On April 10, 2007 the U.S. Treasury Department and the Internal Revenue Service (IRS) issued final regulations under Section 409A of the Internal Revenue Code. The final regulations are effective January 1, 2008, and taxpayers may rely on them for all periods. In addition, IRS Notice 2007-34 addresses how these regulations impact split-dollar life insurance arrangements. The final regulations and Notice 2007-34 can be found at: http://www.treas.gov/press/releases/hp345.ht. Taxpayers have until December 31, 2007, to make any necessary amendments to plans to comply with the final regulations — the IRS has stated that this deadline will not be extended. Set forth below is a summary of the key changes made in the final regulations along with some surprises and opportunities.

Stock Options and Stock Appreciation Rights....

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