Internal Revenue Bulletins  

December 21, 1998

Internal Revenue Bulletin No. 1998-51

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. 98-60(PDF, 36K)
REIT impermissible tenant service income. If a REIT receives impermissible tenant service income of one percent or less of its total income from a property, then only the impermissible tenant service income fails to qualify as rents from real property. If the impermissible tenant service income exceeds one percent, then all income derived by the REIT from that property fails to qualify as rents from real property.

Rev. Rul. 98-61(PDF, 32K)
Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning January 1, 1999, will be 7 percent for overpayment (6 percent in the case of a corporation), 7 percent for underpayments, and 9 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 is 4.5 percent.

Rev. Rul. 98-62(PDF, 30K)
LIFO; price indexes; department stores. The October 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, October 31, 1998.


Announcement 98-112(PDF, 28K)
A list is given of organizations now classified as private foundations.


Announcement 98-113(PDF, 16K)
The printed version of Announcement 98-106, 1998-48 I.R.B. 9, relating to changes to codes for Roth IRAs on Form 1 099-R, is corrected in its entirety.

Notice 98-61(PDF, 34K)
Innocent spouse equitable relief. Interim guidance is provided for taxpayers seeking equitable relief from federal tax liability under section 6015(0 or 66(c) of the Code.

Notice 98-62(PDF, 22K)
The Service has the option of serving a continuous levy under section 6331 (h) of the Code, although no levies have been served at this time. When such levies are served in the future, procedures will require that they be identified as section 6331 (h) levies.

Notice 98-63(PDF, 27K)
Return preparers; identifying numbers. Individual income tax return preparers are reminded that, until the Service implements a system of providing alternative identifying numbers, they must continue to provide their social security numbers on returns and claims for refund prepared by them to satisfy the identifying number requirement of section 6109 of the Code.

Rev. Proc. 98-60(PDF, 171K)
Methods of accounting; automatic consent. Procedures are provided under which a taxpayer may obtain automatic consent of the Commissioner to change certain methods of accounting.

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