Internal Revenue Bulletins  

December 28, 1998

Internal Revenue Bulletin No. 1998-52

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. 98-58(PDF, 24K)
Section 1274A inflation-adjusted numbers for 1999. This ruling provides the dollar amounts, increased by the 1999 inflation-adjustment, for section 1274A of the Code. Rev. Rul. 97-56 supplemented and superseded.

Rev. Rul. 98-59(PDF, 15K)
CPI adjustment for below-market loans for 1999. The amount that section 7872(g) of the Code permits a taxpayer to lend to a qualified continuing care facility without incurring imputed interest is published and adjusted for inflation for years 1987 -1999. Rev. Rul. 97-57 supplemented and superseded.


Notice 98-64(PDF, 14K)
Weighted average interest rate update. The weighted average interest rate for December 1998 and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 41 2(c)(7) of the Code are set forth.


Announcement 98-114(PDF, 12K)
A list is provided of organizations that no longer qualify as organizations to which contributions are deductible under section 170 of the Code.


Social Security(PDF, 8K)
1999 social security contribution and benefit base; domestic employee coverage threshold. The Commissioner of the Social Security Administration has announced the OASDI contribution and benefit base paid in 1999, the self-employment income earned in taxable years beginning in 1999, and the domestic employee coverage amount for 1999.


Notice 98-65(PDF, 34K)
Advance Pricing Agreements. Special procedures for small business taxpayers to obtain Advance Pricing Agreements are finalized. Rev. Proc. 96-53 modified.

Notice 98-66(PDF, 17K)
Qualified Funeral Trusts. This notice provides information and guidance on amendments make by the Internal Revenue Service Restructuring and Reform Act of 1998 to the Qualified Funeral Trust (QFT) provisions of section 685 of the Code.

Notice 98-67(PDF, 13K)
Early closing of courier's desk. Guidance is provided for when the Courier's Desk at the national office of the Service closes early on the last day prescribed for filing an application to change an accounting method or accounting period with the national office.

Rev. Proc. 98-61(PDF, 31K)
Cost-of-living adjustments for 1999. The Service provides cost-of-living adjustments for the tax rate tables for individuals, estates, and trusts, the standard deduction amounts, the personal exemption, and several other items that use the adjustment method provided for the tax rate tables. The Service also provides the adjustment for eligible long-term care premiums and another item that uses the adjustment method provided for eligible long-term care premiums.

Rev. Proc. 98-62(PDF, 24K)
Penalties; substantial understatement. Guidance is provided concerning when information shown on a return in accordance with the applicable forms and instructions will be adequate disclosure for purposes of reducing an understatement of income tax under section 6662(d) of the Code.

Rev. Proc. 98-63(PDF, 47K)
Option standard mileage rates. This procedure announces 31 cents as the optional rate for deducting or accounting for expenses for business use of an automobile, 14 cents as the optional rate for deducting or accounting for use of an automobile as a charitable contribution, and 10 cents as the optional rate for deducting or accounting for use of an automobile as a medical or moving expense for 1999. It provides rules for substantiating the deductible expenses of using an automobile for business, moving, medical, or charitable purposes. Rev. Proc. 97-58 superseded.

Rev. Proc. 98-64(PDF, 54K)
Per them allowances. This procedure provides optional rules for deeming substantiated the amount of certain reimbursed traveling expenses of an employee as well as for determining the amount of deductible meals while traveling away from home. Rev. Proc. 97-59 superseded.

Rev. Proc. 98-65(PDF, 292K)
Substitute printed, computer-prepared, and computer-generated tax forms and schedules for 1998. Requirements are set forth for privately designed and printed federal tax forms and conditions under which the Service will accept computer-prepared and computer-generated tax forms and schedules. Rev. Proc. 97-54 superseded.



You can either: Search all IRS Bulletin Documents issued since January 1996, or Search the entire site. For a more focused search, put your search word(s) in quotes.

1998 Document Types | 1998 Weekly IRBs

IRS Bulletins Main | Home

  to download the Adobe Acrobat PDF Reader