Internal Revenue Bulletins  

June 01, 1998

Internal Revenue Bulletin No. 1998-22

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. 98-27(PDF, 20K)
Spin-off of subsidiary, followed by its merger with unrelated corporation. Based on the enactment of section 1012 of the Taxpayer Relief Act of 1997, the Service will not apply Court Holding (or any formulation of the step transaction-doctrine) to determine whether the distributed corporation was a controlled corporation immediately before the distribution under section 355(a) solely because of any post distribution acquisition or restructuring of the distributed corporation, whether prearranged or not. Rev. Ruls. 96-30 and 75-406 obsoleted. Rev. Rul. 70-225 modified.

Rev. Rul. 98-28(PDF, 16K)
Federal rates; adjusted federal rates; adjusted federal long-term rate, and the long-term exempt rate. For purposes of sections 1274, 1288, 382, and other sections of the Code, tables set forth the rates for June 1998.


Notice 98-29(PDF, 22K)
Qualified plans; plan amendments. The Service is requesting comments from the public regarding several approaches under which exceptions under section 411 (d)(6) of the Code for certain optional forms of benefit could be provided for defined contribution plans. The Service also requests comments regarding possible section 411 (d)(6) relief for defined benefit plans.

Notice 98-32(PDF, 9K)
Weighted average interest rate update. Guidelines are set forth for determining for May 1998, the weighted average interest rate and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code as amended by the Omnibus Budget Reconciliation Act of 1987 and by the Uruguay Round Agreements Act (GATT).


Announcement 98-44(PDF, 21K)
A list is given of organizations now classified as private foundations.


Notice 98-30(PDF, 20K)
Electronic funds transfer; failure to deposit penalty. This notice provides guidance relating to the waiver of the failure to deposit penalty under section 6656 of the Code for certain taxpayers first required to make federal tax deposits by electronic funds transfer beginning on or after July 1, 1997.

Notice 98-31(PDF, 15K)
Methods of accounting; involuntary changes. The Service is requesting comments on a proposed revenue procedure that, when finalized, will provide the procedures under sections 446(b) of the Code and section 1.446-1(b) of the regulations for changes in method of accounting initiated by the Service, and the procedures that the Service will use for accounting method issues raised and resolved by the Service on a nonaccounting-method-change basis.

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