Internal Revenue Bulletins  

March 20, 1989

Internal Revenue Bulletin No. 1989-12

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. 89-38
Limited partnerships. The state of Virginia is added to the list of states that have enacted legislation that corresponds to the Uniform Limited Partnership Act for purposes of section 301.7701- 2 of the regulations. Rev. Rul. 84-80 amplified.

Notice 89-28
Certain taxpayers may be eligible to elect ordinary loss treatment for reasonably estimated losses on deposits in a qualified insolvent or bankrupt financial institution, the deposits in which are not federally insured.

Notice 89-30
Section 7.367(b)-9 of the regulations is being amended to provide that a foreign corporation will not succeed to the earnings and profits or deficit in earnings and profits of another foreign corporation except to the extent provided in section 381(a) of the Code and the regulations under that section if the stock of the fist corporation is received in an exchange subject to section 7.367(b)-9.

Notice 89-33
Guidance is provided regarding the proper tax treatment of educational assistance received by an employee in 1988 under an employer provided educational assistance program described in section 127 of the Code.

Notice 89-34
Affected taxpayers are informed that new section 7873 of the Code, added by TAMRA, exempts income derived by Indians from the exercise of fishing rights under treaties, executive orders, or federal statutes.

Announcement 89-39
The "differential earnings rate" under section 809 of the Code is tentatively determined for taxable year 1988 together with the "recomputed differential earnings rate" for 1987.

Announcement 89-40
Procedures are provided for electing to have amendments to section 384 of the Code made by the Technical and Miscellaneous Revenue Act of 1988 not apply to acquisitions occurring before March 31, 1988.

Announcement 89-41
A list is provided of organizations that no longer qualify as organizations contributions to which are deductible under section 170(c)(2) of the Code.


Notice 89-25
Guidance is provided on miscellaneous issues generally affecting the taxation of distributions from qualified employee plans, section 403(B) annuity contracts, and IRAs. Guidance is also provided on other issues such as distributions to federal employees, distributions of certain annuity contracts, and changes in plan valuation date.

Notice 89-31
Guidance is provided as to the interest rate within the permissible range that is to be used for purposes of determining the current liability component of the full funding limitation or plan years commencing after December 31, 1987, and prior to January 1, 1989.

Notice 89-32
Reporting requirements are set forth for corrective distributions of excess deferrals under section 402(g) of the Code, excess contributions under section 401(k) and excess aggregate contributions under section 401(m).


Rev. Proc. 89-24
Instructions are provided for claiming a refund of an overpayment of excise tax on insurance policies when the claim is based on the U.S.-Bermuda Convention relating to insurance enterprises and mutual assistance in tax matters.

Notice 89-29
Procedures are set forth for gasoline wholesale distributors claiming a credit or refund under section 6416 of the Code.


The convention between the U. S. and Bermuda is reproduced.

The agreement between the U. S. and Bermuda for the exchange of information with respect to taxes is reproduced.


Rev. Proc. 89-25
Refund offset program; magnetic tape reporting. Requirement and conditions are set forth for filing pre-offset address request, annual certifications, weekly update and agency address records on magnetic tape for federal debts eligible for the Federal Income Tax Refund Offset Program.

Announcement 89-35
Set forth is a revised list of corporate debt instruments found in Section 1-B of Publication 1212, List of Original Issue Discount Instruments (Rev. Dec. 1988). It replaces the list that appears in the publication and may be used for estimated tax purposes.

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