Internal Revenue Bulletins  

February 6, 1989

Internal Revenue Bulletin No. 1989-6

There are no links to the official documents for the years 1989 through 1995. The information below can only be used as help for further research, as there is not enough information here to rely on for official guidance. For that you need to obtain a copy of the complete document.


Rev. Rul. 89-15
Federal rates; adjusted federal rates; adjusted federal long-term rate, and the long-term exempt rate. For purposes of sections 1274, 1288, 382, and other sections of the Code, tables set forth the rates for February 1989.

Rev. Rul. 89-16
State income taxes; mandatory wage assessments. Amounts withheld from the wages of employees for contribution to the West Virginia Unemployment Compensation Trust Fund qualify as state "income taxes" and, therefore, are deductible by the employees under section 164(a)(3) of the Code.

Rev. Rul. 89-17
Nonresidents; foreign partners distributive share of fixed and determinable annual or periodical income. Domestic partnerships are required to withhold tax on the foreign partner's distributive share of fixed or determinable annual or periodical income which has not actually been distributed no later than the fifteenth day of the third month following the close of the partnerships taxable year.

Rev. Proc. 89-10
Inventories; LIFO; financial conformity. A procedure is provided setting forth the application of section 472(c) and section 472(e)(2) of the Code in the examination of federal income tax returns when a taxpayer, with the consent of the Commissioner, changes from the LIFO inventory method to another method and is required by APB 20 to restate financial statements for prior years under the new inventory method.

T.D. 8235
Temporary and final regulations under sections 422A and 423 of the Code relate to stockholder approval of incentive stock option and employee stock purchase plans.

Notice 89-16
Special procedures are provided for taxpayers that, prior to July 1, 1988, maintained internal reserves to provide for the decommissioning of a nuclear power plant. For such taxpayers, the transitional rule contained in section 1.468A-8(b)(4)(i) of the regulations may be extended under certain circumstances.

Proposed regulations under section 901 of the Code relate to the denial of foreign tax credits for subsidies provided by foreign governments through the use of taxing systems.


Rev. Rul. 89-13
Plan year ending on other than last day of month. A plan does not fail to satisfy the computation period requirements of section 410(a)(3)(A), 411(a)(5)(A) and 411(b)(4)(A) of the Code merely because those periods are based on a plan year that ends on a date other than the last day of the month.

Rev. Rul. 89-14
Employee loans at low interest rates. A loan to a qualified plan participant that is secured by the participant's accrued nonforfeitable benefit constitutes an assignment or alienation if the loan is made at an unreasonable interest rate.

Rev. Proc. 89-9
Rulings and opinion letters; master or prototype plans; issuance. Procedures are set forth pertaining to the issuance of opinion letters relating to master or prototype pension, annuity, and profit-sharing plans under sections 401 and 403(a) of the Code and the status of related trusts or custodial accounts under section 501(a). Rev. Procs. 84-23, 84-83 and 87-18 superseded. Rev. Procs. 80-30 and 89-4 modified.

Notice 89-18
The weighted average interest rate and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code as amended by the Omnibus Budget Reconciliation Act of 1987 are set forth.

Announcement 89-14
Errors in Notice 88-127, relating to cash or deferred arrangements, are corrected.


Notice 89-17
Definitions of diesel and aviation fuel are clarified for purposes of the tax imposed by section 4091 of the Code and special rules applicable to the sale and use of kerosene are described.


Announcement 89-15
1988 Form 1065, U. S. Partnership Return of Income, contains an error in Schedule K.

Announcement 89-16
New Form 8703, Annual Certification by Operator of a Residential Rental Project, is now available for use by operators for each bond-financed residential rental project to provide information that the Service will use to determine whether the project meets the requirements of section 142(d) of the Code.

Announcement 89-17
Publication 1212, List of Original Issue Discount Instruments (Rev. Dec. 88), is supplemented to provide information to banks, brokers, and other middlemen regarding Treasury bills issued at a discount and maturing during January through June 1989.

Announcement 89-18
Additional instructions are provided for computing the long-term capital loss carryover for estates and trusts under the new rules contained in the Technical and Miscellaneous Revenue Act of 1988.

Announcement 89-19
Instructions are provided to individuals regarding the proper manner to take the deduction for jury duty pay in arriving at adjusted gross income for tax years beginning after 1986.

Announcement 89-20
Guidance is provided under section 219(g) of the Code that provides new rules for figuring an IRA deduction for married individuals who file a separate return.

Rev. Proc. 89-11
Adequate disclosure, substantial understatement; penalties. Guidance is provided as to when information provided on a return in accordance with the applicable forms and instructions will be adequate disclosure for purposes of reducing an understatement of income tax under section 6661 of the Code. The guidance is for returns filed on 1988 forms for all taxable years beginning in 1988, and 1988 forms filed in 1989 for short taxable years beginning in 1989.

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