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
Notice 96-68(PDF, 14K)
Definitions relating to application of exclusion under section 127. This notice provides guidance regarding the definitions of the terms "Graduate level course" and "courses beginning".
Rev. Rul. 96-61(PDF, 24K)
Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning January 1, 1997, will be 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.
T.D. 8687(PDF, 84K)
Final regulations under section 863 of the Code governs the source of income from sales of natural resources or other inventory produced in and sold outside the United States.
ESTATE TAX
T.D. 8686(PDF, 84K)
Final regulations provide guidance relating to the additional requirements necessary to ensure the collection of estate taxes imposed under section 2056A of the Code with respect to taxable events involving qualified domestic trusts (QDOTs).
EXEMPT ORGANIZATIONS
Announcement 96-131(PDF, 20K)
A list is given of organizations now classified as private foundations.
EXCISE TAX
Announcement 96-130(PDF, 15K)
Effective after December 31, 1996, the tax rates for aviation gasoline and aviation fuel taxes have changed. The rate and base amount imposed on luxury passenger vehicles have also changed. Ozone-depleting chemical rates for 1997 are included in this announcement. Also, excise taxes on transportation expire December 31, 1996.
ADMINISTRATIVE
Announcement 96-132(PDF, 10K)
Orthopedic Development Foundation, Hilton Head, SC, no longer qualifies as an organization to which contributions are deductible under section 170 of the Code.
Notice 96-65(PDF, 30K)
This notice provides guidance for certain provisions of the Small Business Job Protection Act of 1996 (the "Act") dealing with the status of a trust as domestic or foreign under sections 7701(a)(30) and 7701(a)(31) of the Code. This notice grants taxpayers additional time to comply with the new domestic trust criteria contained in the Act and announces the time and manner for making an election to apply the new trust criteria retroactively. Also, guidance regarding the application of sections 1491 through 1494 of the Code is provided if the status of a trust changes from domestic to foreign.
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