Adenylate cyclase activity in homogenate and plasma membrane preparations from chicken liver and from Mc-29 virus induced transplantable hepatoma has been investigated. The basal enzyme activity from both liver and hepatoma homogenates and plasma membranes was similar. 2. NaF stimulated the enzyme activity in both liver and hepatoma plasma membranes, while only liver adenylate cyclase was activated by glucagon and epinephrine. 3. No inhibitory effect of insulin was established on liver and hepatoma enzyme activity. 4. Adenylate cyclase activity in liver and hepatoma plasma membranes was inhibited by colchicine at the same degree.