Internal Revenue Bulletins  

November 18, 1996

Internal Revenue Bulletin No. 1996-47

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.

INCOME TAX

Rev. Rul. 96-54(PDF, 22K)
LIFO; price indexes; department stores. The September 1996 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, September 30, 1996.

EMPLOYEE PLANS

Notice 96-55(PDF, 15K)
Retirement plans; 1997 cost-of-living adjustments. Cost-of-living adjustments effective January 1, 1997, applicable to the dollar limits on benefits under qualified defined benefit pension plans and to other provisions affecting certain plans of deferred compensation, are set forth.

Rev. Proc. 96-50(PDF, 16K)
Tax-sheltered annuities; correction program; extension. The TVC program, whereby certain plans within the meaning of section 403(b) of the Code may voluntarily correct certain operational defects in section 403(b) tax-sheltered annuities and receive a "correction statement" from the National Office, is extended.

Rev. Rul. 96-53(PDF, 15K)
Covered compensation tables; 1997. The covered compensation tables, for the 1997 calendar year for determining contributions to defined benefit plans and permitted disparity, are set forth.

EXEMPT ORGANIZATIONS

Announcement 96-120(PDF, 17K)
A list is given of organizations now classified as private foundations.

ADMINISTRATIVE

Announcement 96-121(PDF, 24K)
The Treasury Department and the IRS are soliciting comments on issues to be considered in developing guidance under the newly enacted FASIT provisions of the Code.

Announcement 96-122(PDF, 12K)
The 1996 update and future quarterly updates of Publication 938, Real Estate Mortgage Investment Conduits (REMICs) Reporting Information (And Other Collateralized Debt Obligations (CDOs)), will be available only on the Internet and the IRS Electronic Bulletin Board.

Notice 96-56(PDF, 22K)
This notice shows the amount that is exempt from levy on an individual's wages, salary, and other income under section 6334(d) of the Code.

Notice 96-57(PDF, 15K)
Information reporting; Indian tribal casinos. The reporting requirements for cash transactions of more than $10,000, from gaming activities of certain Indian tribal casinos, are clarified.

Rev. Proc. 96-51(PDF, 15K)
Low-income housing tax credit. This procedure publishes the amounts of unused housing credit carryovers allocated to qualified states under section 42(h)(3)(D) of the Code for calendar year 1996 in addition to those published in Rev. Proc. 96-46, 1996-38 I.R.B. 144. This procedure also publishes the total amounts of unused housing credit carryovers allocated to qualified states under section 42(h)(3)(D) for calendar year 1996. Rev. Proc. 96-46 supplemented.

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