Internal Revenue Bulletins  

January 29, 1990

Internal Revenue Bulletin No. 1990-5

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. 90-4
Fringe benefits; aircraft valuation formula. For purposes of section 1.61-21(g) of the regulations, relating to the rule for valuing noncommercial flights on employer-provided aircraft, the Standard Industry Fare Level (SIFL) cents-per-mile rates and the terminal charges in effect for 1989 are set forth. Rev. Rul. 88-71 modified.

Rev. Rul. 90-5
Legal holiday filing requirements. Guidance is provided regarding the filing of income tax returns and the making of estimated income tax payments when April 15 falls on a Saturday or Sunday followed on Monday by Patriots' Day, a legal holiday in Massachusetts and Maine.

Rev. Rul. 90-6
LIFO; price indexes; department stores. The October 1989 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, October 31, 1989.

Rev. Rul. 90-7
Exchange of investment trust certificates for trust assets; gain or loss recognition. A certificate holder in an investment trust that has a single class of ownership interests and a fixed portfolio of stocks does not recognize gain or loss when the certificates are exchanged for a proportionate share of each of the trust's assets. Rev. Rul. 68-633 revoked.

Rev. Rul. 90-9
Alternative depreciation system; cargo containers. A taxpayer must depreciate its cargo containers under the alternative depreciation system if the taxpayer cannot document that the containers were used substantially in the direct transportation of property to or from the U. S. during the taxable year.

T.D. 8277

Temporary and proposed regulations under section 382 of the Code relate to limitations on corporate net operating loss carryforwards.


Rev. Rul. 90-8
Deductibility of sales expenses and late-payment interest on additional estate tax. In the case of a special use valuation election where the qualified heir disposes of a portion of the qualified real property, neither the sales expenses incurred in selling the property nor the interest expense incurred as a result of the late payment of the additional estate tax is deductible under section 2053(a)(2) of the Code in computing the decedent's taxable estate. Rev. Rul. 81-154 distinguished.


Notice 90-8
Rules relating to the tax under section 4681 of the Code on chemicals that deplete the ozone layer are set forth.

Notice 90-9
Imported products that are subject to tax under section 4681 of the Code are set forth.

Notice 90-10
Public Law 101-239, Revenue Reconciliation Act of 1989, imposes a new tax on certain travel on commercial vessels. The tax is effective for any voyage beginning after December 31, 1989, that was not paid for before that date. The first deposits of tax are due after April 1, 1990.


Rev. Proc. 90-10
Alternative depreciation system; election for cargo containers. An election is provided to U. S. owners of cargo containers to determine what portion must be depreciated under the alternative depreciation system


Notice 90-11
Guidelines are set forth under section 412 of the Code for determining the reasonable interest rate within the permissible range that is to be used for purposes of determining the current liability of a qualified plan.

Notice 90-12
Guidelines are set forth for determining, for January 1990, 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.

Announcement 90-14
A list is given of organizations now classified as private foundations.

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