Internal Revenue Bulletins  

July 12, 1999

Internal Revenue Bulletin No. 1999-28

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

Rev. Rul. 99-30(PDF, 22K)
LIFO; price indexes; department stores. The May 1999 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, May 31, 1999.

T.D. 8825(PDF, 56K)
Final and temporary regulations under section 382 of the Code relate to limitations on net operating loss carryovers and certain built-in losses following an ownership change of a corporation.

GIFT TAX

Announcement 99-47(PDF, 29K)
This document contains corrections to T.D. 8819, 1999-20 I.R.B. 5, final regulations relating to the use of actuarial tables in valuing annuities, interests for life or terms of years, and remainder or reversionary interests.

REG-108287-98(PDF, 34K)
Proposed regulations under section 2702 of the Code apply to a grantor retained annuity trust (GRAT) and a grantor retained unitrust (GRUT) in determining whether a retained interest is a qualified interest. A public hearing is scheduled for October 20, 1999.

ESTATE TAX

Announcement 99-47(PDF, 29K)
This document contains corrections to T.D. 8819, 1999-20 I.R.B. 5, final regulations relating to the use of actuarial tables in valuing annuities, interests for life or terms of years, and remainder or reversionary interests.

EXEMPT ORGANIZATIONS

Announcement 99-68(PDF, 28K)
A list is given of organizations now classified as private foundations.

ADMINISTRATIVE

Announcement 99-67(PDF, 21K)
This document contains corrections to Announcement 99-59, 1999-24 I.R.B. 52, the schedule of Information Reporting Seminars for 1999.

Announcement 99-69(PDF, 20K)
The page numbers in the Internal Revenue Bulletins have changed beginning with this issue.

Notice 99-35(PDF, 17K)
Qualified zone academy bonds credit rate. Issuers of qualified zone academy bonds may ascertain the qualified zone academy bond credit rate on the Bureau of Public Debt's web site located at: http://www.publicdebt.treas.gov. The credit rate is applicable on the first day on which there is a binding contract in writing for the sale or exchange of the bond.

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