Rev. Rul. 2007-1(HTML)
Credit card nonsufficient funds (NSF) fee. This ruling provides
that a credit card nonsufficient funds (NSF) fee as described
in the ruling is not interest for federal income tax purposes.
Also, this ruling holds that a credit card NSF fee is
includible in income by the issuer of the credit card when the
NSF Event, as defined therein, occurs.
Rev. Rul. 2007-2(HTML)
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 January 2007.
This notice partially modifies the effective date and provides
other clarifications of the section 482 temporary services regulations
which were published in the Federal Register on August
4, 2006. Rev. Proc. 2007-13 is issued contemporaneously
with this notice.
Rev. Proc. 2007-9(HTML)
Insurance companies; loss reserves; discounting unpaid
losses. The loss payment patterns and discount factors are
set forth for the 2006 accident year. These factors will be used
to compute discounted unpaid losses under section 846 of the
Rev. Proc. 2007-10(HTML)
Insurance companies; discounting estimated salvage recoverable.
The salvage discount factors are set forth for the
2006 accident year. These factors will be used to compute
discounted estimated salvage recoverable under section 832
of the Code.
Rev. Proc. 2007-13(HTML)
This procedure finalizes Announcement 2006-50, 2006-34
I.R.B. 321, and identifies particular services that are eligible
to be evaluated at cost according to the temporary regulations
relating to services under section 482, which were released
concurrently with Notice 2007-5 (in this Bulletin).
Cash balance defined benefit pension plans; transition
rules; request for comments. This notice announces that
the Service is beginning to process determination letter and
examination cases that were suspended relating to cash balance
and other hybrid defined pension plans. The notice also
provides transitional guidance on the requirements of sections
411(a)(13) and 411(b)(5) of the Code as added by section
701(b) of the Pension Protection Act of 2006. In addition, this
notice requests comments on certain issues raised by sections
411(a)(13) and 411(b)(5).
In-service distributions; section 905 of Pension Protection
Act of 2006; request for comments. This notice states
that the Treasury Department and the Service are considering
proposing guidance under section 401(a)(36) of the Code, as
added by section 905 of the Pension Protection Act of 2006.
This notice requests comments on issues presented by section
401(a)(36) with respect to defined benefit plans.
Rev. Proc. 2007-15(HTML)
General rules and specifications for private printing of
substitute forms. This procedure provides requirements for
reproducing paper substitutes and for furnishing substitute
recipient statements for Forms 1096, 1098, 1099, 5498,
W-2G, and 1042-S. It will be reproduced as the next revision
of Publication 1179. Rev. Proc. 2005-69 superseded.
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