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 96–100, page 10. CO–24–96, 1996–30 I.R.B., the notice of a public hearing relating to the carryover and carryback of losses to consolidated returns, is corrected.

EMPLOYEE PLANS

Rev. Rul. 96–47, page 7. Participant consent; significant detriment. Based on the facts and circumstances described in the revenue ruling, the loss of the right to choose among a broad range of investment alternatives with materially different risk and return characteristics is a significant detriment that invalidates a participant’s consent to an immediate distribution.

Rev. Rul. 96–48, page 4. Nondiscrimination and coverage; rollover. The nondiscrimination, actual deferral percentage, and actual contribution percentage tests of a qualified plan are not affected by a qualified rollover to that plan prior to the individual who makes the rollover meeting the plan’s age and service requirements. In addition, the rollover will not trigger the minimum nonintegrated benefit or minimum nonintegrated contribution requirements of section 416(c) of the Code.

EXEMPT ORGANIZATIONS

Announcement 96–101, page 11. A list is given of organizations now classified as private foundations.

Finding Lists begin on page 17. Announcements of Disbarments and Suspensions begin on page 14.