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. 97–28, page 4. LIFO; price indexes; department stores. The May 1997 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, May 31, 1997.

Rev. Rul. 97–29, page 4. Retail motor fuels outlet. A retail motor fuels outlet is 15-year property for depreciation purposes whether or not the taxpayer-owner is the operator of the motor fuels business.

EMPLOYEE PLANS

Del. Order 172 (Rev. 5), page 6. This order gives authority to waive all or part of the excise tax imposed under Code section 4971(f), with respect to liquidity shortfalls within the meaning of Code section 412(m)(5)(E), to the Director of the Employee Plans Division and may be redelegated to branch chiefs within the division.

EXEMPT ORGANIZATIONS

Announcement 97–68, page 13. A list is given of organizations now classified as private foundations.

Finding Lists begin on page 17. Announcement of Disbarments and Suspensions begins on page 15.