Part III. Administrative, Procedural, and Miscellaneous

Weighted Average Interest Rate Update

Notice 96–36

Notice 88–73 provides guidelines for determining the weighted average interest rate and the resulting permissible

Month Year

range of interest rates used to calculate current liability for the purpose of the full funding limitation of § 412(c)(7) of the Internal Revenue Code as amended by the Omnibus Budget Reconciliation Act of 1987 and as further amended by the Uruguay Round Agreements Act, Pub. L. 103–465 (GATT).

Weighted

Average

The average yield on the 30-year Treasury Constant Maturities for May 1996 is 6.93 percent. The following rates were determined for the plan years beginning in the month shown below.

90% to 110% Permissible

Range

90% to 108% Permissible

Range

June 1996 6.92 6.23 to 7.48 6.23 to 7.61

Drafting Information

The principal author of this notice is Donna Prestia of the Employee Plans Division. For further information regarding this notice, call (202) 622-6076 between 2:30 and 4:00 p.m. Eastern time (not a toll-free number). Ms. Prestia’s number is (202) 622-7377 (also not a toll-free number).

Rev. Proc. 96–36

Use this revenue procedure to prepare Tax Year 1996 information returns for submission to Internal Revenue Service (IRS) using any of the following:

• Magnetic Tape

• Tape Cartridge

• 8mm (.315-inch) Tape Cartridge

*(Pilot for AS400 Operating Systems)

• 5 ¹ ⁄4-inch Diskette

• 3 ¹ ⁄2-inch Diskette

• Electronic Filing

• (Bisynchronous)

• (Asynchronous)

IRS/MCC has discontinued processing 8-inch diskettes for tax year 1996, calendar year 1997. If you currently file information returns on 8-inch diskette, you need to change to one of the options listed above.

*For Tax Year 1996, the processing of 8mm tape cartridge as an acceptable form of magnetic media is offered as a pilot program for transmitters using AS400 systems only.

Please read this publication carefully. Persons or businesses required to file information returns may be subject to penalties for failure to file or include correct information if they do not follow the instructions in this revenue procedure.

Table of Contents Part A. General