Internal Revenue Bulletins  

March 16, 1998

Internal Revenue Bulletin No. 1998-11

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.


Rev. Rul. 98-13(PDF, 14K)
Low-income housing credit; satisfactory bond; "bond factor" amounts for the period January through March 1998. This ruling announces the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period January through March 1998.

Rev. Rul. 98-14(PDF, 15K)
Fringe benefits aircraft valuation formula. For purposes of section 1.61-21 (g) of the Income Tax Regulations, relating to the rule for valuing noncommercial flights on aircraft, the Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charge in effect for the first half of 1998 are set forth.


REG-209485-86(PDF, 36K)
Proposed regulations under section 4980B of the Code provide guidance on certain changes made by the Health Insurance Portability and Accountability Act of 1996, the Omnibus Budget Reconciliation Act of 1989, and the Technical and Miscellaneous Revenue Act of 1988 relating to the continuation coverage requirements applicable to group health plans.


Announcement 98-21(PDF, 15K)
A list is given of organizations now classified as private foundations.


REG-104691-97(PDF, 40K)
Proposed regulations under section 6053 of the Code permit employers to establish electronic systems for their tipped employees to use to report tips to the employer.


PS-158-86(PDF, 15K)
Proposed regulation under section 4611 of Code relating to the petroleum tax imposed on natural gasoline is withdrawn.


Announcement 98-20(PDF, 14K)
This announcement informs all payers/transmitters, who file information returns magnetically or electronically with the IRS Martinsburg Computing Center, of a change in the record format for tax year 1998 returns filed in calendar year 1999.

Notice 98-17(PDF, 22K)
This notice provides simplified rules under section 6038B of the Code, as amended by the Taxpayer Relief Act of 1997, on how U.S. persons should report transfers of property to foreign partnerships made between August 5, 1997, and January 1, 1998. Taxpayers may also apply the simplified rules of this notice to transfers to foreign partnerships made after August 20, 1996, and subject to the reporting requirements of section 1494(c) of the Code, so that the penalties under that section will not apply.

REG-209276-87(PDF, 32K)
Proposed regulations under section 6404 of the Code relate to the abatement of interest attributable to unreasonable errors or delays by an officer or employee of the IRS in performing a ministerial or managerial act.

Rev. Proc. 98-25(PDF, 37K)
Books and records; automatic data processing system. This procedure specifies the basic requirements that the Service considers to be essential in cases where a taxpayer's records are maintained within an Automatic Data Processing (ADP) system. Rev. Proc. 91-59 updated and superseded.

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