Internal Revenue Bulletins  

April 30, 1990

Internal Revenue Bulletin No. 1990-18

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. 90-38
Carrying charges; capitalized; binding election; subsequent deductions. Unless the Commissioner consents, a taxpayer may not change from an erroneous method of accounting retroactively by amending prior returns, even if the period for amending the return for the first year in which the erroneous method was used has not expired. Rev. Rul. 70-539 revoked; Rev. Ruls. 75-56 and 76-325 modified.

Rev. Rul. 90-39
LIFO; price indexes; department stores. The February 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, February 28, 1990.

Rev. Rul. 90-40
Capitalization of interest. Interest expense required to be capitalized may not be reduced by interest income earned from temporary investments.

T.D. 8298

Temporary and proposed regulations under section 280F of the Code provide for adjustments in the table used to determine the amounts included in income by lessees of passenger automobiles.

Notice 90-33
Countries that require participation in, or cooperation with, an international boycott are listed.

Announcement 90-62
Various areas of the States of Alabama, California, Georgia, Mississippi and Washington, and the Territory of American Samoa have been declared disaster areas in which losses qualify for the special tax treatment under section 165(i) of the Code.


Notice 90-32
Guidelines are set forth for determining, for March 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 90-63
Petition to add methyl isobutyl ketone to the list of taxable substances in section 4672(a)(3) of the Code has been filed.


Rev. Proc. 90-24
Mortgage revenue bonds; mortgage credit certificates; national average purchase prices; average area purchase price safe harbor limitations. Rev. Proc. 89-59 is modified with respect to (1) the average area purchase price safe harbor limitation that may be used for an omitted category of residence (new or existing), and (2) the effective date of the national average purchase prices and average area purchase price safe harbor limitations set forth in the revenue procedure.

Rev. Proc. 90-25
Qualified mortgage bonds; mortgage credit certificates; national median gross income. Guidance is provided concerning the use of the national and area median gross income figures by issuers of qualified mortgage bonds and mortgage credit certificates in determining the housing cost-income ratio described in section 143(f)(5) of the Code. Rev. Proc. 89-32 obsoleted in part; Announcement 89-73 superseded.

Rev. Proc. 90-27
Rulings and determination letters; applications for recognition of exemption. Revised procedures are provided for issuing rulings and determination letters in response to applications for recognition of exemption from federal income tax. Rev. Procs. 84-46 and 85-32 superseded.

Notice 90-34
Errors in T.D. 8275, Returns Relating to Persons Receiving Contracts from Federal Executive Agencies, are corrected.

Del. Order 143 (Rev. 4)
This order redelegates authority to perform certain functions related to the enforcement of 31 CFR 103 (Bank Secrecy Act Regulations). Del. Order 143 (Rev. 3) superseded.

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