Links to Official IRS Bulletin Documents listed below are in the Adobe Acrobat PDF Format, and require the appropriate Acrobat Reader to view and/or print.
INCOME TAX
Rev. Rul. 96-17(PDF, 17K)
Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning April 1, 1996, is 7 percent for overpayments, 8 percent for underpayments, and 10 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 is 5.5 percent.
Rev. Rul. 96-18(PDF, 15K)
LIFO; price indexes; department stores. The January 1996 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, January 31, 1996.
T.D. 8656(PDF, 92K)
Final and temporary regulations under section 6662(e) of the Code provide guidance on the imposition of the accuracy-related penalty for net section 482 transfer price adjustments.
EMPLOYEE PLANS
Notice 96-16(PDF, 8K)
Guidelines are set forth for determining for March 1996, the weighted average interest rate and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code as amended by the Omnibus Budget Reconciliation Act of 1987 and by the Uruguay Round Agreements Act (GATT).
EXEMPT ORGANIZATIONS
Announcement 96-17(PDF, 12K)
A list is provided of organizations that no longer qualify as organizations to which contributions are deductible under section 170 of the Code.
EXCISE TAX
Announcement 96-15(PDF, 9K)
If the criteria described in a proposed class exemption issued by the Department of Labor are met, the Service will not impose the excise taxes on prohibited transactions described in section 4975 of the Code.
ADMINISTRATIVE
Announcement 96-16(PDF, 5K)
This announcement clarifies the purposes and functions of the Transfer Pricing Penalty Oversight Committee, established to monitor and gather information on the application of transfer pricing penalties under section 6662(e) of the Internal Revenue Code.
Notice 96-15(PDF, 15K)
The "differential earnings rate" under section 809 is tentatively determined for 1995 together with the "recomputed differential earnings rate" for 1994.
Notice 96-17(PDF, 12K)
T.D. 8642, 1996-7 I.R.B. 4, relating to the recognition of gain or loss on certain distributions of contributed property by a partnership, and to the recognition of gain on certain distributions to a contributing partner, is corrected.
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