Internal Revenue Bulletins  

April 13, 1998

Internal Revenue Bulletin No. 1998-15

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.


T.D. 8764(PDF, 28K)
REG-102144-98(PDF, 21K)
Temporary and proposed regulations under sections 925 and 927 of the Code provide guidance to taxpayers who have made an election to be treated as a foreign sales corporation (FSC). A public hearing on the proposed regulations will be held on June 24, 1998.

Rev. Rul. 98-19(PDF, 15K)
Relocation payments; Housing and Community Development Act. A relocation payment, authorized by section 105(a)(1 1) of the Housing and Community Development Act and funded under the 1997 Emergency Supplemental Appropriations-Act for Recovery From Natural Disasters, made by a local jurisdiction to an individual moving from a flood-damaged residence to another residence, is not includible in the individual's gross income.

Rev. Rul. 98-20(PDF, 19K)
LIFO; price indexes; department stores. The February 1998 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, February 28, 1998.

T.D. 8763(PDF, 29K)
Final regulations under section 166 of the Code deem a charge-off and allow a deduction for a partially worthless debt when the terms of a debt instrument have been modified.


Announcement 98-28(PDF, 23K)
A list is given of organizations now classified as private foundations.


Announcement 98-27(PDF, 16K)
The Service announces that Forms W-9 and W-9S can be filed electronically.

Notice 98-16(PDF, 25K)
This notice announces that the Service will amend the effective date of the section 1441 withholding regulations to apply to payments made after December 31, 1999.

Notice 98-21(PDF, 15K)
Extension of the effective date of the Classification Settlement Program. The Service is extending the Classification Settlement Program or "CSP" until further notice.

T.D. 8760(PDF, 61K)
T.D. 8761(PDF, 31K)
REG-209322-82(PDF, 37K)
Proposed regulations under sections 6031 and 6063 of the Code revise the partnership filing requirement to reflect changes to the law made by the Taxpayer Relief Act of 1997 (TRA). LR-198-82, 1986-1 C.B. 778 is withdrawn. A public hearing will be held on May 19, 1998.

Rev. Proc. 98-27(PDF, 50K)
This procedure provides guidance to foreign financial institutions that desire to enter into a withholding agreement with the Service in order to be treated as qualified intermediaries under new section 1. 1441 -1 (e)(5) of the Income Tax Regulations. It describes the application procedures for becoming a qualified intermediary and the terms that the Service will ordinarily require in a withholding agreement.

Rev. Proc. 98-28(PDF, 20K)
Qualified mortgage bonds; mortgage credit certificates; national median gross income. Guidance is provided concerning the use of the national and area median gross income figures by issuers of qualified mortgage bonds and mortgage credit certificates in determining the housing cost/income ratio described in section 143(f)(5) of the Code. Rev. Proc. 97-26 is obsolete except as provided in section 5.02 of this revenue procedure.

Rev. Proc. 98-29(PDF, 24K)
Inventory shrinkage estimates. Guidance, including a "retail safe harbor method," is provided for a taxpayer that wants to change to a method of accounting for estimating inventory "shrinkage" in computing ending inventory.

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