Bulletin No. 1997–7 February 18, 1997

transactions in which one party realizes income from leases or similar agreements and another party claims deductions related to that income. A public hearing will be held on April 29, 1997.

REG–249819–96, page 50. Proposed regulations under sections 354, 355, and 356 of the Code relate to exchanges of stock and securities in certain reorganizations. A public hearing will be held on March 25, 1997.

REG–252231–96, page 52. Proposed regulations under section 368 of the Code provide that the continuity of shareholder interest requirement for corporate reorganizations is satisfied if the acquiring corporation furnishes consideration which represents a proprietary interest in the affairs of the acquiring corporation and such consideration represents a substantial part of the value of the stock or properties transferred. A public hearing will be held on May 7, 1997.

EXEMPT ORGANIZATIONS

Announcement 97–12, page 55. A list is given of organizations now classified as private foundations.

ADMINISTRATIVE

T.D. 8698, page 29. Final regulations under section 6231 of the Code provide guidance necessary for the designation or selection of a tax matters partner for partnerships, including limited liability companies classified as partnerships.