Internal Revenue Bulletins  

March 18, 1991

Internal Revenue Bulletin No. 1991-11

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Rev. Rul. 91-20
Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning April 1, 1991, will be 9 percent for overpayments, 10 percent for underpayments, and 12 percent for large corporate underpayments.

Rev. Rul. 91-21
Creditable taxes paid to Brazil. Guidance for determining the amount of income tax paid to Brazil prior to March 1986 for purposes of the direct credit under section 901 of the Code or the deemed paid credit under section 902 is provided.

Notice 91-10
Guidance is provided regarding effective dates for certain rules in the proposed regulations under section 461(h) of the Code, which treat payment as economic performance for certain liabilities and which allow the adoption of the recurring item exception.

Announcement 91-44
A list is provided of organizations that no longer qualify as organizations contributions to which are deductible under section 170 of the Code.


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


Rev. Proc. 91-21
Insurance companies; discounting unpaid losses claims-made basis. Guidance is provided to insurance companies regarding an election to apply "Composite Schedule P" discount factors to unpaid losses on claims-made medical malpractice and similar liability business for purposes of discounting unpaid losses under section 846 of the Code.

Rev. Proc. 91-22
Advance pricing agreement. This procedure tells how to secure an advance pricing agreement from the Office of the Associate Chief Counsel (International) covering the prospective determination and application of transfer pricing methodologies for certain international transactions of foreign or domestic taxpayers. Rev. Proc. 90-17 supplemented; Rev. Proc. 91-23 amplified.

Rev. Proc. 91-23
Competent authority. Procedures are set forth concerning requests for assistance of the U.S. competent authority in resolving instances of taxation in contravention of the provisions of an income, estate or gift tax treaty to which the U.S. is a party. Rev. Procs. 77-16 and 82-89 superseded; Rev. Procs. 65-17, 65-17 Amendment I, 65-17 Amendment II, 70-23, 71-35, 72-48, and 72-53 modified; Rev. Ruls. 72-437, 76-508, and 82-80 modified.

Rev. Proc. 91-24
Rev. Proc. 65-17 relief. This procedure provides that where the allocation issue under section 482 of the Code involves a country with which the U.S. has an income tax treaty in force which has a mutual agreement procedure article, Rev. Proc. 65-17 relief is available only in conjunction with a request for competent authority assistance made pursuant to Rev. Proc. 91-23, Rev. Proc. 65-17, and Rev. Rul. 82-80 modified.

Del. Order 113
This order is revised to redelegate authority to sign exempt organizations adverse, modification or revocation determination letters to Chief, technical/Review Staff.

Announcement 91-37
The "differential earnings rate" under section 809 of the Code is tentatively determined for taxable year 1990 together with the "recomputed differential earnings rate" for 1989.

Announcement 91-38
The Service changed its position on the taxation of interest on dividends left on deposit with the Department of Veterans Affairs. The 1990 publications regarding this position are corrected.

Announcement 91-39
Errors in Publication 17, Your Federal Income Tax, and in Publication 525, Taxable and Nontaxable Income, are corrected as follows:

Publication 17, Your federal Income Tax, and Publication 525, Taxable and Nontaxable Income, contain a table, based on age, used to figure the cost of employer-provided group term life insurance coverage in excess of $50,000. This table is found on page 42 of Publication 17 (1990 edition) and on page 7 of Publication 525 (1990 edition). It is illustrated under Reg. 1.79-3(d)(2) and stops at age 60 and older. This table is incomplete.

Temporary Reg. 1.79-3T added a new table, effective for tax years beginning after December 31, 1988. This new table shows two additional age brackets with a different dollar amount for each bracket. A taxpayer who is 65 or older could report an incorrect amount by use of the obsolete table in Publication 17 or Publication 525. These taxpayers can find the correct cost of excess group term life insurance coverage to include in income by using the following excerpt from the correct table:

        Age                                Cost
        60 through 64 ....................$1.17
        65 through 69 ....................$2.10
        70 and over ......................$3.76

Announcement 91-40
Errors in Publication 505, Tax Withholding and Estimated Tax, are corrected.

Announcement 91-41
Publication 924, Reporting of Real Estate Transactions to IRS, is now available.

Announcement 91-42
Publication 1542, Per Diem Rates (For Travel Within Continental United States), will soon be available.

Announcement 91-43
Guidance is provided for computation of the income tax deduction for the generation-skipping transfer (GST) tax paid by beneficiaries of GST trusts.

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