Internal Revenue Bulletins  

November 1, 1993

Internal Revenue Bulletin No. 1993-34

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INCOME TAX

Rev. Rul. 93-71
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 November 1993.

Rev. Rul. 93-72
Deduction of payments for future medical care. Rev. Ruls. 75-302, 75-303, and 76-481 should not be interpreted to allow a current deduction of payments for future medical care (including medical insurance) extending substantially beyond the close of the taxable year in situations where the future care is not purchased in connection with obtaining lifetime care of the type described in those rulings. Rev. Ruls. 75-302, 75-303, and 76-481 clarified.

Rev. Rul. 93-73
Church of Scientology. Revenue Ruling 78-189 is obsoleted.

Rev. Rul. 93-7
Low-income housing credit; satisfactory bond; "bond factor" amounts for July, August, and September 1993. This ruling announces the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the months of July, August, and September 1993.

T.D. 8492
Final and temporary regulations under section 166 of the Code relate to conclusive presumption of worthlessness of debts held by banks.

Notice 93-50
This notice provides relief to banks that on or before December 1, 1993, filed or files a federal income tax return for a year ending on or after December 31, 1991, but did not make an election to use a method of accounting that establishes a conclusive presumption of worthlessness.


EMPLOYEE PLANS

Notice 93-53
Guidelines are set forth for determining for October 1993, 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 as amended by the Omnibus Budget Reconciliation Act of 1987.


ADMINISTRATIVE

Rev. Proc. 93-43
Deductions for future medical care. The Service will not issue advance rulings or determination letters on whether amounts paid for medical insurance (or other medical care) extending substantially beyond the close of the taxable year may be deducted under section 213 of the Code in the year of payment, if the conditions of section 213(d)(7) are not satisfied. Rev. Proc. 93-3 amplified.

Rev. Proc. 93-44
Areas in which advance rulings will not be issued. This procedure modifies Rev. Proc. 93-7 by deleting section 3.01.4, which concerns the classification of foreign limited liability companies.

Rev. Proc. 93-45
Areas in which advance rulings will not be issued. This procedure modifies Rev. Proc. 93-3 by deleting section 3.01(47), which concerns the classification of foreign limited liability companies.

Notice 93-52
Guidance is provided to assist certain financial entities in complying with 1993 information reporting requirements imposed by section 13252 of the Omnibus Budget Reconciliation Act of 1993 (section 6050P of the Code).

Notice 93-54
The enhanced oil recovery credit for taxable years beginning in the 1993 calendar year is determined without regard to the phase-out for crude oil price increases provided in section 43(b) of the Code.

Del. Order 23 (Rev. 14)
The authority to approve claims for reimbursement of bank charges due to erroneous levies may be redelegated to service center or compliance center collection branch chiefs or collection field branch chiefs; and to eliminate the ceiling on claims which Regions may settle for damage to, or loss of personal property (31 U.S.C. 3721). Del. Order 23 (Rev. 13) superseded.


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