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. 97-32(PDF, 17K)
LIFO; price indexes; department stores. The June 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, June 30, 1997.
EMPLOYEE PLANS
Notice 97-45(PDF, 33K)
Highly compensated employee; definition. This notice sets forth the changes in determining who is a highly compensated employee within the meaning of section 414(q) of the Code as a result of section 1431 of the Small Business Job Protection Act of 1996.
Rev. Proc. 97-41(PDF, 41K)
Plan amendments; discretionary extension of the remedial amendment period. This procedure provides an extended remedial amendment period for certain qualified plans described in sections 401(a) and 403(a) of the Code and describes the time for making amendments to certain tax-sheltered annuities described in section 403(b).
ADMINISTRATIVE
Announcement 97-77(PDF, 8K)
This announces that the Internal Revenue Service will eliminate Form 4782, Employee Moving Expense Information, effective for tax year 1998.
Rev. Proc. 97-35(PDF, 29K)
Package design costs; methods of accounting. Three alternative methods of accounting for package design costs are provided: (1) the capitalization method; (2) the design-by-design and 60-month amortization method; and (3) the pool-of-cost and 48-month amortization method.
Rev. Proc. 97-36(PDF, 33K)
Last-in, first-out inventory method; methods of accounting. An alternative last-in, first-out (LIFO) inventory computation method of accounting is provided for taxpayers engaged in the trade or business of retail sales of new automobiles or new light-duty trucks.
Rev. Proc. 97-37(PDF, 134K)
Methods of accounting; automatic consent. Procedures are provided under which a taxpayer may obtain automatic consent of the Commissioner to change certain methods of accounting.
Rev. Proc. 97-38(PDF, 38K)
Warranty contracts, methods of accounting. Procedures are provided under which accrual method manufacturers, wholesalers, and retailers of motor vehicles or other durable consumer goods may, in certain specified and limited circumstances, include a portion of an advance payment related to the sale of a multi-year service warranty contract in gross income generally over the life of the service warranty obligation.
Rev. Proc. 97-39(PDF, 25K)
Original issue discount; methods of accounting. Taxpayers are allowed to use an aggregate method of accounting, termed the "principal-reduction" method, for de minimis original issue discount on certain loans originated by the taxpayer.
Rev. Proc. 97-40(PDF, 19K)
Late S corporation elections. If an S corporation election is filed late for a current taxable year, Rev. Proc. 97-40 provides a special procedure to permit taxpayers to request relief instead of applying for a private letter ruling.
Rev. Proc. 97-42(PDF, 11K)
Low-income housing tax credit. This procedure publishes the amounts of unused housing credit carryovers allocated to qualified states under section 42(h)(3)(D) of the Code for calendar year 1997.
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