Low-income housing credit; satisfactory bond; “bond factor” amounts for the period January through September 2007. This ruling provides the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period January through September 2007.

Insurance premium. This ruling holds that an arrangement that provides for the reimbursement of inevitable future costs does not involve the requisite insurance risk for purposes of determining (i) whether the amount paid for the arrangement is deductible as an insurance premium and (ii) whether the assuming entity may account for the arrangement as an ‘insurance contract’ for purposes of subchapter L of the Code. Stakeholders are asked to comment on the application of the rationale of the revenue ruling outside of its facts. Rev. Rul. 89-96 amplified.

Nonexempt employees’ trusts. This ruling considers the federal tax consequences to the employees, the employer, and the trust when an employer contributes to a nonexempt employees’ trust on behalf of highly compensated employees. It also explains the effects of vesting of an employee’s interest in the trust and distributions from the trust. Rev. Rul. 74-299 amplified.

This notice provides a proposed revenue procedure that establishes a procedure for a payment card organization to request a determination that it is a Qualified Payment Card Agent (QPCA).

Accounting for advance trade discounts. This procedure provides that the Service will follow Westpac Pacific Food v. Commissioner, 451 F.3d 970 (9th Cir. 2006) with respect to taxpayers that adopt the Advance Trade Discount Method of accounting as provided in this procedure. The document also provides procedures for obtaining automatic consent to change to this method of accounting. Rev. Proc. 2002-9 modified and amplified.

Nonexempt employees’ trusts. This ruling considers the federal tax consequences to the employees, the employer, and the trust when an employer contributes to a nonexempt employees’ trust on behalf of highly compensated employees. It also explains the effects of vesting of an employee’s interest in the trust and distributions from the trust. Rev. Rul. 74-299 amplified.

Weighted average interest rate update; corporate bond indices; 30-year Treasury securities. The weighted average interest rate for July 2007 and the resulting permissible range of interest rates used to calculate current liability and to determine the required contribution are set forth.

Administrative programs; correction programs. This procedure updates the Service’s correction programs for retirement plans within the jurisdiction of the Commissioner, Tax Exempt and Government Entities Operating Division. Rev. Proc. 2006-27 modified.

Form 5500; elimination of Schedule P. This announcement states that, for plan years in which the Schedule P is eliminated, the Service will treat the plan’s filing of a return from the applicable Form 5500 series as if the filing constitutes a return of the plan’s employee benefit trust for purposes of section 6501(g)(2) of the Code.

This procedure sets forth procedures for issuing determination letters and rulings on the exempt status of organizations under sections 501 and 521 of the Code. The procedures also apply to revocation and modification of determination letters or rulings, and provide guidance on the exhaustion of administrative remedies for purposes of declaratory judgment under section 7428. Rev. Proc. 90-27 superseded.

The IRS has revoked its determination that Eagle A C, Inc., of Louisville, KY, and Annie T. Smith Mercy Fund of Randolf, VT, qualify as organizations described in sections 501(c)(3) and 170(c)(2) of the Code.

Nonexempt employees’ trusts. This ruling considers the federal tax consequences to the employees, the employer, and the trust when an employer contributes to a nonexempt employees’ trust on behalf of highly compensated employees. It also explains the effects of vesting of an employee’s interest in the trust and distributions from the trust. Rev. Rul. 74-299 amplified.

Electronic filing; magnetic media; 2007 form specifications. This procedure contains updates and changes to Publication 1220, Specifications for Filing Forms 1098, 1099, 5498 and W-2G, Electronically or Magnetically. Rev. Proc. 2006-33 superseded.