EMPLOYEE PLANS
Weighted average interest rate update; corporate bond indices; 30-year Treasury securities; segment rates. This notice contains updates for the corporate bond weighted average interest rate for plan years beginning in August 2010; the 24-month average segment rates; the funding transitional segment rates applicable for August 2010; and the minimum present value transitional rates for July 2010.
EXEMPT ORGANIZATIONS
The IRS has revoked its determination that Advanced Debt Management Solutions, Inc., of Tampa, FL; Aviation Volunteer Fire Department Engine Company 3, Inc., of Bronx, NY; C.C. Financial Health and Life Skills, Inc., of Chesterfield, VA; Consumer Counseling Centers of America of Fort Lauderdale, FL; Continental Credit Counseling Services, Inc., of North Miami Beach, FL; Credit Counseling Concepts, Inc., of Indianapolis, IN; The Credit Counseling Foundation, Inc., of Fort Lauderdale, FL; Credit Debt Consolidators and Counselors Foundation, Inc., of North Bergen, NJ; Debt Reduction Solutions, Inc., of St. Petersburg, FL; Debticated Consumer Counseling, Inc., of Huntington, NY; Friends of Child Abuse Prevention of Farmington Hills, MI; Giving Tree Foundation of Park City, UT; Greater ST. James Holiness Community Development Corporation of Fremont, OH; Independence Restoration, Inc., of Tampa, FL; Merrimac Camping Club of College Park, GA; One World Online Charitable Foundation, of Springville, UT; Project Oz Adoption, Inc., of Tarboro, NC; Southeastern Anthropological Institute, Inc., of Huntsville, AL; Southeastern Kentucky Association of Native People, Inc., of Corbin, KY; Tricap Academy of Olive Branch, MS; and Yonkers Alliance for Latino and Immigrant Services, Inc., of Yonkers, NY, qualify as organizations described in sections 501(c)(3) and 170(c)(2) of the Code.
ADMINISTRATIVE
This procedure proposes a safe harbor for contracts with a maturity date of 100, which are intended to qualify as life insurance contracts under section 7702 of the Code and avoid characterization as a MEC under section 7702A, provided the contract complies with certain testing methodologies set out in the revenue procedure. Notice 2009-47 obsoleted.