Extracted from cover letter from FAA:

"You are probably aware of this recent incident
involving a failure of a BC-12D MLG tie strut due to corrosion. An old
1978 Taylorcraft Aviation Corporation Service Bulletin attempted to
address this problem, but the FAA has decided to issue an ACS to remind owners and operators of the importance to check their structure for potential
corrosion related problems. I know with on your involvement in the
Taylorcraft community you of all people appreciate the need to keep on top
of aging aircraft issues. If you will, please share this ACS as
appropriate with your club members.

At this time, the FAA has not made a determination on what type of
corrective action (if any) should be taken. The resolution of this
airworthiness concern could involve an Airworthiness Directive action, a
Special Airworthiness Information Bulletin, or the FAA could determine
that no action is needed at this time. The FAA’s final determination will
depend in part on the information received in response to this ACS. As
described in the ACS, we consider this airworthiness concern as “Information”. We are also sending this ACS to AOPA, the TC holder and
other Taylorcraft type clubs.

ACS Document attached (We converted to .pdf format)
Attached Files