INCOME TAX

Rev. Rul. 97–39, page 4. Mark-to-market accounting method for dealers in securities. This ruling provides guidance to enable taxpayers to comply with the mark-to-market requirements of section 475 of the Code. Rev. Ruls. 94–7 and 93–76 clarified, modified, partially obsoleted, and superseded.

Rev. Rul. 97–40, page 8. Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning October 1, 1997, will be 8 percent for overpayments, 9 percent for underpayments, and 11 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 is 6.5 percent.

Rev. Proc. 97–43, page 12. Consent to change accounting method to comply with section 475 mark-to-market rules. Automatic consent to

Finding Lists begin on page 18.

Department of the Treasury Internal Revenue Service