Bulletin No. 1996–53 December 30, 1996

(9)(C) of the Code, as amended by the Small Business Job Protection Act of 1996, to employees who attain age 70½ in 1996.

EMPLOYEE PLANS

Notice 96–66, page 12. Weighted average interest rate update. Guidelines are set forth for determining for December 1996 the weighted average interest rate and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code as amended by the Omnibus Budget Reconciliation Act of 1987 and by the Uruguay Round Agreements Act (GATT).

Announcement 96–133, page 60. Beginning January 1, 1997, requests for employee plan determination letters and applications for recognition of tax exemption, formerly sent to the district offices in Chicago, Illinois and Dallas, Texas, should be sent to the Internal Revenue Service Center in Covington, Kentucky.

EMPLOYMENT TAX

Page 59. Social security contribution and benefit base. The Commissioner of the Social Security Administration has announced the OASDI contribution and benefit base for remuneration paid in 1997 and self-employment income earned in taxable years beginning in 1997.

Page 9. Railroad retirement; rate determination; quarterly. The Railroad Retirement Board has determined that the rate of tax imposed by section 3221 of the Code shall be 34 cents for the quarter beginning October 1, 1996, and 35 cents for the quarter beginning January 1, 1997.

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