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. 96–54, page 5. LIFO; price indexes; department stores. The September 1996 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, September 30, 1996.

EMPLOYEE PLANS

Rev. Rul. 96–53, page 4. Covered compensation tables; 1997. The covered compensation tables, for the 1997 calendar year for determining contributions to defined benefit plans and permitted disparity, are set forth.

Rev. Proc. 96–50, page 10. Tax-sheltered annuities; correction program; exten- sion. The TVC program, whereby certain plans within the meaning of section 403(b) of the Code may voluntarily correct certain operational defects in section 403(b) tax-sheltered annuities and receive a “correction statement” from the National Office, is extended.

Notice 96–55, page 7. Retirement plans; 1997 cost-of-living adjustments. Cost-of-living adjustments effective January 1, 1997, applicable to the dollar limits on benefits under qualified defined benefit pension plans and to other provisions affecting certain plans of deferred compensation, are set forth.

EXEMPT ORGANIZATIONS

Announcement 96–120, page 12. 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.