Internal Revenue Bulletins  

June 10, 1996

Internal Revenue Bulletin No. 1996-24

Links to Official IRS Bulletin Documents listed below are in the Adobe Acrobat PDF Format, and require the appropriate Acrobat Reader to view and/or print.


Rev. Rul. 96-27(PDF, 11K)
Federal rates; adjusted federal rates; adjusted federal long-term rates, 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 June 1996.

Rev. Rul. 96-28(PDF, 17K)
Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning July 1, 1996, is 8 percent for overpayments, 9 percent for underpayments, and 11 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 is 6.5 percent.

Rev. Rul. 96-29(PDF, 19K)
Reorganizations under section 368(a)(1)(F); series of steps in overall plan. The merger of a corporation with one created in another state is a section 368(a)(1)(F) reorganization even though it is a step in a larger transaction that includes a series of steps.

Rev. Rul. 96-30(PDF, 19K)
Spin-off of subsidiary, followed by its merger with unrelated corporation. The form of the transaction, consisting of the distribution by a parent corporation of the stock of a subsidiary to its shareholders followed by a merger of the former subsidiary into an unrelated corporation, reflected its substance, determined on the basis of all of the relevant facts and circumstances, and was respected for federal income tax purposes.

T.D. 8670(PDF, 28K)
Final regulations under section 482 of the Code relate to qualified cost sharing arrangements.


Announcement 96-56(PDF, 24K)
A list is given of organizations now classified as private foundations.


Notice 96-34(PDF, 31K)
Tax relief for those affected by Operation Joint Endeavor. This notice provides guidance in a question and answer format on the tax relief provided under the Act of March 20, 1996, Pub. L. No. 104-117, 110 Stat. 827 (1996), for U.S. military and support personnel involved in the peacekeeping efforts in Bosnia and Herzegovina, Croatia, and Macedonia.

PS-43-95(PDF, 65K)
Proposed regulations under section 7701 of the Code simplify the existing classification rules for certain business organizations with an elective regime. A public hearing will be held on August 21, 1996.

Rev. Proc. 96-24(PDF, 109K)
General rules and specifications for private printing of Forms W-2 and W-3. Specifications are set forth for the private printing of paper substitutes for tax year 1995 Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements. Rev. Prov. 95-20 superseded.

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