Internal Revenue Bulletins  

June 16, 1997

Internal Revenue Bulletin No. 1997-24

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. 97-26(PDF, 42K)
LIFO; price indexes; department stores. The April 1997 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, April 30, 1997.

T.D. 8717(PDF, 37K)
Final regulations under section 708 of the Code relate to the termination of a partnership upon the sale or exchange of 50 percent or more of the total interest in partnership capital and profits within a 12-month period.

EMPLOYEE PLANS

Rev. Proc. 97-29(PDF, 28K)
SIMPLE IRAs; prototypes; amendments. This procedure describes model amendments for SIMPLE IRAs; guidance to drafters of prototype SIMPLE IRAs on obtaining opinion letters; permissive amendments to sponsors of non-SIMPLE IRAs; the opening of a prototype program for SIMPLE IRA Plans; and transitional relief for users of SIMPLE IRAs and SIMPLE IRA Plans that have not been approved by the Service.

EXEMPT ORGANIZATIONS

Announcement 97-58(PDF, 16K)
A list is given of organizations now classified as private foundations.

ADMINISTRATIVE

Announcement 97-59(PDF, 15K)
T.D. 8719, 1997-23 I.R.B. 4, relating to the procedure for requesting a change in accounting method and the standards for granting an extension of time to request a change in accounting method, is corrected.

Announcement 97-60(PDF, 6K)
Payors are permitted to include the telephone number in any conspicuous place on substitute Forms 1099, 1098, 5498, and W-2G.

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