Internal Revenue Bulletins  

October 17, 1994

Internal Revenue Bulletin No. 1994-42

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Rev. Rul. 94-65
Federal income taxation of corporations organized by Indian tribes under section 3 of the Oklahoma Welfare Act. A tribal corporation organized under section 3 of the Oklahoma Welfare Act is not subject to federal income tax on income earned in the conduct of commercial business on or off the tribe's reservation. Relief under section 7805(b) of the Code will be granted in appropriate circumstances. Rev. Rul. 94-16 amplified.

Rev. Rul. 94-66
Fringe benefits aircraft valuation formula. For purposes of section 1.61-21(g) of the regulations, relating to the rule for valuing non-commercial flights on employer-provided aircraft, the Standard Industry Fare Level (SIFL), cents-per-mile rates and terminal charges in effect for 1994 are set forth. Rev. Rul. 94-17 modified.

Notice 94-94
The Service grants relief to taxpayers who, as a result of the devastation caused by the earthquake in the California counties of Los Angeles, Ventura, and Orange, designated as disaster areas by the President on January 17, 1994, are unable to comply with certain requirements of the low-income housing credit under section 42 of the Code.

Notice 94-95
Countries that require participation in, or cooperation with, an international boycott are listed. Bulletin No. 1994-42 October 17, 1994

T.D. 8562
Final regulations under section 174 of the Code relate to research and experimental expenditures.

T.D. 8563
Final regulations under section 42 of the Code relate to state housing credit ceiling and other rules relating to low-income housing credit.

T.D. 8564
Final regulations under section 809 of the Code relate to computation of equity base.


Rev. Proc. 94-66
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 ration described in section 143(fl(5) of the Code. Rev. Proc. 94-21 is obsolete except as provided in section 5.02 of this procedure.

Proposed regulations under section 6867 of the Code regarding the presumptions that arise where the owner of a large amount of cash or its equivalent is not identified.

Announcement 94-122
A draft of "Tax Guide for Churches and Other Religious Organizations" is available.

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