HIGHLIGHTS OF THIS ISSUE

These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.

SPECIAL ANNOUNCEMENT

Announcement 96–71, page 16. The Ninth Annual Institute on Current Issues in International Taxation, co-sponsored with The George Washington University, will be held December 12 and 13, 1996, at the J.W. Marriott Hotel in Washington, DC.

INCOME TAX

Rev. Rul. 96–38, page 4. Pooled income fund; community trust; maintenance requirement. This ruling provides guidance on when a fund maintained by a community trust satisfies the maintenance requirement for a pooled income fund under section 642(c)(5)(E) of the Code.

T.D. 8680, page 5. IA–29–96, page 14. Temporary and proposed regulations relate to extensions of time for making certain elections under the Code. A public hearing on the proposed regulations will be held on October 30, 1996. Rev. Procs. 87–32 and 92–20 modified.

PS–22–96, page 15. Proposed regulations relate to the final generationskipping transfer (GST) tax regulations under chapter 13 of the Code.

Finding Lists begin on page 21.