This recent developments outline discusses, and provides context to understand the significance of, the most importnat judicial decisions and administrative rulings and regulations and promulgated by the Internal Revenue Service and Treasury Department during 2007- and sometimes a little farther back in time if we find the item particulary humourous or outrageous. Most Treasury Regulations, houever, are so complex that they cannot be dicussed in detail and, anyway, only a devout masochist would read them all the way through; just the basic topic and fundamental principles are highlighted. Admendmentsto the Internal Revenue Code generally are not dicussed except to the extent the (1) they are of major significance, (2) they have led to administrative rulings and regulations, (3) they have affected previously issued rullings and regulations otherwise covered by the outline, or (4) they provide Dana nd Marty the opprotunity to mock our elected representatives. The outline focuses primarily on topics of broad general interst (to the three of us, at least)-income tax accounting rules determination of gross income, allowable deductions, treatment of capital gains and losses, corporate and partnership taxation, exempt organizations, and procedure and penalties. It deals summarily with qualified pension and profit sharing plans, and generally does not deal with international taxation or specialized industries, such as banking, insurance, and finacial services. Please read this outline at your own risk, we take no responsibility for an misinformation in it, whether accasioned by our advancing ages or our increasing indifference as to whether we get any particular item right. Any mistakes in this outline are Marty's responsibility; any political bias or offensive language is Ira's; and any useful information is Dan's.