Internal Revenue Bulletins  

January 9, 1989

Internal Revenue Bulletin No. 1989-2

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Rev. Rul. 89-2
Involuntary conversions; destruction by chemical contamination; subsequent condemnation. Property rendered unsafe for its intended use as a result of chemical contamination is destroyed for purposes of section 1033(a) of the Code. In addition, the subsequent sale of contaminated property to a governmental authority after the passage of an ordinance authorizing eminent domain proceedings constitutes a sale under threat of condemnation for purposes of section 1003(a) and (g) to the extent that the taxpayer can establish that the proceeds represent compensation for taking of the property by the government.

Notice 89-1
This notice informs taxpayers of the requirements of two of the amendments to section 42 of the Code made by the Technical and Miscellaneous Revenue Act of 1988 (Pub. L 100-647). Those amendments relate to (1) an election by a taxpayer to use the appropriate percentage for a month other than the month in which a building is placed in service and (2) carryover of post-1987 low income housing credit dollar amounts.

Notice 89-3
Guidance is provided relating to the amendments made to section 904(f) of the Code by the Tax Reform Act of 1986 and provides ordering rules for the allocation of separate limitation losses, the recapture of overall foreign losses, the recharacterization of separate limitation losses, and the allocation of U. S. source losses to separate limitation income.

Notice 89-12
Forthcoming regulations will provide the date by which issuers of state and local bonds must file Form 8328, Carryforward Election of Unused Private Activity Bond Volume Cap.

Notice 89-6
Regulations under section 42 of the Code, relating to the low- income housing tax credit, will provide rules regarding utility allowance requirements, determination of general public use, and provision of services. Guidance is provided in these areas.


Rev. Rul. 89-3
Termination; transfer; recapitalization. A donor has made a transfer subject to gift tax and an addition to trust corpus for generation-skipping transfer tax purposes, where, pursuant to a plan of recapitalization, the donor exchanges voting common stock for stock with voting rights that terminate at the donor's death, and the balance of the outstanding stock is held by a generation- skipping trust.

Rev. Rul. 89-4
Extension of time for payment; estate tax; closely held business. Sale of specially valued property to a person, not a qualified heir, where proceeds reduce debt on assets of the ongoing business, is not a disposition for purposes of section 6166(g)(1)(A) of the Code, but is a disposition for purposes of section 2032A.

Notice 89-4
The position of the Service is set forth with respect to the application of sections 2044, 2056(b)(7), 2519, and 2523(f)(2) in cases involving facts similar to those at issue in the case of Estate of Rose D. Howard.


Notice 89-2
The transitional rules previously provided for registered gasohol blenders will continue in effect through September 30, 1989.

Announcement 89-5
Taxpayers are reminded that, as provided by Public Law 100-47, it will no longer be necessary to make semi-monthly deposits of the manufacturers excise tax on archery equipment after December 31, 1988.


Rev. Rul. 89-5
Teachers - Researchers. The first day of the period of exemption is the date of the individuals last entry into the U. S. before beginning the teaching or research services.


Announcement 89-1
Issuers of qualified mortgage bonds and mortgage credit certificates may continue to rely on the average annual mortgage originations contained in Rev Proc. 87-31 until new average annual mortgage originations are published.

Announcement 89-2
The Service has announced that taxpayers can obtain relief from estimated tax penalties for 1988 to the extent that they underpaid their estimated income tax because of the changes made by Title I or Title II of the Technical and Miscellaneous Revenue Act of 1988.

Announcement 89-4
Forms 1001 and 4224 are no longer required to be attached to Form 1042, Annual Withholding Tax Return for U. S. Source Income of Foreign Persons, or Form 1042S, Foreign Person's U. S. Source Income Subject to Withholding, beginning with Tax Year 1988.

Announcement 89-6
Publication 557 (Revised October 1988), Tax-Exempt Status for Your Organization, is now available from the Service.

Announcement 89-7
Publication 334, Tax Guide for Small Business (Rev. Nov. 88), contains an error in the paragraph entitled "Children employed by parents" with respect to social security taxes.

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