page 42. Finding Lists begin on page ii.