Internal Revenue Bulletins  

December 24, 1990

Internal Revenue Bulletin No. 1990-52

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. 90-104
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 1990 are set forth. Rev. Rul. 90-43 modified.

Rev. Rul. 90-106
Trust income attributable to transferor-owner of foreign trust. The tax consequences of income earned by a foreign trust from recording rights licensed to the trust by a personal service corporation of a resident alien entertainer are described. Rev. Rul. 80-74 amplified.

Rev. Rul. 90-107
Foreign tax credit; Brazilian investment certificates. This revenue ruling describes the foreign tax credit consequences attendant to the receipt and disposition of Brazilian investment certificates.

Rev. Rul. 90-108
Multiple FSCs and FSC bank account. A FSC and small FSC may both be members of a controlled group of corporations provided that they do not exist at the same time during the taxable year of the controlled group. When switching from a small FSC to FSC, the corporation has 30 days from the effective date of the FSC election to establish a principal FSC bank account.

Rev. Rul. 90-109
Change of insured. If a life insurance policy provides the policy-holder with an option to change the insured, the exercise of the option is a sale or other disposition under section 1001 of the Code and section 1035 does not apply.

T.D. 8320
Final regulations under section 852 of the Code relate to treatment of certain losses attributable to periods after October 31 of a taxable year of a regulated investment company.

Announcement 90-140
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. Rul. 90-105
Deduction for contributions of an employer. Guidance is issued concerning the application of section 404(a)(6) of the Code to contributions to a cash or deferred arrangement under section 401(k) or to a defined contribution plan as matching contributions, where such contributions are attributable to compensation earned by plan participants after the end of the taxable year.


Rev. Rul. 90-110
Disclaimer by a trustee. A trustee's disclaimer that is ineffective under state law does not constitute a qualified disclaimer for purposes of section 2518 of the Code.


Proposed regulations relate to floor stocks tax on gasoline, diesel fuel, and aviation fuel held on December 1, 1990.

Announcement 90-141
A list is given of excise taxes and rates effective January 1, 1991.


Rev. Proc. 90-57
Information reporting by successor corporations. Standard and alternative procedures are provided for information reporting on interest payments when one corporation acquires substantially all the assets and assumes substantially all the liabilities of another corporation.

Rev. Proc. 90-58
Application of federal tax deposits. The Service announces a change in the manner that federal tax deposits will be credited to the depositor's account for purposes of determining the applicability of the failure-to-deposit penalty.

Rev. Proc. 90-59
Mileage procedure. This procedure modifies and updates Rev. Proc. 89-66 by increasing the optional standard mileage rate for the business use of an automobile for 1991 from 26 cents a mile to 27.5 cents a mile, and provides rules for substantiation for expenditures for ordinary and necessary expenses of transportation whether or not traveling away from home.

Rev. Proc. 90-60
Per diem allowances. This procedure modifies and updates Rev. Proc. 89-67 by providing rules under which the amount of ordinary and necessary business expenses of an employee for lodging, meal, and/or incidental expenses incurred while away from home will be deemed substantiated. It also provides an optional method for employees and self-employed individuals to use in computing the deductible costs of business meal and incidental expenses paid or incurred while traveling away from home.

Rev. Proc. 90-61
Foreign tax credit; United Kingdom Advance Corporation Tax. This procedure amplifies and clarifies Rev. Proc. 80-18 with respect to the computation of the deemed paid foreign tax credit in the case of United Kingdom Advance Corporation Tax.

Rev. Proc. 90-62
Electronic filing; Form 1040. Participants in the electronic filing program for Form 1040, U. S. Individual Income Tax Return, are informed of their obligations to the Service, taxpayers, and other participants. Rev. Proc. 89-57 superseded.

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