Internal Revenue Bulletins  

February 22, 1994

Internal Revenue Bulletin No. 1994-8

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Rev. Rul. 94-12
Incidental repairs as business expenses. The Supreme Court's decision in Indopco, Inc. v. Commissioner, - U.S. -, 112 S.Ct. 1039 (1992), does not affect the treatment of incidental repair costs as business expenses which are generally deductible under section 162 of the Code.

Rev. Rul. 94-13
LIFO; price indexes; department stores. The November 1993 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, November 30, 1993.

Notice 94-16
This notice advises Puerto Rico, the Virgin Islands, Guam, American Samoa, Palau, and the Northern Mariana Islands (the Possessions) of the population figures to use for purposes of determining the 1994 and subsequent calendar year state housing credit ceiling under section 42(h)(3)(C)(i) and private activity bond volume cap under section 146.

Announcement 94-26
A list of organizations is provided that no longer qualify as organizations, contributions to which are deductible under section 170 of the Code.


Rev. Proc. 94-20
Mortgage revenue bonds; mortgage credit certificates; average annual mortgage originations. A list is set forth of the average annual aggregate principal amount of mortgages executed during the years 1989, 1990, 1991 for each state, the District of Columbia, Guam, Puerto Rico, and the Virgin Islands to assist issuers of mortgage revenue bonds and mortgage credit certificates in determining whether the required portion of loans are made available in targeted areas as described in section 143(h) of the Code. Rev. Proc. 92-45 is obsolete except as provided in section 5.02 of this procedure.

Rev. Proc. 94-21
Qualified mortgage bonds; mortgage credit certificates; national median gross income. Guidance is provided concerning the use of the national and area median gross income figures by issuers of qualified mortgage bonds and mortgage credit certificates in determining the housing cost/income ratio described in section 143(f)(5) of the Code. Rev. Proc. 92-61 is obsolete except as provided in section 5.02 of this procedure.

Notice 94-17
Proposed regulations (INTL-21-91, 1993-1 C.B. 846) under section 6662 of the Code relating to the imposition of accuracy-related penalties are withdrawn.

Treas. Dept. Order 150-02
Establishment of certain offices within the National Office of the Internal Revenue Service. Titles and functions of personnel associated with the Office of the Commissioner are outlined under existing reorganization plans.

Del. Order 11 (Rev. 23)
This order allows the authority to accept, reject, or acknowledge withdrawal of offers in compromise to specific service center, compliance center, and district office officials. Del. Order 11 (Rev. 22) superseded.

Announcement 94-27
The size of box 20, Local wages, tips, etc., has been increased on the 1994 Form W-2, Wage and Tax Statement, and the size of box 19, Locality name, has been decreased.

Announcement 94-28
Errors in the 1993 instructions for Form 6251, Alternative Minimum Tax-Individuals, Schedule H of Form 1041, U.S. Fiduciary Income Tax Return, and Form 4626, Alternative Minimum Tax-Corporations, are corrected.

Announcement 94-29
T.D. 8498, 1993-40 I.R.B. 5, relating to floor stocks taxes on gasoline, diesel fuel, and aviation fuel, is corrected.

Announcement 94-30
EE-61-93, 1994-4 I.R.B. 24, relating to disallowance of deductions for employee remuneration in excess of $1,000,000, is corrected.

Announcement 94-31
The Service announces the 1120-A/PC Format Return pilot program to be processed through the Brookhaven Service Center.

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