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. 2011–5, page 577. Interest rates; underpayments and overpayments. The rates for interest determined under section 6621 of the Code for the calendar quarter beginning April 1, 2011, 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.

EXEMPT ORGANIZATIONS

REG–140108–08, page 591. Proposed regulations under section 6104(c) of the Code amend existing regulations to reflect changes made by the Pension Protection Act of 2006 (PPA) by providing guidance to states regarding the process by which they may obtain or inspect certain returns and return information (including information about final and proposed denials and revocations of tax-exempt status) for the purpose of administering state laws governing certain tax-exempt organizations and their activities.

Notice 2011–23, page 588. This notice addresses the requirements for tax exemption for qualified nonprofit health insurance issuers described in section 501(c)(29) of the Code by providing guidance on the annual filing requirement for organizations that intend to apply for recognition of exempt status as well as on the effective date of exempt status for certain applicants. The notice also includes a request for public comments.

Finding Lists begin on page ii. Index for January through March begins on page v.