Excerpt:

"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. 2010–31, page 898.
Interest rates; underpayments and overpayments. The rates for interest determined under section 6621 of the Code
for the calendar quarter beginning January 1, 2011, will be 3 percent for overpayments (2 percent in the case of a
corporation), 3 percent for underpayments, and 5 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 0.5 percent.

Notice 2010–87, page 908.
This notice provides transitional relief for determining the timeliness of federal tax deposits (FTDs) under section 6302 of the Code.

Notice 2010–92, page 916.
This notice primarily addresses the application of section 909 of the Code to foreign income taxes paid or accrued in taxable years of a section 902 corporation beginning on or before December 31, 2010. It includes an exclusive list of arrangements that will be treated as foreign tax credit splitting events for those taxable years.

Excerpt:

"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. 2010–31, page 898.
Interest rates; underpayments and overpayments. The rates for interest determined under section 6621 of the Code
for the calendar quarter beginning January 1, 2011, will be 3 percent for overpayments (2 percent in the case of a
corporation), 3 percent for underpayments, and 5 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 0.5 percent.

Notice 2010–87, page 908.
This notice provides transitional relief for determining the timeliness of federal tax deposits (FTDs) under section 6302 of the Code.

Notice 2010–92, page 916.
This notice primarily addresses the application of section 909 of the Code to foreign income taxes paid or accrued in taxable years of a section 902 corporation beginning on or before December 31, 2010. It includes an exclusive list of arrangements that will be treated as foreign tax credit splitting events for those taxable years.

Excerpt:

"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. 2010–31, page 898.
Interest rates; underpayments and overpayments. The rates for interest determined under section 6621 of the Code
for the calendar quarter beginning January 1, 2011, will be 3 percent for overpayments (2 percent in the case of a
corporation), 3 percent for underpayments, and 5 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 0.5 percent.

Notice 2010–87, page 908.
This notice provides transitional relief for determining the timeliness of federal tax deposits (FTDs) under section 6302 of the Code.

Notice 2010–92, page 916.
This notice primarily addresses the application of section 909 of the Code to foreign income taxes paid or accrued in taxable years of a section 902 corporation beginning on or before December 31, 2010. It includes an exclusive list of arrangements that will be treated as foreign tax credit splitting events for those taxable years.

Excerpt:

"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–100194–10, page 891.
Proposed regulations under section 6011(e)(3) of the Code relate to the requirement for “specified tax return preparers,” generally tax return preparers who reasonably expect to file more than 10 individual income tax returns in a calendar year (100 or more in 2011), to file individual income tax returns using magnetic media (electronically). A public hearing is scheduled for January 7, 2011.

Notice 2010–82, page 857.
Section 45R provides a Federal income tax credit to certain small employers that make nonelective contributions towards
their employees’ health insurance premiums under an arrangement that meets certain requirements. The notice provides guidance on the credit, including guidance for determining eligibility for the credit and for meeting the qualifying arrangement requirement for the credit. Notice 2010–44 amplified.

Excerpt:

"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–100194–10, page 891.
Proposed regulations under section 6011(e)(3) of the Code relate to the requirement for “specified tax return preparers,” generally tax return preparers who reasonably expect to file more than 10 individual income tax returns in a calendar year (100 or more in 2011), to file individual income tax returns using magnetic media (electronically). A public hearing is scheduled for January 7, 2011.

Notice 2010–82, page 857.
Section 45R provides a Federal income tax credit to certain small employers that make nonelective contributions towards
their employees’ health insurance premiums under an arrangement that meets certain requirements. The notice provides guidance on the credit, including guidance for determining eligibility for the credit and for meeting the qualifying arrangement requirement for the credit. Notice 2010–44 amplified.

Excerpt:

"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–100194–10, page 891.
Proposed regulations under section 6011(e)(3) of the Code relate to the requirement for “specified tax return preparers,” generally tax return preparers who reasonably expect to file more than 10 individual income tax returns in a calendar year (100 or more in 2011), to file individual income tax returns using magnetic media (electronically). A public hearing is scheduled for January 7, 2011.

