Interest rates; underpayments and overpayments. The rates for interest determined under section 6621 of the Code for the calender quarter beginning April 1, 2010, will be 4 percent for overpayments (3 percent in the case of a corporation), 4 percent for underpayments, and 6 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 1.5 percent.

Fringe benefits aircraft valuation formula. The Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charge in effect for the first half of 2010 are set forth for purposes of determining the value of noncommercial flights on employer-provided aircraft under section 1.61-21(g) of the regulations.

Substitute tax forms and schedules. Requirements are set forth for privately designed and printed federal tax forms and conditions under which the Service will accept computer prepared, and computer-generated tax forms and schedules. Rev. Proc. 2009-17 superseded.

This procedure provides guidance for taxpayers emigrating from Canada who wish to make an election for U.S. federal income tax purposes under paragraph 7 of Article XIII (Gains) of the US-Canada Treaty with respect to property that is subject to Canadian departure tax under Canada’s deemed disposition rules. The effect of the election will be to relieve double taxation with respect to the property by either giving the taxpayer an adjusted basis in the property for U.S. federal tax purposes or the ability to accelerate U.S. federal income tax on such property at the time of emigration from Canada.

This announcement extends the comment period for Announcement 2010-9 until June 1 to allow taxpayers and practitioners sufficient time to study the proposal and analyze its impact. The announcement also clarifies the implementation date for the schedule proposed by Announcement 2010-9 and requests further comment.