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. 96–55, page 4. 1996 base period T-bill rate. The “base period T-bill rate” for the period ending September 30, 1996, is published, as required by Code section 995(f)(4).

IA–42–95, page 21. Proposed regulations under Code section 6662 relate to the accuracy-related penalty regulations. A public hearing will be held on February 25, 1997.

ADMINISTRATIVE

Rev. Proc. 96–53, page 9. This procedure informs taxpayers how to secure an advance pricing agreement covering transfer pricing methodologies for international transactions from the Office of Associate Chief Counsel (International). Rev. Proc. 91–22 superseded.

Notice 96–58, page 7. Qualified State Tuition Programs. This notice provides guidance regarding certain reporting requirements and the transition rules applicable to “qualified State tuition programs” described in Code section 529 as added by the Small Business Job Protection Act of 1996 (P.L. 104–188).

Notice 96–60, page 7. The Service intends to issue, before the end of 1996, detailed guidance under Code section 877, as amended by the Health Insurance Portability and Accountability Act

Finding Lists begin on page 26. Monthly Index for November begins on page 28.