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

T.D. 8694, page 11. Final regulations amend section 6103 of the Code, which authorizes the disclosure of certain information to the U.S. Customs Service.

T.D. 8696, page 4. Final regulations for S corporations and their shareholders relate to the definitions and the special rule provided in section 1377 of the Code.

REG–209828–96, page 15. Proposed regulations under section 468A of the Code relate to requests for revised schedules of ruling amounts for nuclear decommissioning reserve funds. A public hearing will be held on May 13, 1997.

EXEMPT ORGANIZATIONS

Announcement 97–11, page 19. A list is given of organizations now classified as private foundations.

EMPLOYMENT TAX

T.D. 8699, page 4. Temporary regulations under section 45B of the Code, pertaining to the credit for employer FICA taxes paid with respect to certain tips received by employees of food or beverage establishments, are removed.

Finding Lists begin on page 23. Announcement of Disbarments and Suspensions begins on page 21.