Internal Revenue Bulletins  

December 07, 1998

Internal Revenue Bulletin No. 1998-49

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. 98-57(PDF, 18K)
Federal rates; adjusted federal rates; adjusted federal long-term rate; and long-term exempt rate. For purposes of sections 1274, 1288, 382, and other sections of the Code, tables set forth the rates for December 1998.


Announcement 98-105(PDF, 8K)
The Service intends to delay the effective date of the cafeteria plan temporary regulation 1.125-4T and proposed regulation 1.125-4. Until further guidance is issued, taxpayers may continue to rely on the change in election provisions in temporary regulation 1.125-4T as well as the change in election provisions in section 1.125-2 of the pre-1990 proposed regulations.


Notice 98-58(PDF, 22K)
Administrative appeal of adverse determination of tax-exempt status of bond issue. This notice provides a proposed revenue procedure that, when finalized, will provide the procedures for issuers to request an administrative appeal of an adverse determination by the Employee Plans/Exempt Organizations Key District that interest on their debt obligations is not excludable from gross income under section 103 of the Code. Beginning December 7, 1998, issuers may use the procedures set forth in the proposed revenue procedure until it is finalized. Comments are welcome.


Notice 98-60(PDF, 13K)
This notice provides tables which show the amount of an individual's income that is exempt from a notice of levy used to collect delinquent tax in 1999.


Notice 98-59(PDF, 9K)
Information reporting; Hope Credit; lifetime learning credit. Educational institutions are informed that the Service will not require information returns to be filed under section 6050S of the Code for 1998 or 1999 to report tuition received with respect to students taking only noncredit courses. Also, no reporting is required for 1998 or 1999 with respect to tuition paid by nonresident alien students, unless requested by the student.

Rev. Proc. 98-58(PDF, 13K)
Alternative minimum tax; change in accounting method. A procedure is provided to allow taxpayers to automatically change their method of accounting under section 446 of the Code for certain deferred payment sales contracts (relating to property used or produced in the trade or business of farming) to the installment method for alternative minimum tax purposes.

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