INCOME TAX

Rev. Rul. 2012–1, page 255. Recurring item exception to the all events test. This ruling clarifies the treatment of certain liabilities under the recurring item exception to the economic performance requirement under section 461(h)(3) of the Code. It also addresses the application of the “not material” and “better matching” requirement of the recurring item exception in the context of a lease and a service contract each having a term of one year. The ruling distinguishes contracts for the provision of services from insurance and warranty contracts and applies the recurring item exception differently. Rev. Proc. 2011–14 modified and amplified.

T.D. 9559, page 252. Final regulations amend the user fee regulations and establish a new user fee for individuals to take the registered tax return preparer competency examination.

REG–149625–10, page 279. Proposed regulations under section 382 of the Code provide exceptions to the segregation rules, under which certain transactions may create one or more additional public groups treated as 5-percent shareholders, for certain sales of loss corporation stock to small shareholders and for certain re

Finding Lists begin on page ii.