INCOME TAX

Rev. Rul. 2010–25, page 571. Limitations on qualified residence interest. This ruling holds that indebtedness in excess of $1 million that a taxpayer incurs to acquire, construct, or substantially improve a qualified residence may constitute home equity indebtedness within the meaning of section 163(h)(3)(C) of the Code.

Rev. Rul. 2010–26, page 573. Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for November 2010.

T.D. 9497, page 558. REG–142800–09, page 580. Temporary and proposed regulations under section 108(i) of the Code provide guidance to C corporations regarding the acceleration of deferred COD income and deferred OID deductions including special rules for members of consolidated groups. In addition, these regulations provide rules applicable to all taxpayers regarding deferred OID deductions.