Internal Revenue Bulletins  

March 5, 1990

Internal Revenue Bulletin No. 1990-10

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 90-31
This Announcement solicits written comments from interested persons regarding the circumstances under which oil would qualify for the credit under section 29 of the Code for production from tar sands.

Announcement 90-32
A public hearing will be held on March 19, 1990, on proposed regulations relating to the requirements that must be met for an investment by a possessions corporation in a financial institution in Puerto Rico to qualify as qualified possession source investment income.


Rev. Rul. 90-22
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 rate for March 1990.

T.D. 8287

Temporary and proposed regulations under section 852 of the Code relate to the treatment of certain losses attributable to periods after October 31 of a taxable year of a regulated investment company.

T.D. 8288

Temporary and proposed regulations under section 1441 of the Code relate to withholding of tax on nonresident aliens.

Announcement 90-33
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.


Rev. Proc. 90-14
Foreign tax credit; safe harbors; financial statement loan loss reserves. Two safe harbors are provided for complying with the loan loss reserve reporting requirement in order to qualify for the special foreign tax credit treatment continued by the Revenue Reconciliation Act of 1989.

Rev. Proc. 90-15
Meal expenses of self-employed individuals and employees. Self- employed individuals and employees may use the federal meal and incidental expense rate to compute the amount allowable as a deduction for business meal and incidental expenses paid or incurred while traveling away from home. Rev. Proc. 83-71 superseded; Rev. Proc. 89-67 amplified and modified; Notice 87-23 modified.

Rev. Proc. 90-16
Penalties; substantial understatement. Guidance is provided concerning when information shown 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 6662(d) of the Code, as enacted by section 7721 of the Revenue Reconciliation Act of 1989, and, under limited circumstances, former section 6661.

Notice 90-20
Guidance is provided for taxpayers and return preparers concerning the negligence and substantial understatement portions of the new accuracy-related penalty and amendments to the return preparer penalties under the Revenue Reconciliation Act of 1989. Also, rules effective under former section 6661 are provided.

Announcement 90-30
An error in Rev. Rul. 89-131, published in 1989-52 I.R.B. 5, dated December 26, 1989, is corrected.

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