Internal Revenue Bulletins  

April 16, 1990

Internal Revenue Bulletin No. 1990-16

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 90-50
The due date specified in Notice 90-20 for submitting comments is extended; also, comments are requested on all aspects of the penalty provisions of the Revenue Reconciliation Act of 1989.

Announcement 90-52
A public hearing will be held on July 9, 1990, on proposed regulations relating to deferred intercompany transactions and distributions of property.


Rev. Rul. 90-33
LIFO; price indexes; department stores. The January 1990 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, January 31, 1990.

Rev. Rul. 90-34
Direct transfers of like-kind property. X's transfer of property to Y, in exchange for property of a like kind, qualifies as to X for nonrecognition of gain or loss on the exchange under section 1031 of the Code even though legal title of the property received by X is never held by Y.

Notice 90-29
In determining the amount of the tax credit for production of fuel from nonconventional sources for the calendar year 1989, the inflation adjustment factor to be used is 1.6069 and the reference price to be used for qualified fuels is $15.85.

T.D. 8295

Temporary, final and proposed regulations under section 1502 of the Code relate to intercompany transactions and distributions of property for purposes of the consolidated return regulations.


Announcement 90-53
Employee Plans Application Forms 5300, 5302, 5307, and 6406, along with accompanying instructions have been revised. Applicants must use the revised application forms if they wish to obtain a favorable determination letter. Also Form 5301 has been obsoleted.


Announcement 90-57
A list is given of organizations now classified as private foundations and an organization that is not a private operating foundation.


Rev. Rul. 90-32
Reemployed federal annuitant; adjusted salary. The adjusted salary of a reemployed federal annuitant is not subject to the OASDI taxes of section 3101(a) and 3111(a) of the Code, but is subject to the hospital insurance taxes of sections 3101(b) and 3111(b).

Railroad retirement; rate determination; quarterly
The Railroad Retirement Board has determined that the rate of tax imposed by section 3221(c) of the Code shall be twenty-six cents for the quarter beginning April 1, 1990.


Rev. Proc. 90-23
Insurance companies; discounted unpaid losses. Guidance is provided concerning the manner in which taxpayers are to apply discount factors under section 846 of the Code to unpaid losses as reported in the new configuration of lines of business that was adopted for the 1989 annual statement for fire and casualty insurance companies.

Notice 90-28
In the circumstances described in this notice, the Service will permit a taxpayer to elect to defer crop insurance proceeds under section 451(d) of the Code without requiring the taxpayer to also defer federal disaster payments.

Del. Ord. 222 (Rev. 2)
This order is delegated authority to approve the use of pen registers and to monitor communications. Del. Order 222 (Rev. 1) superseded.

Social Security Contribution and Benefit Base
The Secretary of the Department of Health and Human Services has announced that the contribution and benefit base for remuneration paid in 1990 and self-employment income earned in taxable years beginning in 1990 is $51,300.

Announcement 90-51
The Service is reviewing certain transactions involving the advance refunding of tax-exempt bonds.

Announcement 90-54
The Service has announced that August 15, 1990, is the due date for reporting the generation-skipping transfer tax on certain trust distributions and terminations. New Forms 706GS for reporting the transfers should be available by the end of April 1990.

Announcement 90-55
Form 8697, Interest Computation Under the Look-Back Method for Completed Long-Term Contracts, has been revised and is now available.

Announcement 90-56
New codes on Form W-2P, Statement for Recipients of Annuities, Pensions, Retired Pay, or IRA Payments, and Form 1099-R, Statement for Recipients of Total Distributions From Profit- Sharing, Retirement Plans, Individual Retirement Arrangements, Insurance Contracts, Etc., are clarified.

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