INCOME TAX

Rev. Rul. 2010–29, page 818. 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 December 2010.

Rev. Rul. 2010–30, page 820. Section 1274A – inflation adjusted numbers for 2011. This ruling provides the dollar amounts, increased by the 2011 inflation adjustment, for section 1274A of the Code. Rev. Rul. 2010–2 supplemented and superseded.

Notice 2010–81, page 825. This notice provides guidance on the determination of when state and local bonds (as defined in section 103(c)) are considered “issued” for purposes of deadlines on issuing bonds. The notice provides guidance on the relevant distinction between the “issue date” of a “bond” versus the “issue date” of an “issue” for purposes of this determination. One instance, among others in which this notice applies, is in determining when Build America Bonds, structured as “draw-down” bonds or loans in which draws are funded at different times are considered issued for purposes of statutory deadlines on issuing these bonds under section 54AA.

Rev. Proc. 2010–47, page 827. Cost limitations for expensing section 179 property. This procedure provides that for taxable years beginning in 2010, the aggregate cost of any section 179 property a taxpayer elects to treat as an expense cannot exceed $500,000. This amount is reduced by the amount by which the cost of the property placed in service during the year exceeds $2,000,000.

Finding Lists begin on page ii.