The Bulletin Index-Digest System & Highlights Summaries

Taxes

The following items are Summaries from the "Highlights" page of each Internal Revenue Bulletin, the official weekly publication of the IRS. The Summaries begin in January 1994 and have been compiled through the date shown above. There are no links for the documents issued in 1994 and 1995, but beginning in January 1996 there are links to the full text of all the actual documents. These documents have been extracted from IRS's Internal Revenue Bulletins and are in the Adobe Acrobat PDF format. You will need the appropriate Acrobat Reader installed on your computer to view or print the PDF files.

Rev. Proc. 98-58 from IR Bulletin No. 1998-49
Alternative minimum tax; change in accounting method. A procedure is provided to allow taxpayers to automatically change their method of accounting under section 446 of the Code for certain deferred payment sales contracts (relating to property used or produced in the trade or business of farming) to the installment method for alternative minimum tax purposes.

Rev. Rul. 96-51 from IR Bulletin No. 1996-43
Taxes, accrual of deduction. Under the all events test of section 461 of the Code, an accrual method employer may deduct in Year 1 its otherwise deductible FICA and FUTA taxes imposed with respect to year-end wages properly accrued in Year 1, but paid in Year 2, if the requirements of the recurring item exception are met.

ALTERNATIVE MINIMUM TAX

Notice 97-13 from IR Bulletin No. 1997-06
Change in accounting method; alternative minimum tax. Taxpayers are informed that the Service intends to provide approval for farmers to change their method of accounting for income from certain deferred payment sales contracts for purposes of computing their alternative minimum tax.

Foreign Countries - see: Foreign Tax Credit

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