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

REG–136676–13, page 814. This document contains proposed regulations that will remove a rule that a deemed discharge of indebtedness for which a Form 1099-C “Cancellation of Debt,� must be filed occurs at the expiration of a 36-month non-payment testing period.

Rev. Rul. 2014–28, page 756. Federal rates; adjusted federal rates; adjusted federal longterm 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 November 2014.

Rev. Proc. 2014–56, page 762. Publication 1223 General Rules and Specifications for Substitute Forms W–2c and W–3c This procedure provides general rules and specifications from the Service for paper and computer-generated substitutes for Form W-2c and W-3c. This procedure will be reproduced as the next revision of Publication 1223, General Rules and Specifications for Substitute Forms W-2c and W-3c.

Rev. Proc. 2014–57, page 777. This procedure provides general rules and specifications from the Service for paper and computer-generated substitutes for Form 941, Employer’s Quarterly Federal Tax Return, Schedule B (Form 941), Report of Tax Liability for Semiweekly Schedule Depositors, Schedule D (Form 941), Report of Discrepancies Caused by Acquisitions, Statutory Mergers, or Consolidations, and Schedule R (Form 941), Allocation Schedule for Aggregate Form 941 Filers.

Rev. Proc. 2014–58, page 793. This procedure provides general rules and specifications from the Service for paper and computer-generated substitutes for

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