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. 96–57, page 5. 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 December 1996.

Rev. Rul. 96–58, page 4. Fringe benefits aircraft valuation formula. For purposes of section 1.61–21(g) of the Regulations, relating to the rule for valuing non-commercial flights on employer-provided aircraft, the Standard Industry Fare Level (SIFL), cents-per-mile rates and terminal charges in effect for 1996, are set forth. Rev. Rul. 96–25 modified.

Rev. Rul. 96–59, page 4. Low-income housing credit; satisfactory bond; ‘‘bond factor’’ amounts for the period October through December 1996. This ruling announces the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period October through December 1996.

EMPLOYEE PLANS

Rev. Proc. 96–55, page 10. Model amendment; Rev. Rul. 94–76. This procedure provides a model amendment for certain sponsors of profit-sharing and stock bonus plans to amend their plans to reflect the requirements of Rev. Rul. 94–76. An extension to June 30, 1997, is given for affected plans to make the necessary amendment.

ESTATE TAX

Rev. Proc. 96–54, page 9. Sample paragraphs to be used to satisfy governing instrument requirements contained in sections

Finding Lists begin on page 16. Announcement of Disbarments and Suspensions begins on page 13.