INCOME TAX

Rev. Rul. 96–27, page 9. Federal rates; adjusted federal rates; adjusted federal long-term rates, and the long-term exempt rate. For purposes of sections 1274, 1288, 382, and other sections of the Code, tables set forth the rates for June 1996.

Rev. Rul. 96–28, page 11. Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning July 1, 1996, is 8 percent for overpayments, 9 percent for underpayments, and 11 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 is 6.5 percent.

Rev. Rul. 96–29, page 5. Reorganizations under section 368(a)(1)(F); series of steps in overall plan. The merger of a corporation with one created in another state is a section 368(a)(1)(F) reorganization even though it is a step in a larger transaction that includes a series of steps.

Rev. Rul. 96–30, page 4. Spin-off of subsidiary, followed by its merger with unrelated corporation. The form of the transaction, consisting of the distribution by a parent corporation of the stock of a subsidiary to its shareholders followed by a merger of the former subsidiary into an unrelated

Finding Lists begin on page 36.

Announcement of Disbarments and Suspensions begins on page 33.