Internal Revenue Bulletins  

April 27, 1998

Internal Revenue Bulletin No. 1998-17

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.


REG-209682-94(PDF, 109K)
Proposed regulations under sections 743, 755, and 1017 of the Code provide guidance to partnerships and their partners concerning the optional adjustments to the basis of partnership property, the allocation of basis adjustments among partnership assets, and the computation of a partner's share of the adjusted basis of depreciable partnership property.

Rev. Proc. 98-30(PDF, 33K)
Automobile owners and lessees. This procedure provides owners and lessees of passenger automobiles (including electric automobiles) with tables detailing the limitations on depreciation deductions for automobiles first placed in service during calendar year 1998 and the amounts to be included in income for automobiles first leased during calendar year 1998. In addition, this revenue procedure provides the maximum allowable value of employer-provided automobiles first made available to employees for personal use in calendar year 1998 for which the vehicle cents-per-mile valuation rule provided under section 1.61-21(e) of the Income Tax Regulations may be applicable.


Notice 98-24(PDF, 20K)
Qualified plans; net unrealized appreciation; capital gains. This notice describes the holding period to be used for determining the capital gains tax treatment of net unrealized appreciation in the distribution of employer securities from a qualified plan as a result of section 311 of the Taxpayer Relief Act of 1997, Pub. L. No. 105-34.


Announcement 98-33(PDF, 14K)
A list is provided of organizations that no longer qualify as organizations to which contributions are deductible under section 170 of the Code.

Announcement 98-34(PDF, 22K)
A list is given of organizations now classified as private foundations.


Announcement 98-30(PDF, 16K)
The penalty under section 6677 of the Code will not be imposed on a U.S. owner of a foreign trust for failure to timely file if the foreign trust files Form 3520-A and furnishes the required statements to the U.S. owners and U.S. beneficiaries in accordance with this announcement.

Announcement 98-32(PDF, 13K)
This announcement withdraws the notice issued under section 7428(c) of the Code in Internal Revenue Bulletin 1997-52, dated December 29, 1997, with respect to the organization At Cost Services, Inc.

Announcement 98-35(PDF, 14K)
An updated edition of Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities (revised March 1998), is now available.

Notice 98-22(PDF, 15K)
This notice announces that shareholders of passive foreign investment companies may apply the rules of section 1. 1295-1 T(b)(4), (0, and (g) of the Income Tax Regulations to taxable years beginning before January 1, 1998.

Rev. Proc. 98-32(PDF, 50K)
Information is provided about the Electronic Federal Tax Payment System (EFTPS) programs for Batch Filers and Bulk Filers (Filers). EFTPS is an electronic remittance processing system for making federal tax deposits (FTDs) and federal tax payments (FTPs). The Batch Filer and Bulk Filer programs are used by Filers for electronically submitting enrollments, FTDs, and FTPs on behalf of multiple taxpayers.

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