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. 2014–4, page 449. Insurance companies; interest rate tables. Prevailing state assumed interest rates are provided for the determination of reserves under section 807 of the Internal Revenue Code for contracts issued in 2013 and 2014. Rev. Rul. 92–19 is supplemented in part.

Notice 2014–9, page 455. This Notice provides guidance on current refunding of outstanding prior issues of bonds that met the qualification requirements for Recovery Zone Facility Bonds under § 1400U–3 of the Internal Revenue Code.

Rev. Proc. 2014–15, page 456. This revenue procedure updates Rev. Proc. 2012–51, 2012–51 I.R.B. 719 and identifies circumstances under which the disclosure on a taxpayer’s income tax return with respect to an item or position is adequate for the purpose of reducing the understatement of income tax under section 6662 (d) of the Internal Revenue Code.

EMPLOYEE PLANS

Notice 2014–8, page 452. This notice contains updates for the corporate bond weighted average interest rate for plan years beginning in January 2014; the 24 month average segment rates; the funding segment rates applicable for January 2014; and the minimum present value rates for December 2013. The rates in this notice reflect certain changes implemented by the Moving Ahead for Progress in the 21st Century Act, Public Law 112–141 (MAP–21).

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