Internal Revenue Bulletins  

March 4, 1991

Internal Revenue Bulletin No. 1991-9

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Announcement 91-29
A public hearing will be held on May 16, 1991 on proposed regulations relating to qualified separate lines of business and the definition of a highly compensated employee.


Rev. Rul. 91-14
Interest; dividends; Veterans Affairs; exclusion. Interest earned on dividends left on deposit with the Department of Veterans Affairs is not subject to federal income taxation, pending reconsideration by the Service. Rev. Rul. 57-441 revoked; Rev. Rul. 71-306 revoked as to the interest income portion only; Rev. Rul. 72-604 modified by deleting from it all references to Rev. Rul. 71-306.

Rev. Rul. 91-15
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 March 1991.

Rev. Rul. 91-16
LIFO; price indexes; department stores. The December 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, December 31, 1990.


Temporary and proposed regulations under section 414 of the Code relate to the definition of the term "highly compensated employee."

Proposed regulations under sections 401, 410, and 414 of the Code relate to qualified separate line of business requirements for qualified plans.

Announcement 91-32
Various areas of the States of Alabama, Indiana, Kentucky, Mississippi, and Tennessee, and the Territory of Guam, and the Federated States of Micronesia, have been declared disaster areas in which losses qualify for the special tax treatment under section 165(i) of the Code.


Rev. Rul. 91-17
Reporting requirements for failed life insurance contracts. If a contract fails to meet the definition of a life insurance or endowment contract under section 7702(a) of the Code or a variable contract does not satisfy the diversification requirement set forth in regulations under section 817(h), then the income on such a contract is a nonperiodic distribution within the meaning of section 3405(d)(3). The income deemed received by the policyholders under section 7702(g) and (h) is subject to the recordkeeping, reporting, withholding, and deposit requirements applicable to nonperiodic distributions.


Rev. Proc. 91-18
Individual retirement arrangements; compensation. The amount properly shown in box 10, From W-2, less any amount properly shown in box 14 (nonqualified plans) [Box 16 for 1991 or similar designation in future years] will satisfy the definition of compensation for purposes of contributing to an Individual Retirement Arrangement (IRA).

Notice 91-8
Guidelines are set forth for determining, for February 1991, 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 4129(c)(7) of the Code as amended by the Omnibus Budget Reconciliation Act of 1987.

Announcement 91-30
Correction to Publication 910, Guide to Free Tax Services. The publication has an error on page 25. Under the section "Avoid These Common Errors," item number 5 explains that a common error is "omitting or making an incorrect entry for standard deduction amount." The next sentence should read: "-If you do not itemize deductions, choose the correct standard deduction amount that applies to you from the standard deduction charts in your tax forms instruction booklet."

Announcement 91-31
Revised instructions regarding statutory employee income for 1990 Schedule SE (Form 1040), Social Security Self-Employment Tax. The instructions for Schedule SE (1040) under the heading "Statutory employee income" direct statutory employees (e.g., full-time life insurance salespersons, certain agent or commission drivers, etc.) to include their statutory employee income from line 1 of their Schedule C on line 6 of Short Schedule SE or line 6a of Long Schedule SE, whichever applies to them. The instructions do not cover the situation where social security wages and tips from the From W-2 received as a statutory employee are higher than the amount on line 1 of Schedule C. Statutory employees who fall into that situation should include the higher amount from their W-2 on line 6 or 6a of their Schedule SE and not the amount from line 1 of Schedule C.

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