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. 97–16, page 4. Low-income housing credit; satisfactory bond; ‘‘bond factor’’ amounts for the period January through March 1997. This ruling announces the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period January through March 1997.

T.D. 8710, page 4. Final regulations relate to the consistency rules under section 338 of the Code that apply to certain cases involving controlled foreign corporations.

REG–209709–94, page 12. Proposed regulations under sections 167 and 197 of the Code relate to the amortization of certain intangible property. A public hearing will be held on May 15, 1997.

EXEMPT ORGANIZATIONS

Announcement 97–27, page 30. A list is given of organizations now classified as private foundations.

Finding Lists begin on page 35. Announcement of Disbarments and Suspensions begins on page 33.