Internal Revenue Bulletins  

November 16, 1998

Internal Revenue Bulletin No. 1998-46

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. 98-54(PDF, 18K)
LIFO; price indexes; department stores. The September 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, September 30, 1998.

T.D. 8787(PDF, 55K)
Final and temporary regulations provide ordering rules for the reduction of basis of property under sections 108 and 1017 of the Code.


Notice 98-52(PDF, 57K)
Nondiscriminatory safe harbors; ADP test; ACID test. This notice provides guidance on the safe harbor methods contained in sections 401 (k)(1 2) and 401 (m)(1 1) of the Code for satisfying the nondiscrimination tests contained in sections 401 (k) and 401 (m) for plan years beginning after December 31, 1998.

Notice 98-53(PDF, 21K)
Retirement plans; 1999 section 415(d) limitations. Cost-of-living adjustments effective January 1, 1999, applicable to the dollar limits on benefits under qualified defined benefit pension plans and to other provisions affecting (1) certain plans of deferred compensation and (2) "control employees" are set forth.

Rev. Rul. 98-53(PDF, 22K)
Covered compensation tables; 1999. The covered compensation tables for the 1999 calendar year for determining contributions to defined benefit plans and permitted disparity are set forth.


Announcement 98-99(PDF, 41K)
Test of mediation procedure for appeals. Appeals is conducting an additional two-year test of its mediation procedure. This announcement contains the procedures that taxpayers may use to request mediation for certain issues that are in the Appeals administrative process and that are not docketed in any court.

Announcement 98-100(PDF, 11K)
The Service announces that in order to fully consider comments received in response to draft training materials on the application of section 119 of the Code to the hospitality industry, it will not release final training materials by October 31, 1998. The Service confirms that taxpayers will have until 30 days after the final materials are issued to indicate interest in accepting the related settlement initiative, and the Service responds to a question about the terms of the settlement initiative.

Notice 98-54(PDF, 22K)
Information reporting; qualified student loan interest. Taxpayers are informed that the Service and Treasury are extending the application 07, 1998-3 I.R.B. 54, to information reporting required under section 6050S of the Code for 1999. Further, no reporting is required with respect to "mixed use" loans.

Notice 98-55(PDF, 24K)
Qualified offer rule. Public comment is requested on several issues raised by the recently enacted qualified offer rule regarding the award of reasonable administrative and litigation costs to a taxpayer in connection with an administrative or court proceeding.

Rev. Proc. 98-55(PDF, 38K)
Late election relief for S corporations. If an S election or other related election is filed after the due date for the desired effective date of that election, special procedures permit taxpayers meeting the eligibility requirements outlined in this revenue procedure to request relief through the service center instead of applying for a private letter ruling. This revenue procedure extends the special procedure for late S corporation elections described in Rev. Procs. 97-40 from 6 months to 12 months (but in no event to later than the unextended due date of the tax return for the first year the corporation intended to be an S corporation), provides similar relief for certain QSub elections, and extends the application of Rev. Procs. 94-23 to ESBT elections. Rev. Procs. 94-23 and 97-40 amplified and superseded.

Rev. Proc. 98-56(PDF, 14K)
Section 1374 no-rule. This procedure amplifies the "No Rule" revenue procedure, Rev. Proc. 98-3, 1998-1 I.R.B. 100, to include certain issues arising in the timber, coal, and domestic iron ore industries under sections 631 and 1374 of the Code.

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