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. 99–32, page 135. 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 August 1999.

Rev. Proc. 99–30, page 221. This document provides the domestic asset/liability percentages and domestic investment yield percentages needed by foreign companies conducting insurance business in the United States to compute their minimum effectively connected net investment income.

EMPLOYEE PLANS

Notice 99–38, page 138. Weighted average interest rate update. Guidelines are set forth for determining for July 1999 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.

EXEMPT ORGANIZATIONS

Announcement 99–78, page 229. A list is given of organizations now classified as private foundations.

Finding Lists begin on page ii. Index for July begins on page iv.

Department of the Treasury Internal Revenue Service