Thermal lesions were made in layers I, II, and upper par of layer III of rat visual cortex. The distribution of degenerating axons and axon terminals in layers IV, V, and VI was studied using electron microscopic techniques. Following supragranular thermal lesions, the majority of degenerating axon terminals were found in layer V, with extension into the adjacent part of layer VI. Neural profiles postsynaptic to degenerating axon terminals were found in these layers in the following distribution: 81.7% on spines of small to medium size dendrites; 18.2% on dendrite shafts; and less than 1% on neuronal perikarya. Few degenerating terminals were found on or near apical dendrites. Degenerating terminals were identified on shafts of stellate-type dendrites found in upper part of layer V. Degenerating axons oriented parallel to the cortical surface were found most often in deep layer IV and upper layer V. Degenerating axons were also seen in axon bundles coursing vertically through layer IV. Approximately 10% of the terminals within a grid square have undergone degeneration; no clustering of degenerating terminals was found in vertical or transverse sections through layers V and VI. We suggest that most axon terminals arising from pyramidal neurons in layers II and upper III synapse with spines and shafts of dendrite branches originating from pyramidal neurons in layer V and perhaps VI.