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. 2014–7, page 539. This revenue ruling provides guidance on the amount of the life insurance reserves taken into account under § 807 of the Internal Revenue Code for a variable contract where some or all of the reserves are accounted for as part of a life insurance company’s separate account reserves. Rev. Rul. 2007–54 is modified and superseded and Rev. Rul. 2007–61 is obsoleted.

T.D. 9655, page 541. TD 9655 includes final Treasury regulations providing guidance under section 4980H of the Internal Revenue Code, as added by the Patient Protection and Affordable Care Act. Section 4980H generally provides that an applicable large employer may be subject to an assessable payment if the employer does not offer minimum essential health coverage to its full-time employees (and their dependents), or if the employer offers its full-time employees (and their dependents) minimum essential health coverage that is not affordable. The regulations affect applicable large employers, defined under section 4980H as employers that employed on average at least 50 full-time employees (including full-time equivalents) on business days during the preceding calendar year.

Notice 2014–10, page 605. Notice 2014–10 provides relief from the individual shared responsibility payment required under section 5000A of the Internal Revenue Code for months in 2014 in which individuals have, under Medicaid and chapter 55 of Title 10, U.S.C., limited-benefit health coverage that is not minimum essential coverage.

Notice 2014–12, page 606. Resident populations of the 50 states, the District of Columbia, Puerto Rico, and the insular areas for purposes of determining

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