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. 97–17, page 5. Federal rates; adjusted federal rates; adjusted federal 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 April, 1997.

T.D. 8713, page 4. REG–254394–96, page 14. Temporary and proposed regulations under section 42 of the Code relate to low-income housing tax credit federal grants.

REG–209332–80, page 9. Proposed regulations under section 453 of the Code relate to the use of the installment method to report the gain recognized by a shareholder who receives, in exchange for the shareholder’s stock, certain installment obligations that are distributed upon complete liquidation of a corporation.

EMPLOYEE PLANS

Notice 97–23, page 8. Weighted average interest rate update. Guidelines are set forth for determining for March 1997, the weighted average interest rate and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code as amended by the Omnibus Budget Reconciliation Act of 1987 and by the Uruguay Round Agreements Act (GATT).

Finding Lists begin on page 20. Announcement of Disbarments and Suspensions begins on page 18. Quarterly Index for January, February, and March begins on page 22.