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. 2013–16, page 275. Interest rates: underpayment and overpayments. The rates for interest determined under section 6621 of the Code for the calendar quarter beginning October 1, 2013, will be 3 percent for overpayments (2 percent in the case of a corporation), 3 percent for the underpayments, and 5 percent for large corporation underpayments. The rate of interest paid on the portion of a corporation overpayment exceeding $10,000 will be 0.5 percent.

Rev. Rul. 2013–20, page 272. Fringe benefits aircraft valuation formula. For purposes of section 1.61–21(g) of the Income Tax Regulations, relating to the rule for valuing non-commercial flights on employer-provided aircraft, the Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charge in effect for the second half of 2013 are set forth.

T.D. 9634, page 272. Final regulations and removal of temporary regulations under section 901 of the Code provide guidance relating to the determination of the amount of taxes paid for purposes of the foreign tax credit.

T.D. 9635, page 273. Temporary regulations provide that a taxpayer’s obligation under a debt instrument can be a position in personal property that is part of a straddle.

REG–111753–12, page 302. Proposed regulations provide that a taxpayer’s obligation under a debt instrument can be a position in personal property that

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