Internal Revenue Bulletins  

March 21, 1994

Internal Revenue Bulletin No. 1994-12

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INCOME TAX

Rev. Rul. 94-16
Federal income taxation of Indian tribes and corporations organized by Indian tribes. Neither an unincorporated Indian tribe nor a corporation organized under section 17 of the Indian Reorganization Act of 1934 is subject to federal income tax on its income, regardless of the location of the activities that produced the income. However, a corporation organized by an Indian tribe under state law is subject to federal income tax on its income, regardless of the location of the activities that produced the income. Rev. Rul. 81-295 clarified and Rev. Rul. 67-284 amplified.

Rev. Rul. 94-17
Fringe benefits aircraft valuation formula. For purposes of section 1.61-21(g) of the regulations, relating to the rule for valuing non-commercial flights on employer provided aircraft, the Standard Industry Fare Level (SIFL), cents-per-mile rates and terminal charges in effect for 1994 are set forth. Rev. Rul. 93-65 modified.

Notice 94-24
This notice withdraws section 11 of Notice 88-78, which relates to the application of the uniform capitalization rules of section 263A of the Code, for taxable years beginning after December 31, 1992.


EMPLOYEE PLANS

Announcement 94-40
Corrections to the instructions in Rev. Proc. 93-31, 1993-25 I.R.B. 29 (July 19, 1993), pertaining to the preparation of 1993 Forms 1099-R are set forth.


EXEMPT ORGANIZATIONS

Announcement 94-15
A list is given of organizations now classified as private foundations.


ADMINISTRATIVE

Announcement 94-41
The final early referral procedures are published. These procedures allow taxpayers to request the early referral of an issue from Examination to Appeals.

Announcement 94-42
New Form 8848, Consent to Extend the Time to Assess the Branch Profits Tax Under Temporary Regulations Sections 1.884-2T(a) and (c), is now available.

Announcement 94-43
Errors in Publication 520, Scholarships and Fellowships, are corrected.

Announcement 94-44
The Service is proposing changes to the 1995 substitute statements to recipients requirements for Forms 1099, 1098, 5498, and W-2G.


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