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 97-1(PDF, 21K)
Revenue rulings and revenue procedures under T.D. 8697 obsoleted. Revenue rulings and revenue procedures that use the prior classification regulations to differentiate between partnerships and associations are obsolete to the extent that they rely on those prior regulations.

Notice 97-4(PDF, 33K)
S corporation subsidiaries. This notice requests comments concerning issues raised by section 1308 of the Small Business Job Protection Act of 1996 which permits an S corporation (1) to own 80 percent or more of the stock of a C corporation, and (2) to elect to own a qualified subchapter S subsidiary (QSSS). This notice also provides temporary guidance on the manner in which a QSSS election must be made and the effective date of the election.

Notice 97-5(PDF, 24K)
Electing small business corporations and banks. This notice provides guidance on the effect of the qualified subchapter S subsidiary (QSSS) election under section 1361(b)(3) on banks affiliated with non-banks; the application of the S corporation passive investment income rule of section 1362(d)(3); the application of the interest expense disallowance rules of section 265; and an automatic change in method of accounting for bad debts.

Rev. Rul. 97-1(PDF, 16K)
Federal rates; adjusted federal rates; adjusted federal long-term rate, 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 January 1997.

Rev. Rul. 97-2(PDF, 13K)
Insurance companies; interest rate tables. Prevailing state assumed interest rates are provided for the determination of reserves under section 807 of the Code for contracts issued in 1996 and 1997. Rev. Rul. 92-19 supplemented in part.

Rev. Rul. 97-3(PDF, 36K)
SBA guaranteed payment rights; participating securities. The Small Business Administration (SBA) is the primary obligor of the guaranteed payment rights that are created under its participating security program and investors in those rights are treated as owning SBA debt.

T.D. 8697(PDF, 72K)
Final regulations under section 7701 of the Code classify certain business organizations under an elective regime.

Announcement 97-2(PDF, 11K)
Schedule Q; determination letter requests; section 401(a)(26). The instructions for completing Schedule Q for plan years beginning after December 31, 1996, are being changed.

Notice 97-2(PDF, 33K)
Cash or deferred arrangements; nondiscrimination. With respect to cash or deferred arrangements, the notice gives transitional relief for certain nondiscrimination tests for the 1997 plan year and describes methods for the determination and distribution of excess contributions.

Notice 97-6(PDF, 74K)
Questions and answers; SIMPLE IRAs. A notice, in question and answer format, pertaining to simple IRAs described in section 408(p) of the Code as added by the Small Business Job Protection Act of 1996, is set forth.

Notice 97-10(PDF, 82K)
Spousal consent; qualified joint and survivor annuities, etc.; sample language. The Service has developed sample language for inclusion in a form providing spousal consent to a participant's election to waive a qualified joint and survivor annuity or a qualified pre-retirement survivor annuity, in accordance with section 1457 of the Small Business Job Protection Act of 1996.

Notice 97-11(PDF, 58K)
Qualified domestic relations orders; sample language. The Service has developed sample language for qualified domestic relations orders within the meaning of section 414(p) of the Code in accordance with section 1457 of the Small Business Job Protection Act of 1996.

Rev. Proc. 97-9(PDF, 33K)
Cash or deferred arrangements; amendments; SlMPLEs. This procedure describes how an employer that maintains a qualified cash or deferred arrangement may make the necessary amendment for its qualified cash or deferred arrangement to meet the provision for a savings incentive match plan pursuant to section 1422 of the Small Business Job Protection Act of 1996.

Announcement 97-1(PDF, 15K)
Extension of test of mediation procedure for appeals. This announcement extends the test of the mediation procedure set forth in Announcement 95-86, 1995-44 I.R.B. 27, for an additional one year period beginning on January 13, 1997. The procedure will allow taxpayers, whose cases are not docketed in any court and already in the Appeals administrative process, to request mediation as a dispute resolution technique.

Announcement 97-3(PDF, 11K)
A list is provided of organizations that no longer qualify as organizations to which contributions are deductible under section 170 of the Code.

Notice 97-9(PDF, 78K)
Adoption assistance. This notice provides general guidance concerning the tax credit under section 23 for "qualified adoption expenses" paid or incurred by an individual and the exclusion from gross income under section 137 for amounts paid or expenses incurred by an employer for "qualified adoption expenses" under an adoption assistance program.

Rev. Proc. 97-10(PDF, 22K)
Change in computing depreciation for retail motor fuels outlets. This procedure is provided for making the election under section 1120 of the Small Business Job Protection Act of 1996 to treat retail motor fuels outlets placed in service before August 20, 1996, as 15-year property under section 168 of the Code. Rev. Proc. 92-20 modified.