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

T.D. 9533, page 139. REG–118809–11, page 162. Final, temporary, and proposed regulations remove any references to, or requirement of reliance on, credit ratings in regulations under various sections of the Code and provide substitute standards of credit-worthiness where appropriate, pursuant to the Dodd-Frank Act.

T.D. 9534, page 144. Final regulations under sections 381(c)(4) and 381(c)(5) of the Code provide guidance regarding the accounting method or combination of methods, including inventory methods, to use following certain corporate reorganizations and tax-free liquidations.

ESTATE TAX

Rev. Rul. 2011–17, page 160. Special use value; farms; interest rates. The 2010 and 2011 interest rates to be used in computing the special use value of farm real property for which an election is made under section 2032A of the Code are listed for estates of decedents.

EXCISE TAX

T.D. 9533, page 139. REG–118809–11, page 162. Final, temporary, and proposed regulations remove any references to, or requirement of reliance on, credit ratings in regulations under various sections of the Code and provide substitute

Announcements of Disbarments and Suspensions begin on page 164. Finding Lists begin on page ii.