INCOME TAX

Rev. Rul. 2007-29 Rev. Rul. 2007-29

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 May 2007.

Announcement 2007-44 Announcement 2007-44

This announcement provides that for purposes of the Archer Medical Savings Account (Archer MSA) pilot program under section 220(j)(2) of the Code, 2005 and 2006 are not cut-off years.

EMPLOYEE PLANS

T.D. 9321 T.D. 9321

Final regulations set forth guidance on the application of section 409A to nonqualified deferred compensation plans. The regulations provide a definition of a nonqualified deferred compensation plan subject to section 409A, including rules related to the statutory effective date, and rules governing initial and subsequent deferral elections, the establishment of the time and form of payment, and the acceleration of payments under a plan. Notice 2005-1 obsoleted in part. Notice 2006-4 superseded in part. Notice 2006-64 superseded for taxable years on or after January 1, 2008.

EXEMPT ORGANIZATIONS

Announcement 2007-46 Announcement 2007-46

The IRS has revoked its determination that World Project, Inc., of Brooklyn, NY; Izaak Walton League of America, Calumet Region Chapter, of Dolton, IL; Greenbriar Club, Inc., of Clearwater, FL; Cunningham Family Foundation of West Jordan, UT; Roxbury Insurance Company of Los Angeles, CA; and Wishes Are Forever Foundation of Salt Lake City, UT, qualify as organizations described in sections 501(c)(3) and 170(c)(2) of the Code.

ADMINISTRATIVE

Rev. Proc. 2007-31 Rev. Proc. 2007-31

Qualified mortgage bonds; mortgage credit certificates; national median gross income. Guidance is provided concerning the use of the national and area median gross income figures by issuers of qualified mortgage bonds and mortgage credit certificates in determining the housing cost/income ratio described in section 143(f) of the Code. Rev. Proc. 2006-20 obsoleted in part.