Internal Revenue Bulletins  

December 27, 1994

Internal Revenue Bulletin No. 1994-52

There are no links to the official documents for the years 1989 through 1995. The information below can only be used as help for further research, as there is not enough information here to rely on for official guidance. For that you need to obtain a copy of the complete document.


Rev. Rul. 94-80
LIFO; price indexes; department stores. The October 1994 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, October 31, 1994.

T.D. 8570

Temporary and proposed regulations under section 401 of the Code relating to nonbank trustee net worth requirements.

T.D. 8571
Final regulations under section 6050H of the Code relating to reporting requirements for recipients of points paid on residential mortgages.

Announcement 94-144
A list is provided of organizations that no longer qualify as organizations to which contributions are deductible under section 170 of the Code.


Rev. Proc. 94-78
Employer-related grant and loan programs. This procedure sets forth a rounding convention that may be used in applying the percentage tests of section 4.08 of Rev. Proc. 76-47 and section 4.10 of Rev. Proc. 80-39 with respect to employer-related grant and loan programs. Rev. Procs. 76-47 and 80-39 amplified.


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 thirty-three cents for the quarter beginning January 1, 1995.


Rev. Rul. 94-81
Application of excise taxes to Indian tribal governments. Indian tribal governments have no inherent exemption from federal excise taxation, but section 7871 of the Code provides them with a limited exemption from certain excise taxes.


Rev. Proc. 94-48A
TAXLINK is an electronic remittance processing system that the Service uses to accept an electronically transmitted federal tax deposit. This procedure explains the types of federal tax deposits that can be made through TAXLINK, the payment options that are available, processing schedules, enrollment procedures, the role of Treasury's Financial Agents and the obligations of taxpayers and their financial institutions. Rev. Proc. 94-48 clarified, modified, and amplified.

Rev. Proc. 94-63A
Electronic filing; Form 1040. Participants in the 1995 electronic filing program for Form 1040, U.S. Individual Income Tax Return, are informed of their obligations to the Service, the taxpayers, and other participants. Rev. Proc. 94-63 modified and amplified.

Rev. Proc. 94-73
Optional standard mileage rates. This procedure announces that 30 cents is the optional rate for deducting or accounting for expenses for business use of an automobile for 1995, and provides rules for substantiating the deductible expenses of using an automobile for business, moving, medical, or charitable purposes. Rev. Proc. 93-51 superseded.

Rev. Proc. 94-75
Allocation of gain or loss to partners; nuclear decommissioning reserve funds. The Commissioner will not challenge the reverse section 704(c) allocations of a nuclear decommissioning reserve fund pooling arrangement if the guidelines set forth in this procedure are met.

Rev. Proc. 94-76
Areas in which advance rulings will not be issued; Associate Chief Counsel (Domestic). The Service will not issue advance rulings under section 368 or other provisions of the Code with respect to a transaction in which one corporation owns stock in a second corporation, the first corporation is not an "80 percent distributee" of the second corporation under section 337(c), and the two corporations are combined.

Rev. Proc. 94-3 amplified
Rev. Proc. 94-77

Per diem allowance This procedure provides rules under which the amount of ordinary and necessary business expenses of an employee for lodging, meals, and/or incidental expenses incurred while away from home will be deemed substantiated when a p or provides a reimbursement or other expense allowance to pay for such expenses. It also provides an optional method for employees and self-employed individuals to use in computing the deductible costs of business meal and incidental expense paid or incurred while traveling away from home. Rev. Proc. 93-50 superseded.

Rev. Proc. 94-79
Substitute forms; 1040-ES. Requirements are set forth for the reproduction, private design, and printing of substitute Form 1040-ES, Estimated Tax for Individuals, and the requirements for the acceptance of computer-generated Forms 1040-ES. It also discusses requirements for tax preparers to enter taxpayer identifying information. Rev. Proc. 88-55 superseded.



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