Internal Revenue Bulletins  

July 2, 1990

Internal Revenue Bulletin No. 1990-27

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 90-83
A public hearing will be held on September 6, 1990, on proposed regulations relating to additional rules for exchanges of personal property and for exchanges of multiple properties.


Rev. Rul. 90-52
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 rates for July 1990.

Rev. Rul. 90-53
Foreign tax credit; South Africa. The foreign tax credit allowed under section 901 of the Code is denied for taxes paid on income derived in South Africa attributable to taxable years beginning after December 31, 1987. Income derived from sources inside South Africa is subpart F income. Rev. Rul. 87-35 supplemented.

Rev. Rul. 90-54
Domestic building and loan association; charter. An institution that is chartered as a bank cannot qualify as a domestic building and loan association under section 7701(a)(19) of the Code.

Rev. Rul. 90-55
Taxable year of trusts. Trusts that are treated as wholly-owned by the grantor under the grantor trust rules of subpart E of subchapter J (sections 671-679 of the Code) are not required to adopt the calendar year as their tax year under section 645(a).

Notice 90-44
Errors in the proposed regulation (IA-12-89) relating to amendments and additions under section 1031 of the Code are corrected.

Proposed regulations under section 461 of the Code relate to the economic performance requirement.


Notice 90-43
Guidelines are set forth for determining, for June 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 limitations of section 412(c)(7) of the Code as amended by the Omnibus Budget Reconciliation Act of 1987.


T.D. 8303
Final regulations under section 4041 of the Code relate to an election to have certain diesel fuel taxes imposed on sales to retailers.

Announcement 90-82
The Leaking Underground Storage Tank (LUST) tax does not apply to fuel sold or used after August 31, 1990.


Rev. Proc. 90-36
Life insurance companies; accounting method change; ceding commissions. This revenue procedure provides an administrative procedure whereby certain life insurance companies may expeditiously obtain the consent of the Commissioner to change their method of accounting for ceding commissions to comply with the principles of Rev. Rul. 82-69 and the Supreme Court decision in Colonial American Life Insurance Co.

Rev. Proc. 90-37
Change of accounting method; reporting interest income; short-term loans. Procedures are provided under which certain taxpayers are deemed to have obtained the approval of the Commissioner to a change in method of accounting for reporting interest income on short-term obligations to the method required by section 1281 of the Code.

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