Notice 2010–82, page 857.
Section 45R provides a Federal income tax credit to certain small employers that make nonelective contributions towards
their employees’ health insurance premiums under an arrangement that meets certain requirements. The notice provides guidance on the credit, including guidance for determining eligibility for the credit and for meeting the qualifying arrangement requirement for the credit. Notice 2010–44 amplified.

Excerpt:

"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. 2010–29, page 818.
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 2010.

Rev. Rul. 2010–30, page 820.
Section 1274A – inflation adjusted numbers for 2011.
This ruling provides the dollar amounts, increased by the 2011 inflation adjustment, for section 1274A of the Code. Rev. Rul. 2010–2 supplemented and superseded.

Notice 2010–81, page 825.
This notice provides guidance on the determination of when state and local bonds (as defined in section 103(c)) are considered “issued” for purposes of deadlines on issuing bonds. The notice provides guidance on the relevant distinction between the “issue date” of a “bond” versus the “issue date” of an “issue” for purposes of this determination. One instance, among others in which this notice applies, is in determining when Build America Bonds, structured as “draw-down” bonds or loans in which draws are funded at different times are considered issued for purposes of statutory deadlines on issuing these bonds under section 54AA.

Excerpt:

"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. 2010–29, page 818.
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 2010.

Rev. Rul. 2010–30, page 820.
Section 1274A – inflation adjusted numbers for 2011.
This ruling provides the dollar amounts, increased by the 2011 inflation adjustment, for section 1274A of the Code. Rev. Rul. 2010–2 supplemented and superseded.

Notice 2010–81, page 825.
This notice provides guidance on the determination of when state and local bonds (as defined in section 103(c)) are considered “issued” for purposes of deadlines on issuing bonds. The notice provides guidance on the relevant distinction between the “issue date” of a “bond” versus the “issue date” of an “issue” for purposes of this determination. One instance, among others in which this notice applies, is in determining when Build America Bonds, structured as “draw-down” bonds or loans in which draws are funded at different times are considered issued for purposes of statutory deadlines on issuing these bonds under section 54AA.

Excerpt:

"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. 2010–29, page 818.
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 2010.

Rev. Rul. 2010–30, page 820.
Section 1274A – inflation adjusted numbers for 2011.
This ruling provides the dollar amounts, increased by the 2011 inflation adjustment, for section 1274A of the Code. Rev. Rul. 2010–2 supplemented and superseded.

Notice 2010–81, page 825.
This notice provides guidance on the determination of when state and local bonds (as defined in section 103(c)) are considered “issued” for purposes of deadlines on issuing bonds. The notice provides guidance on the relevant distinction between the “issue date” of a “bond” versus the “issue date” of an “issue” for purposes of this determination. One instance, among others in which this notice applies, is in determining when Build America Bonds, structured as “draw-down” bonds or loans in which draws are funded at different times are considered issued for purposes of statutory deadlines on issuing these bonds under section 54AA.

Excerpt:

"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.

SPECIAL ANNOUNCEMENT

Notice 2010–79, page 809.
This notice alerts taxpayers to an amendment made to section 833 of the Code by the Patient Protection and Affordable Care Act (H.R. 3590, P.L. 111–148). In addition, this notice provides transitional relief and interim guidance on the interpretation and application of the amendment and requests comments on what further guidance, if any, is needed.

INCOME TAX

Rev. Rul. 2010–28, page 804.
2010 base period T-bill rate. The “base period T-bill rate” for the period ending September 30, 2010, is published as
required by section 995(f) of the Code.

Notice 2010–79, page 809.
This notice alerts taxpayers to an amendment made to section 833 of the Code by the Patient Protection and Affordable Care Act (H.R. 3590, P.L. 111–148). In addition, this notice provides transitional relief and interim guidance on the interpretation and application of the amendment and requests comments on what further guidance, if any, is needed.