Internal Revenue Bulletins  

May 26, 1992

Internal Revenue Bulletin No. 1992-21

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SPECIAL ANNOUNCEMENTS

Announcement 92-78
A public hearing will be held on August 31, 1992, on proposed regulations relating to the determination of interest expense deduction of foreign corporations.

Announcement 92-79
An extension of time is provided for submitting comments and requests for a public hearing concerning the notice of proposed rulemaking relating to intercompany transfer pricing and cost sharing under section 482 of the Code.


INCOME TAX

Rev. Rul. 92-35
Fringe benefits; aircraft valuation formula. For purposes of section 1.61-21(g) of the regulations, relating to the rule for valuing noncommercial flights on employer-provided aircraft, the Standard Industry Fee Level (SIFL) cents-per-mile rates and the terminal charges in effect for 1992 are set forth. Rev. Rul 91-64 modified.

Rev. Rul. 92-36
LIFO; price indexes; department stores. The February 1992 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, February 29, 1992.

Rev. Rul. 92-37
Basis for calculating surviving spouse's depletion allowance on community property. A surviving spouse's basis for calculating cost depletion on property which represents the surviving spouse's one-half share of community property for the taxable year of the descendent's death is the surviving spouse's adjusted basis in the property as of the end of the surviving spouse's taxable year.

Rev. Rul. 92-38
Production payment carved out for development. A production payment the consideration for which is used to purchase depreciable mining equipment to be used to develop a mineral property qualifies as a production payment carved out for development under section 636(a) of the Code. Rev. Rul. 74-549 modified.

T.D. 8410
Final regulations under section 861 of the Code relate to allocation and apportionment of interest expense.

INTL-309-88
Proposed regulations under section 882 of the Code relate to the determination of interest expense deduction of foreign corporations.


EMPLOYEE PLANS

Rev. Proc. 92-41
Master and prototype; volume submitter plans. A streamlined procedure is established for approved master and prototype, regional prototype, and volume submitter plans to amend for recent changes in Income Tax Regulations. Rev. Procs. 89-9, 89-13, and 90-17 modified.


EXEMPT ORGANIZATIONS

Announcement 92-80
A list is given of organizations now classified as private foundations.


ADMINISTRATIVE

Rev. Proc. 92-40
Magnetic media filing; Form 1040NR. Participants in the magnetic media filing program for Form 1040NR, U.S. Nonresident Alien Income Tax Return, are informed of their obligations to the Service, taxpayers, and other participants. Rev. Proc. 91-32 superseded.

Notice 92-23
Certain relief is provided to taxpayers and return preparers who are unable to meet deadlines for filing returns and paying taxes due to the recent civil unrest and fires in the Los Angeles area.

A list is provided of electronic filers that have been suspended from participation in the Electronic Filing Program.


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