Internal Revenue Bulletins  

May 2, 1994

Internal Revenue Bulletin No. 1994-18

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Rev. Rul. 94-27
Certain cost-sharing payments under the Stewardship Incentive Program. The Stewardship Incentive Program (SIP) has been determined to be substantially similar to the type of program described in section 126(a)(1) through (8) so that section 126 improvements made in connection with small watersheds under SIP are within the scope of section 126(a)(9).

Rev. Rul. 94-29
Federal rates; adjusted federal rates; adjusted federal longterm 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 May 1994.

Notice 94-41
This notice provides clarification regarding at what level a retroactive election is made for partnerships with a section 754 election in effect. In addition, the notice clarifies the content of the written retroactive election statement.

Notice 94-46
This notice announces certain rules that will be incorporated into regulations under section 367(a) of the Code.

Notice 94-49
Amendments have been proposed to the consolidated return intercompany transaction system and related rules. This notice provides background information relating to the policy issues considered in developing the proposed amendments to the intercompany transaction rules. A preliminary hearing will be held on May 4, 1994, and a second hearing will be held on August 8, 1994.

Proposed regulations relating to the consolidated return intercompany transaction system and related rules.


Rev. Proc. 94-32
Change in accounting method. An automatic procedure is set forth under which accrual method taxpayers may obtain the Commissioner's consent to make or revoke an election to accrue ratably real property taxes under section 461(c) of the Code for their first taxable year beginning after December 3.1, 1992. Rev. Proc. 92-28 amplified.

Rev. Proc. 94-33
Section 6662(e) penalty. Guidance is provided regarding the rules that should be followed for taxable years ending after November 5, 1990, but beginning before January 1, 1994, in determining whether the penalties under sections 6662(e) and (h) apply.

Rev. Proc. 94-34
Substitute printed, computer-prepared, and computergenerated tax forms and schedules. Requirements are set forth for privately designed and printed federal tax return forms and the conditions under which the Service will accept computer-prepared and computergenerated tax forms and schedules. Rev. Proc. 92-21 superseded.

Announcement 91-60
The new revisions of Forms 5310-A, 5310, and 6088 will not be available until this summer. Taxpayers should continue to use the May 1991 version until the revised forms are available.

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