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

Notice 97–3, page 8. Accounting periods, small business corporations. Taxpayers are informed that the Service intends to waive certain limitations on a corporation’s ability to expeditiously change its annual accounting period in order to elect to be an S corporation effective for the taxable year beginning January 1, 1997.

EMPLOYEE PLANS

Rev. Proc. 97–4, page 96. Rulings and determination letters; issuance proce- dures. Revised procedures are provided for furnishing ruling letters, information letters, etc., on matters relating to sections of the Code under the jurisdiction of the Assistant Commissioner (Employee Plans and Exempt Organizations). Rev. Proc. 96–4 superseded.

Rev. Proc. 97–5, page 132. Technical advice. Revised procedures are provided for furnishing technical advice to key district directors and chiefs, appeals offices, by the Assistant Commissioner (Employee Plans and Exempt Organizations) regarding issues in the employee plans areas (including actuarial matters) and exempt organizations areas. Rev. Proc. 96–5 superseded.

Rev. Proc. 97–6, page 153. Employee plans determination letters. Revised procedures are provided for issuing determination letters on the qualified status of employee plans under sections