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. 96–49, page 4. Federal rates; adjusted federal rates; adjusted fed- eral 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 October 1996.

Notice 96–49, page 6. Tax-exempt bonds, arbitrage. This notice states that the Internal Revenue Service has received written and oral comments on Rev. Proc. 96–41, 1996–32 I.R.B. 9, outlines the steps the Service is taking in response to these comments, and announces a public hearing. Rev. Proc. 96–41, section 5.01, is modified by extending the deadline for requesting a closing agreement under the closing agreement program described in Rev. Proc. 96–41.

Finding Lists begin on page 17. Announcements of Disbarments and Suspensions begin on page 13. Quarterly Index for July, August, and September begins on page 19.