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 2012–42, page 561. This announcement modifies the rules set forth in the proposed regulations under sections 1471 through 1474. The proposed regulations under sections 1471 through 1474 were published in the Federal Register (REG–121647–10, 77 Fed. Reg. 9022) on February 15, 2012. This announcement outlines the timelines for withholding agents and foreign financial institutions to complete due diligence and other requirements. This announcement also provides guidance concerning certain grandfathered obligations and withholding on gross proceeds. The final regulations under sections 1471 through 1474 will incorporate the modified rules described in this announcement.

INCOME TAX

T.D. 9600, page 548. New markets tax credit. Final regulations under section 45D of the Code modifying the new markets tax credit program to facilitate and encourage investments in non-real estate businesses in low-income communities by amending the reinvestment rules for qualified equity investments in non-real estate businesses.

Announcement 2012–42, page 561. This announcement modifies the rules set forth in the proposed regulations under sections 1471 through 1474. The proposed regulations under sections 1471 through 1474 were published in the Federal Register (REG–121647–10, 77 Fed. Reg. 9022) on February 15, 2012. This announcement outlines the timelines for withholding agents and foreign financial institutions to complete due diligence and other requirements. This announcement also provides guidance concerning certain grandfathered obligations and withholding on gross proceeds. The

Announcements of Disbarments and Suspensions begin on page 556. Finding Lists begin on page ii.