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
REG-208288-90(PDF, 18K)
Proposed regulations under section 905 of the Code relate to the substantiation requirements for taxpayers claiming foreign tax credits.
REG-209121-89(PDF, 37K)
Proposed regulations under section 337 of the Code generally affect a taxable corporation that transfers all or substantially all of its assets to a tax-exempt entity or converts from a taxable corporation to a tax-exempt entity, and generally requires the taxable corporation to recognize gain or loss in such a transaction. A public hearing will be held on May 6, 1997.
REG-209824-96(PDF, 46K)
Proposed regulations under section 1402 of the Code relate to the definition of limited partner for self-employment tax purposes. A public hearing will be held on May 21, 1997.
Rev. Rul. 97-12(PDF, 24K)
Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning April 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.
Rev. Rul. 97-14(PDF, 17K)
Fringe benefits aircraft valuation formula. For purposes of section 1.61-21(9) of the regulations, relating to the rule for valuing noncommercial flights on employer-provided aircraft, the Standard Industry Fare Level (SIFL), cents-per-mile rates, and terminal charges in effect for the first half of 1997 are set forth.
EMPLOYEE PLANS
Announcement 97-20(PDF, 22K)
Beginning April 1, 1997, requests for employee plan determination letters and applications for recognition of tax exemption, formerly sent to the district office in Los Angeles, CA, should be sent to the Internal Revenue Service Center in Covington, KY.
Announcement 97-24(PDF, 14K)
An amendment to section 401(a)(9)(C) of the Code, pertaining to the required beginning date for minimum distributions in the instance of certain plan participants (other than 5% owners) that was made by section 1404(a) of the Small Business Job Protection Act of 1996, is described.
EXEMPT ORGANIZATIONS
Announcement 97-23(PDF, 20K)
A list is given of organizations now classified as private foundations.
ADMINISTRATIVE
Announcement 97-21(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 97-21(PDF, 18K)
Self-amortizing investments in conduit financing entities. The Service and Treasury expect to issue regulations under section 7701(1) of the Code in order to prevent tax avoidance. In cases where certain conduit financing entities issue "equity" interests that are economically self-amortizing, it is expected that the regulations will treat the owners of the conduits as having invested directly in the conduit's income-producing assets.
REG-209729-94(PDF, 16K)
EE-45-94, 1995-1 C.B. 853, relating to the self-employment tax treatment of members of certain limited liability companies, is withdrawn.
Rev. Proc. 97-20(PDF, 27K)
Automobile owners and lessees. This procedure provides owners and lessees of passenger automobiles with tables detailing the limitations on depreciation deductions for automobiles first placed in service during calendar year 1997 and the amounts to be included in income for automobiles first leased during calendar year 1997. In addition, this procedure provides the maximum allowable value of employer-provided automobiles first made available to employees for personal use in Calendar year 1997 for which the vehicle cents-per-mile valuation rule provided under section 1.61-21(e) of the Income Tax Regulations may be applicable.
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