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. 96–60, page 4. LIFO; price indexes; department stores. The October 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, October 31, 1996.

EMPLOYEE PLANS

Rev. Proc. 96–56, page 11. Section 457 “No Rule” revenue procedure. This procedure provides that the Office of Associate Chief Counsel (Employee Benefits and Exempt Organizations) will not issue advance ruling letters on the tax effect of the provisions of the Small Business Job Protection Act (P. L. 104–188), affecting plans described in section 457 of the Code. Rev. Proc. 96–3 amplified.

Notice 96–63, page 8. Notice requesting comments on proposed guidance relating to section 457 plans. This notice invites public comment on possible changes to procedures relating to requests for private letter rulings under section 457 of the Code.

Notice 96–64, page 8. Qualified retirement plans; effective dates; govern- ments and tax-exempt organizations. The effective dates of certain nondiscrimination regulations for plans

Finding Lists begin on page 17. Announcement of Disbarments and Suspensions begins on page 15.