Internal Revenue Bulletins  

December 31, 1990

Internal Revenue Bulletin No. 1990-53

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Announcement 90-145
A public hearing will be held on February 22, 1991, on proposed regulations relating to information with respect to certain foreign-owned corporations.


Rev. Rul. 90-111
Items of tax preference; appreciated property charitable deduction preference; carryover of excess contribution. A carryover of an excess charitable contribution of tangible personal property made in 1991 will not generate an item of tax preference under section 57(a)(6) of the Code in any succeeding taxable year to which the excess may be carried under the rules of section 170.

Rev. Rul. 90-112
U. S. property owned by a partnership. For purposes of section 956 of the Code, real property located in the U.S. and owned by a partnership in which a controlled foreign corporation (CFC) is a partner constitutes U.S. property held by the CFC.

T.D. 8321
Final regulations under section 1445 of the Code relate to withholding on distributions from publicly traded partnerships, publicly traded trusts, and real estate investment trusts.

T.D. 8322
Final regulations under sections 874 and 882 of the Code relate to untimely filing of income tax returns by nonresident alien individuals and foreign corporations.

Proposed regulations under section 108 of the Code relate to whether stock issued in exchange for indebtedness is nominal or token.

Proposed regulations under section 585 of the Code relate to the repeal of bad debt reserves for large banks.


Notice 90-75
Guidelines are set forth for determining, for November 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 90-146
A list is given of organizations now classified as private foundations.


Notice 90-74
Guidance is provided to employers concerning the withholding and reporting requirements regarding employee business reimbursements and allowances.

Railroad retirement; rate determination; quarterly.
The Railroad Retirement Board has determined that the rate of tax imposed by section 3221 of the Code shall be twenty-six cents for the quarter beginning January 1, 1991.


Rev. Proc. 90-63
Change in method of accounting; package design costs. This revenue procedure describes three alternative methods of accounting for package design costs, and it also provides the exclusive procedure for taxpayers to obtain consent from the Commissioner to change to each of those alternative methods. Rev. Procs. 89-16 and 89-17 revoked. Rev. Rul. 89-23 modified.

Rev. Proc. 90-64
Income tax cost-of-living adjustments. The Service provides cost-of-living adjustment factors and their application to the tax rate tables for individuals and for estates and trusts, standard deduction amounts, the personal exemption, and various other items.

Rev. Proc. 90-65
Foreign corporations; election under section 953(d). This revenue procedure provides an extension of time for certain foreign corporations to file an election under section 953(d) of the Code for the first taxable year of the corporation beginning after December 31, 1987. Notice 89-79 amplified.

Proposed regulations under sections 6038A and 6038C of the Code relate to information which must be reported and records that must be maintained by certain foreign-owned corporations.

Announcement 90-142
The Service announces changes to the cash transaction reporting requirements made by the Revenue Reconciliation Act of 1990.

Announcement 90-143
Errors in Publication 225, Farmer's Tax Guide, are corrected.

Announcement 90-144
An issue is addressed relating to a change in method of accounting for deferred compensation required by Rev. Rul. 90-105 for returns filed after December 7, 1990, the release date of Rev. Rul. 90-105.

Announcement 90-144A
This announcement modifies Announcement 90-144 in this Bulletin.



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