Bulletin No. 1997–5 February 3, 1997

agreement does not result in private business use under section 141(b) of the Code. This procedure also applies to determinations of whether a research agreement causes the test in section 145(a)(2)(B) of the Code to be met for qualified 501(c)(3) bonds.

Rev. Proc. 97–15, page 21. Tax-exempt bonds; private activity bonds. This procedure provides a program under which an issuer of state or local bonds may request a closing agreement regarding outstanding bonds to fail to meet certain requirements of sections 141 through 150 of the Code relating to use of proceeds as a result of an action subsequent to the issue date.

EXEMPT ORGANIZATIONS

Announcement 97–9, page 27. A list is given of organizations now classified as private foundations.

ADMINISTRATIVE

Rev. Proc. 97–16, page 25. Domestic asset/liability and investment yield percent- ages. This procedure provides the domestic asset/ liability percentages and domestic investment yield percentages necessary for foreign companies conducting insurance business in the United States to compute the minimum effectively connected net investment income under section 842(b) for taxable years after December 31, 1995.