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. 97–27, page 4. 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 July 1997.

Notice 97–37, page 8. Elections into mark-to-market accounting. The Service will issue additional guidance on elections under section 1.475(c)–1 of the regulations. This notice also extends the deadline to make a customer paper election on a retroactive basis.

Notice 97–38, page 8. 1997 marginal production rates. This notice announces the applicable percentage to be used in determining percentage depletion on marginal production in tax years beginning in the 1997 calendar year.

Notice 97–39, page 8. 1997 enhanced oil recovery credit. The enhanced oil

Finding Lists begin on page 40. Announcement of Disbarments and Suspensions begins on page 38. Index for January—June begins on page 43.