Internal Revenue Bulletins  

December 16, 1996

Internal Revenue Bulletin No. 1996-51

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. 96-60(PDF, 36K)
LIFO; price indexes; department stores. The October 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, October 31, 1996.

EMPLOYEE PLANS

Notice 96-63(PDF, 19K)
Notice requesting comments on proposed guidance relating to section 457 plans. This notice invites public comment on possible changes to procedures relating to requests for private letter rulings under section 457 of the Code.

Notice 96-64(PDF, 39K)
Qualified retirement plans; effective dates; governments and tax-exempt organizations. The effective dates of certain nondiscrimination regulations for plans maintained by governments and tax-exempt organizations, is being extended. In addition, guidance on several related tax matters, including application of the aggregation rules under section 414(b) and (c) for such plans, is provided.

Rev. Proc. 96-56(PDF, 15K)
Section 457 "No Rule" revenue procedure. This procedure provides that the Office of Associate Chief Counsel (Employee Benefits and Exempt Organizations) will not issue advance ruling letters on the tax effect of the provisions of the Small Business Job Protection Act (P. L. 104-188), affecting plans described in section 457 of the Code. Rev. Proc. 96-3 amplified.

EXEMPT ORGANIZATIONS

Announcement 96-123(PDF, 13K)
A list is given of organizations now classified as private foundations.

Announcement 96-128(PDF, 11K)
A list is provided of organizations that no longer qualify as organizations to which contributions are deductible under section 170 of the Code.

ADMINISTRATIVE

Announcement 96-129(PDF, 9K)
The 1996 update of Publication 938, Real Estate Mortgage Investment Conduits (REMICs) Reporting Information (And Other Collateralized Debt Obligations (CDOs)), is now available on the IRS Electronic Bulletin Board (IRP-BBS).

Notice 96-53(PDF, 31K)
Medical savings accounts. This notice provides certain basic information about medical savings accounts. It does not attempt to cover all of the specific rules that apply.

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