Internal Revenue Bulletins  

August 23, 1999

Internal Revenue Bulletin No. 1999-34

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. Proc. 99-32(PDF, 37K)
Procedures are provided for the repatriation of cash by a United States taxpayer via an interest-bearing account receivable or payable in an amount corresponding to the amount allocated under section 482 of the Code from, or to, a related person with respect to a controlled transaction. Rev. Procs. 65-17, 65-31, 70-23, 71-35, 72-22, 72-46, 72-48, 72-53, superseded. Rev. Rul. 82-80, superseded.

Rev. Rul. 99-33(PDF, 12K)
Fringe benefits aircraft valuation formula. For purposes of section 1.61-21(g) of the Income Tax Regulations, relating to the rule for valuing noncommercial flights on employer-provided aircraft, the Standard Industry Fare Level (SIFL), cents-per-mile rates, and terminal charges in effect for the second half of 1999 are set forth.

Rev. Rul. 99-35(PDF, 16K)
Mutual life insurance companies; differential earnings rate. The differential earnings rate for 1998 and the recomputed differential earnings rate for 1997 are set forth for use by mutual life insurance companies to compute their in-come tax liabilities for 1998.

T.D. 8834(PDF, 75K)
Temporary regulations are removed and final regulations are added under section 367(e) of the Code relating to the treatment of distributions to foreign persons.


Notice 99-39(PDF, 8K)
Weighted average interest rate update. The weighted average interest rate for August 1999 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 are set forth.

Rev. Proc. 99-31(PDF, 90K)
This procedure sets forth acceptable correction methods and examples under the Employee Plans Compliance Resolution System that can be used to correct common problems in complying with the rules governing qualified plans. Rev. Proc. 98-22, clarified and supplemented.


Announcement 99-80(PDF, 24K)
A list is given of organizations now classified as private foundations.


REG-106527-98(PDF, 47K)
Proposed regulations under section 1223 of the Code relate to the sales or exchanges of interests in partnerships, S corporations, and trusts. A public hearing is scheduled for November 18, 1999.

Rev. Proc. 99-33(PDF, 16K)
Low-income housing tax credit. This procedure publishes the amounts of unused housing credit carryovers allocated to qualified states under section 42(h)(3)(D) of the Code for calendar year 1999.

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