Internal Revenue Bulletins  

December 28, 1992

Internal Revenue Bulletin No. 1992-52

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Announcement 92-183
A public hearing will be held on February 17, 1993, on proposed regulations relating to the treatment of modifications of debt instruments as realization events.

Announcement 92-184
A public hearing will be held on April 28, 1993, on proposed regulations relating to the tax imposed on S corporations under section 1374 of the Code.


Rev. Rul. 92-109
Individual lost U.S. citizenship; subsequently citizenship retroactively restored. Guidance is provided to several categories of individuals who have failed to file past years' federal income and gift tax returns, including individuals who lost their U.S. citizenship and subsequently had (or have) that citizenship retroactively restored.

Rev. Rul. 92-110
Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning January 1, 1993, will be 6 percent for overpayments, 7 percent for underpayments, and 9 percent for large corporate underpayments.

Rev. Rul. 92-111
Disaster areas list for 1992. This ruling lists the areas declared by the President to qualify as major disaster areas for calendar year 1992 under the Disaster Relief and Emergency Assistance Act.

T.D. 8451
Temporary and final regulations under sections 62, 162, and 274 of the Code relate to employee business reimbursements and other expense arrangements.

Proposed regulations under section 1374 of the Code relate to tax imposed on S corporations.

Proposed regulations under section 1001 of the Code relate to treatment of modifications of debt instruments as realization events.


Announcement 92-182
Copies of examination guidelines pertaining to prohibited transactions requirements and the plan asset valuation rules are now available from the Service.


Notice 92-61
This notice provides certain changes to excise taxes.


Rev. Proc. 92-101
Existing publicly traded partnerships; safe harbor. The Service provides certain existing publicly traded partnerships a safe harbor for determining whether a new business activity is closely related to a pre-existing line of business under section 1.7704-2(d) of the regulations.

Rev. Proc. 92-102
Income tax cost-of-living adjustments for tax years beginning in 1993. The Service provides cost-of-living adjustment factors and their application to the tax rate tables for individuals and for estates and trusts, the standard deduction amounts, the personal exemption, and several other items, including the maximum amount of a "low cost article" and the "insubstantial benefit" guidelines for calendar year 1993 charitable fund-raising endeavors. Rev. Proc. 90-12 modified.

Rev. Proc. 92-103
Precious metals; excepted sales; returns of brokers. This procedure provides that no return of information is required under section 6045 of the Code for certain sales of precious metals that are identified in this procedure as "excepted sales" for purposes of section 1.6045-1(c)(3)(ii) of the regulations.

Rev. Proc. 92-104
Optional standard mileage rates. This procedure announces 28 cents a mile as the optional rate for deducting or accounting for expenses for business use of an automobile for 1993, and provides rules for substantiating the deductible expenses of using an automobile for business, moving, medical, or charitable purposes. Rev. Proc. 91-67 superseded.

Notice 92-60
Final regulations under section 6050H of the Code will provide information reporting requirements for reimbursements of mortgage interest.

This directive under the Bank Secrecy Act delegates to the Commissioner of Internal Revenue authority necessary to carry out the Department of the Treasury responsibilities.

Announcement 92-185
IA-20-92, 1992-43 I.R.B. 27, relating to governing the practice of individuals before the Service, is corrected.

Announcement 92-186
A list of corrections to Section I-B of Publication 1212, List of Original Issue Discount Instruments (Rev. November 92), is given.

Announcement 92-187
This announcement corrects Announcement 92-161, 1992-46 I.R.B. 41, relating to substitute form requirements for the 1993 Form W-2.



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