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. 9539, page 179. Final regulations under section 280C of the Code amend the regulations concerning the election to claim the reduced research credit. The final regulations simplify how taxpayers make the election and affect taxpayers that claim the reduced research credit.

Notice 2011–66, page 184. This notice provides guidance with regard to the time and manner in which the executor of the estate of a decedent who died in 2010 elects to have the provisions of section 1022 of the Code apply to determine a recipient’s basis in certain property deemed acquired from the decedent. This notice also provides guidance with respect to generation-skipping transfers (GSTs) and transfers that have GST potential that occurred during 2010.

Rev. Proc. 2011–41, page 188. This procedure provides optional safe harbor guidance to the executor of the estate of a decedent who died in 2010 and elects to have the provisions of section 1022 of the Code apply to determine a recipient’s basis in certain property acquired from the decedent.

ESTATE TAX

Notice 2011–66, page 184. This notice provides guidance with regard to the time and manner in which the executor of the estate of a decedent who died in 2010 elects to have the provisions of section 1022 of the Code apply to determine a recipient’s basis in certain prop

Finding Lists begin on page ii. Index for July through August begins on page iv.