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. 96–44, page 4. Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning October 1, 1996, will be 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 corporation overpayment exceeding $10,000 is 6.5 percent.

Rev. Proc. 96–46, page 144. Low-Income Housing Tax Credit. This procedure publishes the amounts of unused housing credit carryovers allocated to qualified states under section 42(h)(3)(D) of the Code for calendar year 1996.

EXEMPT ORGANIZATIONS

Announcement 96–92, page 151. Beginning September 1, 1996, requests for employee plan determination letters and applications for recognition of tax exemption, formerly sent to key district offices in Atlanta, Georgia, and Baltimore, Maryland, should be sent to the Internal Revenue Service Center in Covington, Kentucky.

Announcement 96–94, page 153. A list is given of organizations now classified as private foundations. Also, Citizen Policy Research Inc., East Harwich, MA, is now classified as an organization that is not a private operating foundation.

Finding Lists begin on page 159. Announcement of Disbarments and Suspensions begins on page 155.