Internal Revenue Bulletins  

May 11, 1998

Internal Revenue Bulletin No. 1998-19

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. 98-25(PDF, 21K)
Business expenses; storage tanks. Under the circumstances described in this revenue ruling, the costs incurred to replace underground storage tanks containing waste byproducts (including the cost of removing, cleaning, and disposing of the old tanks, and acquiring, installing, and filling the new tanks) are deductible as ordinary and necessary business expenses under section 162 of the Code.


Announcement 98-38(PDF, 13K)
Notice of proposed rulemaking (REG-209476-82, 1998-8 I.R.B. 36) under section 72(p) of the Code, relating to loans made from a qualified employer plan to plan participants or beneficiaries, is corrected.


Rev. Rul. 98-22(PDF, 17K)
Special use value; farms; interest rates. The 1998 interest rates to be used in computing the special use value of farm real property for which an election is made under section 2032A of the Code are listed for estates of decedents.


Announcement 98-37(PDF, 24K)
A list is given of organizations now classified as private foundations.


Rev. Rul. 98-24(PDF, 16K)
Exemption from certain federal excise taxes for consular officers and employees. If consular officers and employees and members of their families forming part of their households purchase from the manufacturer an article otherwise subject to a federal excise tax on sales by manufacturers, or purchase from a retailer an article otherwise subject to a federal excise tax on sales by retailers, the transaction will not be taxed. Rev. Rul. 73-198 modified and Rev. Rul. 68-352 obsoleted.


Notice 98-28(PDF, 17K)
Credit for producing fuel from a nonconventional source, Code section 29 inflation adjustment factor and reference price. This notice publishes the Code section 29 inflation adjustment factor, the nonconventional source fuel credit, and the section 29 reference price for calendar year 1997. These data are used to determine the credit allowable on fuel produced from a nonconventional source.

Rev. Proc. 98-33(PDF, 61K)
General rules and specifications for private printing of Forms W-2 and W-3. Specifications are set forth for the private printing of paper substitutes for tax year 1998 Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements. Rev. Procs. 97-24 and 97-24A superseded.

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