Excerpt:

INCOME TAX
Rev. Rul. 2007–70, page 1158.
Federal rates; adjusted federal rates; adjusted federal
long-term 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 December 2007.
Rev. Rul. 2007–72, page 1154.
Diagnostic medical procedures. This ruling holds that
amounts paid by individuals for certain diagnostic and similar
procedures and devices aremedical care expenses deductible
under section 213 of the Code.
REG–127770–07, page 1171.
Proposed regulations under section 860G of the Code expand
the list of permitted loan modifications to include certain modifications
of commercial mortgages. Changes to the regulations
are necessary to better accommodate evolving commercial
mortgage industry practices. These changes will affect
lenders, borrowers, servicers, and sponsors of securitizations
of mortgages in REMICs.
Notice 2007–98, page 1160.
This notice announces the phase-out of the qualified hybrid motor
vehicle credit and the new advanced lean burn technology
motor vehicle credit for passenger automobiles and light trucks
manufactured by American Honda Motor Company, Inc., that
are purchased for use or lease in the United States beginning
on January 1, 2008.
Rev. Proc. 2007–70, page 1162.
Optional standard mileage rates. This procedure announces
50.5 cents as the optional rate for deducting or
accounting for expenses for business use of an automobile,

Notes:

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