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. 2012–15, page 975. Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for June 2012.

T.D. 9588, page 969. Final regulations under section 163 of the Code provide rules on allocating prepaid qualified mortgage insurance premiums to determine the amount of the prepaid premium that is treated as qualified residence interest each taxable year.

T.D. 9589, page 971. REG–107548–11, page 977. Final, temporary, and proposed regulations under section 956 of the Code provide that certain obligations of United States persons arising from upfront payments made by controlled foreign corporations pursuant to contracts that are cleared by a derivatives clearing organization or clearing agency do not constitute United States property.

REG–119632–11, page 978. Proposed regulations under section 6103 of the Code was enacted under the Patent Protection and Affordable Care Act, Public Law 111–48 (124 Stat. 119 (2010)) to permit the disclosure of return information in order to determine a taxpayer’s eligibility in certain health insurance affordability programs. In addition to items specifically enumerated in the statute, section 6103(1)(21)(A)(iv) permits the disclosure of items prescribed by the Secretary by regulation as might indicate whether the taxpayer is eligible for a tax credit under section 36B of the Code, or a cost-sharing reduction under section 1402 of the Affordable Act. The regulation contains detailing items of return

Announcements of Disbarments and Suspensions begin on page 982. Finding Lists begin on page ii.