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. 97–7, page 14. 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 February 1997.

T.D. 8690, page 5. Final regulations under section 170 of the Code provide guidance regarding the allowance of certain charitable contribution deductions, the substantiation requirements for charitable contributions of $250 or more, and the disclosure requirements for quid pro quo contributions in excess of $75.

T.D. 8691, page 16. Final regulations under section 6335 of the Code relate to the sale of seized property.

Rev. Proc. 97–13, page 18. Tax-exempt bonds; private activity bonds. This procedure sets forth conditions under which a management contract does not result in private business use under section 141(b) of the Code. This procedure also applies to determinations of whether a management contract causes the test in section 145(a)(2)(B) to be met for qualified 501(c)(3) bonds.

Rev. Proc. 97–14, page 20. Tax-exempt bonds; private activity bonds. This procedure sets forth conditions under which a research

Finding Lists begin on page 31. Announcement of Disbarments and Suspensions begins on page 29. Monthly Index for January begins on page 33.