Internal Revenue Bulletins  

July 31, 1989

Internal Revenue Bulletin No. 1989-31

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.


Announcement 89-95
A public hearing will be held on September 18, 1989, on proposed regulations relating to consolidated return and distributions after the sale of stock of a subsidiary.


Rev. Rul. 89-91
Foreign insurance companies; income taxation of premiums. A foreign insurance company that is not engaged in the conduct of a trade or business in the U. S. receives premiums that are subject to the excise tax imposed by section 4371 of the Code. The premiums are not subject to taxation under section 881 or to withholding under section 1442. Rev. Rul. 80-222 modified and superseded.

Notice 89-81
Guidelines are provided for determining whether a foreign corporation, that is not licensed to do business as a bank in the U. S., qualifies for the income characterization exception in section 1296(b)(2)(A) of the Code for income derived in the active conduct of a banking business for purposes of the PFIC definition tests. The notice also modifies rules published in Notice 88-22 concerning designation of inventory and investment assets of a dealer of stock and securities. Notice 88-22 modified.

Notice 89-84
Guidance is provided on the application of section 267(a)(3) of the Code with respect to the deduction of amounts owed to a related foreign person.

Notice 89-85
Certain rules in the temporary regulations under section 897(d) and (e) of the Code concerning transfers of U. S. real property interests to domestic corporations and certain other rules concerning elections by foreign corporations under section 1.897-3 of the regulations will be revised.


Notice 89-86
Guidelines are set forth for determining, for July 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.


Rev. Proc. 89-44
Information returns; magnetic media reporting. Requirements and conditions are set forth for filing 1989 Forms 1098, 1099, 5498 and W-2G on 8-inch magnetic diskette. Rev. Proc. 88-49 superseded.

Announcement 89-94
The Service may combine Forms W-2P, Statement for Recipients of Annuities, Pensions, Retired Pay, or IRA Payments, and 1099-R, Statement for Recipients of Total Distributions From Profit- Sharing, Retirement Plans, Individual Retirement Arrangements, Insurance Contracts, Etc. A proof copy is provided. The Service would like to receive comments by September 15, 1989.

Announcement 89-96
Supplemental information on Treasury bills for Publication 1212, List of Original Issue Discount Instruments, is given.

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