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.

SPECIAL ANNOUNCEMENT

Announcement 2012–16, page 876. This announcement confirms that the Service will continue to process requests for the refund of the wrongfully collected Telephone Excise Taxes described in Notice 2006–50 and Notice 2007–11 and also announces the July 27, 2012 filing deadline for such requests.

INCOME TAX

T.D. 9582, page 868. Final regulations under section 642 of the Code contains information regarding the Federal tax consequences of an ordering provision in a trust, a will, or a provision of local law that attempts to determine the tax character of the amount paid to a charitable beneficiary of the trust or estate.

T.D. 9583, page 866. Final regulations under section 267 of the Code provide guidance concerning the time for taking into account deferred losses on the sale or exchange of property between members of a controlled group.

Notice 2012–30, page 874. Nonconventional source fuel credit, 2011 section 45K inflation adjustment factor and section 45K reference price. This proposed notice publishes the nonconventional fuel source credit, inflation adjustment factor, and reference price under section 45K of the Code for calendar year 2011. The inflation adjustment factor is used to determine the credit allowable on sales of fuel produced from a nonconventional source under section 45K. For calendar year 2011, the credit

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