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. 2011–12, page 917. Interest rates; underpayments and overpayments. The rates for interest determined under section 6621 of the Code for the calendar quarter beginning July 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.

EMPLOYEE PLANS

Notice 2011–49, page 927. 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 June 2011; the 24-month average segment rates; the funding transitional segment rates applicable for June 2011; and the minimum present value transitional rates for May 2011.

EXEMPT ORGANIZATIONS

Announcement 2011–33, page 933. A list is provided of organizations now classified as private foundations.

Announcement 2011–36, page 933. This announcement invites public comments on transitional issues and frequently asked questions involving the redesigned Form 990. Comments are requested by August 1, 2011.

Finding Lists begin on page ii. Index for January through June begins on page vi.