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.

INCOME TAX

Rev. Rul. 96–43, page 4. Federal rates; adjusted federal rates; adjusted federal long-term rate; 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 September 1996.

INTL–4–95, page 8. Proposed regulations under sections 861, 865, and 904 of the Code relate to the allocation of loss realized on the disposition of stock.

Notice 96–43, page 7. Guidelines are set forth for determining for August 1996, the weighted average interest rate and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code as amended by the Omnibus Budget Reconciliation Act of 1987 and by the Uruguay Round Agreements Act (GATT).

TAX CONVENTIONS

Page 6. The bilateral agreements between the United States and Russia, providing for the reciprocal tax exemption of

Finding Lists begin on page 17. Monthly Index for August on page 19.