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. 89-39
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 April 1989.
Rev. Rul. 89-40
LIFO; price indexes; department stores. The December 1988 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, December 31, 1988.
Rev. Rul. 89-41
Inventories; LIFO; financial conformity requirements affiliated
group with foreign parent. Rev. Rul. 78-246 continues to be a valid exception to the LIFO
conformity requirement for certain foreign parent-subsidiary groups of corporations. The
exception is also applicable to the combined financial statements of certain foreign
controlled brother-sister groups of corporations, but does not apply to U. S. owned groups
of corporations. Rev. Rul. 78-246 amplified.
Rev. Rul. 89-42
International operation of ships and aircraft; income exempt from
tax. Listed are those countries that provide equivalent exemptions for income derived from
the international operation of ships or aircraft.
Rev. Rul. 89-44
Denial of foreign tax credit; South Africa. The denial of foreign
tax credit shall apply to taxes paid or accrued with respect to income earned in and taxes
paid to South Africa derived in taxable years of the person deriving the income beginning
after December 31, 1987.
Rev. Rul. 89-45
S corporation; permissible shareholder. A trust, the terms of which
provide that a portion of its corpus may be used to fund a new trust for an
"after-born" grandchild of the grantor, is not a "qualified subchapter S
trust" under section 1361(d)(3) of the Code.
Rev. Rul. 89-46
Consolidated returns; affiliated group; aggregate stock ownership
rules. The aggregate stock ownership rules of section 1.1502-34 of the regulations apply
regardless of actual stock ownership by a member of an affiliated group. Rev. Rul. 74-598
Rev. Rul. 89-48
Loans; loan limit adjusted for inflation. The loan limit specified
by section 7872(g)(2) of the Code is adjusted for inflation for the years 1987, 1988, and
Taxpayers will be allowed to aggregate certain partnership and S
corporation activities, for purposes of the at-risk rules under section 465 of the Code,
based on section 1.465-1T of the regulations.
A list is given of organizations now classified as private
Rev. Rul. 89-47
Intercompany sales; rebuttal of constructive sale price. The Service
will follow the court decision in Storm Plastics, Inc. v. United States, 770 F.2d 148
(10th Cir. 1985), and allow a manufacturer to rebut the constructive sale price of section
4216(b)(1) of the Code even if there are no sales by the manufacturer to unrelated
wholesale distributors. Rev. Rul. 77-66 is revoked and Rev. Rul. 76-182's conclusion that
the 95 percent rule of Rev. Rul. 71-240 is rebuttable even when the manufacturer makes no
sales to unrelated third party distributors is reinstated.
Rev. Proc. 89-26
Areas in which the Service will now issue advance rulings;
classification of equipment leasing trusts. The Service will now issue advance rulings and
determination letters dealing with the classification of equipment leasing trust. Rev.
Proc. 89-3 modified.
Temporary and proposed regulations under section 6081 of the Code
relate to the extension of time to file for taxpayers traveling outside the U. S. and
Guidelines are set forth for determining, for March 1989, 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.
Publication 557, Tax-Exempt Status for Your Organization, contains
an error in the discussion of estimated tax on page 6.
Steps are listed that C corporations must follow to complete the
section 38(c)(2) worksheet on page 2 of the 1988 Instructions for Form 3800, General
Line 19 of Form 8396, Mortgage Interest Credit, is corrected.
Form 8697, Interest Computation Under the Look-Back Method for
Completed Long-Term Contracts, and the Instructions for Form 8697 have been revised to
reflect changes made to section 460 of the Code by P. L. 100-647, the Technical and
Miscellaneous Revenue Act of 1988 (TAMPA).
Lines 1 and 14 of Form 8801, Credit for Prior Year Minimum Tax, are
Producers should report the tax on sales of diesel fuel for use in
certain inter city buses on Form 720. Quarterly Federal Excise Tax Return, at the reduced
rate of 3.1 cents a gallon.
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